The Washington herald., 1908-03-29
MARKET HOLDS OWN
Prices Recede but Little De-
spite Manipulation.
DAYS WORK MINUS FEATURES
All Active Stocks show Some Recess
sions, Which Are Greater, of
Course, Where Spectators Were
Busiest-Passage of AIdrich Bill in
Senate ForegOne Conclusion.

New York. March 2S.-There were rather
more evidences to-day than at any time
during the week that the stock market
was trying q little of the active manipu-
lation 10 which it has recently been sub
jected: or, in other words. as the Wall
street phrase has it, the wheels of the
manipulation were beginning 20 creak.
Perhaps this feeling was accentuated
by the unfavorable impression caused by
the methods used this morning to boom
Z mining stock on the curb market. The
commotion attending this operation was
really the one notable incident Of the day.
and while it might have been successful
so far as the particular stock in question
was concerned. il did not help the price
of securities listed on the stock exchange.
Prices il the market opened lower than
they closed yesterda. at no time
reached yesterdays high level. and liqui-
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 its generally
firm undertone. There was no feature TO
the market to-day, aside from the fact
that all the active stocks left of at reces-
sions between one and two points, the
fall being greatest naturally in those
stocks in which speculation for the ad-
vance has been carried TO the greatest
extremes.
Aldrich Bill Approved.
The passage of the Aldrich bill through
the United States Senate, announced this
morning. was accepted as a foregone con-
clusion. and little doubt is entertained
that the bill Will become law at the
present session Of Congress in substan-
TALLY the same form that il left the
Senate This form. il is needless to say,
is quite different from that originally
assumed by it. railroad bonds being
barred as acceptable as a basis for the
new emergency circulation, while the
bonds are. FOR the first time. TO be COM
PEELED to pay 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 I'm their own vaults.
The bill, however, marks a distinct step
in advance in relief measures Of this
kind. its chief value being. according TO
our leading bankers. that the knowledge
that a relief of this kind is ready will be
largely served to avert the necessity for
any use of relief expedients.
Bank Statement Favorable.
The weekly bank statement was more
favorable than exhibited. 1t exhibited a
small increase in loans, as was inevitable
IN view of the expanding speculation. but
showed also a larger increase in cash
holdings than was looked for, so that the
bank surplus rose nearly to the $4,000 900
mark. and stands now at 2S.3 per cent, as
compared with 2S.I per cent last week.
The total surplus is OF course. much
greater than at any corresponding time
IN the last decade.
During the day the small outstanding
volume of the local clearing house loan
certificates was entirely Cancelled.
AS time goes on, the feeling Of satisfac-
tiOn is becoming more and more pro-
nounced over the change for the better
caused by the decision Of the Supreme
Court in the North Carolina and Mime
sofa rate cases. There is no doubt. too.
that the warmer weather Of the last few
days has given a gratifying FLIP TO the
spring mercantile trade.