Show T MARKET DlO NOT SHOW SHOb ANY GAINS Conditions in Wall Street Yesterday Remain the Same as During Past Pew Few Days TIMIDITY VERY APPARENT REVIEW I OF OPERATIONS OF THE THI PAST WEEK WEE WEEKe ev e York March ight sa saIn sag In stocks was attrIbutable to t Inanition the market having sunk Into a Ht te of practical stagnation The Th statement however was not con considered to promise any large improve In the condition of the money arket The cash item show showed d a gaIn gali galio ot o over a million dollars which was wa better than expected but bu loss loans at the same time d The Tho resulting growth in the tb item and the C expansion of the ther th r reserve s ne requirement resulted In a shrinkage In the surplus or of The change In the loan item may hay have been influenced by the shIfting of ac incident to the large dividend pa payments ments on Wednesday but the pay payment payment ment of maturing obligations to foreIgn hange Is also to have bees been transferred to some extent to the local loca banks It Is pointed out that with the shipment of the final Installment ot o othe the last Japanese loan there will be on oi deposIt to the credit of that govern nent In London Paris Berlin and New Nev NewYork York something like Ilke The withdrawal of those these deposits deposit which have been in progress within the thelast th last few rew weeks and which is expected to continue Is thus seen to have a very vcr WIde field for extension with corre positive effect on the money markets whore where these funds are placed at present Bank clearings for the thew th w e throughout the country show sho a decrease as compared with the cor corresponding corresponding responding week of last year This Is I Ithe t the e first decrease reported In a long lon 1 period and is du to the show sho lug of New York arid other large re reserve serve erve clUes cities The days dull stock mar market market ket was as barren barran of feature as the th days news of incidents having Important financial bearIng Total bonds par value 10 Review of the tRe Week Stock operations bava lapsed this the hands of o professional traders The narrowing and alternating fluctuations of prices prIce v marked the Inadequacy of this ela 1 of dealings to move prices tar a from fru a fixed level in the absence of 01 anY participation b by genuine buy nos r or sellers The volume of dealings Iia ha shrunk with the discouragement ol of any profitable alteration ir in irI p es The level of the market has ha I tended toward Necessitous liquidation seemed to be completed but bul elements of uncertainty in the outlook were sufficIent to deter any new buy buying lug ing of securities The principal uncertainty has cen cent t red about the money situation Rates in response to the deposits ol of government funds with the national banks and the engagement of some something something thing over a mIllion dollars In gold in ft London for shipment to New York Hopes were indulged that the perIod ot 01 restriction was passed but the latex later events of the week this hOpe bore The enga engagement ement of gold In Lon London London don was believed to have been effected with some special advantage asIde asid exchange conditions The Th operations led to defensive measures by bythe t the e London money market whIch to together gather gether with a general hardening ot of money rates on all foreign money mar markets markets precluded the extension of the th movement Money rates are held firm finn abroad by the uneasiness over the out outcome outcome come of the Moroccan conference and the prospect that with the clearIng up of that question Russia Russin will vilI be the applicant for a 8 large loan Japanese fiscal operations are an influence also aloo direct withdrawals of Japanese funds on deposit in London and New York being supplemented by shipments ot of gold from India on behalf of Japanese against which gold in London is trans transferred erred to the account of the Indian The effect of our favor favorable favorable able position in the merchandise ex exchanges changes banges is thus Impaired although the FebrUary foreIgn trade statement shows an excess value ot of our exports over imports of compared with only for the preceding FebruarY An A additional offsetting in influence influence fluence is the large sums borrow borrowed d from foreigners by New Kew York Heavy matu maturities maturities have been falling due of thIs character during the week and the de for tor exchange for remittance on this account have contributed to vIo vIolent yb lent recoverY in that market DIvidends payable in New York on March h 15 were estimated at over 15 l JI O including JOO Stand Standard rd Oil di dividends Preparation for these disburse disbursements meats ments squeezed the local resources and led to the 9 per cent call loan rate be beIng Jag Ing the highest since the opening week of the year As the interior spring de demand demand mand for currency is yet et undetermined the outlook In money Is so tar far from clear cleer as to exercise a marked repressive In on the speculative spirit The Tho pro progress ess of legislation at Al Albany Albany bany fixing cash reserve requirements upon the trUst companies indicates that preliminary by those corn com companies panics may be going on to comply with the expected law There is much discussion heard board In the financial district on the man f tested ted in the national and state legisla legislatureS legislatures tureS towards corporations The de decisIons announced by the supreme court courton on londay bearing on the rights ot of ot of officials regarding affairs of corporations were accepted as s important extenSiOns ot of the defined limits ot of such The decision b by the same court courton on municipal powers over traction legos leges in Chicago precipitated violent de lines dines In th the stock stocke affected The passage of the bill limiting the rate for gas in New York to o sO S cents caused apparent decline In New ew York Tork gas stocks The railroad rate regulation embodied in inthe inthe the bm bill before congress and the contin tied in the life Ufe Insurance fIeld vcr corporation abuses have intensified the effect of the matter on speculative with an undeterminable but part In re the u In the stock market the tho parties sack ci ng a settlement of labor con in inq q the coal Industry have not yet 1 outcome of tt that QuestIon ad and Is a to the te market for fo stocks stock The haI halt In the tho de m tu ure i in the Ion iron marKet leave leaves the outlook ok In tai that tade trade I undetermined In spIte f the high rate ot of present a earnings n nare are maintained at a a high level but the of Increase over last year of gross earning earnings reported Is not as gt greal as du during during ring February T Th story stormy welther of ring the present week promises some impair mont ot of the extremely favorable operating ing conditions whIch have been a a factor In the winters favorable comparisons wit with former years car Disputes over ps pas passenger rates between New York and Chi Chicago Chicago I cago gIve an ImpressIon ot of a disturbance In that field A volunta voluntary reduction in freight rate rates by weter western and ca eastern tem ral rail railroads roas roads as a concessIon to public opinion Is reported under discussion by railroad offIcials A shap sharp drop In te the price of cotton Is looked to to stimulate foreign buy buyIng lug Ing of tat that article News of t the condi condition ton tion ot of winter crops Is watched with In Intent tent In Wal Wall street but has offered to dIsturb sentiment Bonds have hav been dul dull and hea heavy ad and complaints ot of a slow maket market are heard from bond deer dealers United States 2 ad advanced advanced the 3 s and old s te the new 4 registered 1 H and ad the new 4 coupon POT per cent on call for the week |