The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-20
FINANCIAL AND COMMERCIAL.
SArr,nnAX. March L.

W. NlAN NNb IAANH lllNueuANAsAy pINrNNAAnAs
but the general attitude of the market
was one seemingly oG hesitation and of
an instructive desire TO move cautiously
until the many conflicting factors in the
present situation become more clearly
defined Quotations AZ the opening were
rather above those of yesterdays close.
hut iiquida tinK tendency at once asserted
Itself and prices ended at or near the lowest
~ the day. with declines, running To
point or more in the prominent issuee
The ultinnate effect from a financial point
~ view II current Developments in the
House of Representatives was perhaps
more carefully considered to-day in Wall
Street than 1t was yesterday. a. were also
all gathering indications % a higher
money market 4 sharp break In the price
IT Ia.high Valley stock in Philadelphia
was not without its influence and there
appeared to be especial pressure or what
was such relatively to sell the Chicago.
Milwaukee and ~ Paul common shares
M reason for this was manifested other
than the existence II a general feeling
that the labor troubles on the Sc. Paul
lines are somewhat more acute than else
where. Pleasing incidents of the day.
on the other hand. were the receipt -
Ah"NH NAAN TtuA- NeEf hAD<ANs
whore the winter wheat crop has been
suffering more u less from lack of
moisture. and the announcement 81
large oversubscription for the preferred
shares 81 the Underwood Typewriter
Company offered to the public This morn
ing The figures oG the weekly hank state
ment presented something or puzzle
as they not infrequently do. The feature
between the average and actual figures
Of the return The average hank loans
decreased o. .553 On and the amount %
hank cash. similarly calculated. decreased
over 81 .00O.OOO. In the actual statement.
however. "A decrease IN loans % nearly
SCI OnOOO was reported. which with an
increase ~ nearly - OOO,O00 In cash made
an actual increase in the actual hank
surplus u s., 723.O O0. as compared with a
decrease 81 SSS7 90 in the average surplus
A winding up % syndicate operations
at the close % the week and prepa nations
hy the hanks for participation in the forth
coming New York city bond sale were
doubtless responsible for the variations
exhibited
Prices 81 stocks declined rather sharply
in the early part ~ the present week
greatly changed from the figures Of sat
urdsy a week ago. but generally showing
recessions Toward the end 81 the week
activity in the market was noticeably
less and there was a disposition among
spectators In limit their operations on
either side 81 the account This I'M
doubtedly was because many people
habitually operating in the market have
81 q. sA.e ~.
immediate future ~ values IL rather
more cloudei than IL usually 10 There
IL much 20 he said IN favor Of the stock
market and good deal 10 be said against
IL Convictions. therefore. az 70 the
immediate tendency % values are by no
means positive At least this commentary
must he made that reviewing the events
u the week il cannot be said as IL often
- that the period was one without any
important happenings IN a stock market
sense Nevertheless all these occur
FENCES SEEMED 10 be Of sort whose force
ons way or the other had been already
discounted Argument was heard be-
fore the supreme Court in the standard
oil case. leaving opinions az 90 the result
thereof still no less uncertain than they
have been previously Labor troubles
evidence than formerly But the Phils-
ieiphIa strike almost entirely disappeared
"a a stock market factor. and although
reports seemed 10 come from almost
every state IN the Union % demands
by railway employees for larger pay and
reduced hours q labor. Indications we're
strong that all these disputes will be-
amlcably adjusted The crop news %
the week was admittedly not good. in
asmuch as substantial basis Was afforded
Tor reports hitherto heard Of damage
20 the winter wheat crop. There appears
20 - no doubt that after a certain amount
Of winter freezing and thawing over the
winter wheat belt the crop in that section
u now being called upon 70 Withstand
something Of March drought But the
extent u the damage j. AZ vet by no means
fixed. and 10 will probably prove % be
the case. AZ II was last year. thar current
IDEAS a. to the injury done are exagger-
ated The most decided feature Il the
week in the security market wAs really
not the movement 81 stock prices but
the large operations Of underwriting
syndicatss attendant upon the offerings
u bonds by our bankers Trade over
'he country seems 20 10 expanding in
certain directions but IN Others SHOWS
-igns ~ irregularity The cotton manu-
featuring business continues notably an
settled by the high range Of prices main
tanned FOR the raw material. and an
nouncement was made to-day Of a straight
cut o. 10 per cent in the price % all cotton
goods by the house Of Marshall Field A
Co Of Chicago Others matter Of i'm
portance during the week which have
already been fully discussed and To which
. ia not necessary 20 more than merely
allude were the publication ~ the pam
phlet report II the United States Steel Cor
p0ration. the unfavorable figures Of our
foreign trade balance as reported for
February and the advance IN the Bank
II Eugland's discount rate 10 per cent
New NOrk stock ENrhaHGe sales. War 20.
ctosrNG Prices ~ rsrIED -rsrts soNns
80. tsssJ iist AsEsI
iooa IOiII .r-r-.ii4h ile