The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-03-29
rn4AriiL iND COMMERCIAL,
s%ArrnnAY. March IS.

SATURDAY, March -.
Thore we're rather more evidences to-day
than at arr time during the week that the
stock market WAS tringu little Of the active
manipulation 10 which y haS recently beeA
subjected, or % other words, as the Wall
Street phrase has It, that the wheels Of
the manipulation were beginning to creak.
Perhaps this feeling was accentuated by
the unfavorable impression caused by the
methods used this morning to boom a
nining stock on the curb market. The
commotion attending this operation was
really the one notable incident Of the day,
and while il might have been successful AZ
far az the particular stock in question was
concerned il did not help the price Of Sc
Clritiea listed on the Stock Exchange.
Prices in the market opened lower than
they closed yesterday and at no time
reached yesterdays high leyel, and iqui-
dation was carried on continuously until
the end Of business, The selling Of stocks
was. however. by no means pressing, and
the market did not abate it's generally firm
undertone. There was no feature To the
market aside from the fact that all the
active stocks left OF AZ recessions between
one and two points, the fall being greatest
naturally in those stocks in which specula-
ton for the adNnce has been carried to the
~Rreatest extremes. The passage Of the
Aldrch bill through the United States
Senate, announced this morning, was ac-
aeptAd AZ G foregouo conclusion and little
doubt is entertained that the bill will become
a law at the present session of Congress in
substantially the same form that it left the
Senate. This form, II Is needless 20 say,
ia quite different from that originally as-
sumed by il, railroad bonds being barred
az acceptable as a basis for the new emer-
gency circulation, while the banks are for
the first time 10 be compelled to pay a small
rate Of interest on deposits Of public money
drawn directly from the Treasury and
must hereafter keep a larger proportion
Of their cash reserves in their w vaults.
The bill. however. marks a distinct step in
advance in relief measures Of this kind,
ito chief value being, according to our
leading bankers, that the know ledge that
a relief Of this kind ia ready will largely
serve TO avert the necessity for any use OF
relief expedients. The weekly bank state
ment was more favorable thnn expected.
It exhibited a small increase in loans, as
was inevitable in view Of the expanding
speculation, but showed also a larger in
crease in cash holdings than was looked
for. 30 that the bank surplus rose nearly
10 the St0,O 900, 600 mark and stands now at
2s.3 per cent, az compared with PSI per
cent. last week. The total surplus is, OF
course, much greater than at any CORE
Eponding time in the last decade.
In the main what may be called the best
financial sentiment seemed az the end Of the
week 10 be avcrse 10 an immediate further
prolongation Of the rise In prices that has
been carried on continuously since the lat
ter part Of February. The view taken is
that this rise has been pushed along quite
as rapidly as any improvement in business
conditions warrants. More or less talk is
beginning 10 be heard about the accumula-
tion Of pig iron stocks, a circumstance that
NAV make II more difficult 10 maintain the
present prices for finished products. On
the other hand the railroads seem to be
making better progress than they have az
any previous time In reducing their operat-
ing expenses, even II gross earnings do not
improve. During the week the earnings Of
the Vanderbilt roads for January we're an
nounced, showing 10 the case Of the two most
important branches a net decrease Of tlo7 900
foHthe New York Central as against a gross
decAease Of t778 900, and a net decrease Of
3i78 coo for Lake Shore, as against a gross
decrease Of 1852 900, To-day Atchison re-
ported a falling of Of 1911 600 for February
10 gross that was cut down to &ls2 900 in
net, while all the companies OF the Reading
system for the same month announced a
decrease Of 81 ,S46 600 in gross cut down 10
a net decrease OF but 500 900. During the
day the small outstanding volume Of the
local Clearing House loan certificates was
entirely cancelled. As time goes on the
feeling Of satisfaction ia becoming more and
more pronounced over the change for the
better caused by the decision Of the Supreme
Court in the North Carolina and Minnesota
railway rate cases in the relations sustained
by the different State Governments and
the general Government to the corporate
interests Of the country. There is no doubt,
100, that the warmer weather Of the last
law DAVIS has given a gratifying flip to the
spring mercantile trade, 4