The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-26
MARKET NERVOUS
AND IRREGULAR.
In Many Cases Lowest Prices and
Downward Shoot Were
Recorded.
UNION PACIFIC WAS FEATURE
Little News Development Having
Any Bearing Upon General
Situation.
UNION PACIFIC WAS FEATURE
,special to The Tlmes.plspatch.)

Especial to The Times-Dispatch.)
NEW YORK, February 25.-The stock
market began the past week with
tendency toward Improvement, but fall
ure to respond to the margin calls of the
Saturday previous caused larger offer
ings and further liquidation and kept
the market in state OF nervousness
and irregularity.
Wednesdays market was reactionary.
Prices as a whole were lower and in some
cases the lowest prices of the downward
shoot were recorded. The occasional
rallies were feeble and were followed by
more or less liberal selling, and there
was consequent soft tone TO the trans
actions. Very little news came to hand,
but the newspaper dispatches OF the
morning regarding the Morocco affair
were rather unfavorable and this for a
time had depressing influence on specu-
lative sentiment.
The tone OF the market on Friday was
strong, but very dull. Stocks generally
ruled att a higher level, but except in a
few instances the trading was without
special interest. During the early trad
ing Union Pacific was rallied, recovering
the largest part OF Its dividend, the
basis to the movement being story
to the effect that plans were being work.
ed out for the distribution of scrip
dividend to shareholders.
The natural effect of the S0-cent rate
fixed by the Gas Commission was A.
point decline In Consolidated Gas, which
stock was the exception to the general
rule.
During the short session on Saturday,
Union Pacific was again the feature
This particular stock was in excellent de-
1nand throughout the session, but in other
quarters there was little doing and trad
ing was without significance.
Aside from the weekly bank statement
little developed in the way of news bear
Ing upon the general situation. The bank
statement itself added one more to the
long list of similar exhibitions which, by
the weakness OF the position disclosed,
break previous poor records OF a genera
ton by being worse. Not since the cor
responding week In 1880, or sixteen years
ago. has the surplus reserve been as
small as that shown in the bank state
rnent of Saturday, and With that excep-
ton one has to go back to 1888, or twenty
three years, to find a situation equally
as unfavorable.
Bank Statement.
The decrease in loans OF $3O7s, 500, shown
by the bank statement. was smaller than
expected from the liquidation during the
| week and the loans placed by foreign
bankers. The decrease in cash of s2,247-
500 is about sl,Gp,09Q more than the
loss indicated by the reported movement
of currency. The discrepancy is explain
ed by the average system bringing over
the loss of last week. which did not fully
appear in the statement. The decrease
In, 10 of 10 G ON
than the sum of the decreases in loans
! and cash, which is not good balance.
| The reserve required is sl.5S3.6oo less than
last week. Deducting this from the loss
| in cash the surplus Is diminished by
s664200. The surplus now is s5125. 725, COM
pared with s14646,075 in 1906: s32, 10000 in
| 1901; s5.95l,9OO in 1903; s9,975,925 in 1902
$l4,sol 100 In 1901; sia.67s55O In 1900. and
| $50. 800 in 1889. Not counting reserve
against United States deposits the sur
| plus is S7,2G0, SO. Aft