Show PRICES BID UP 1 WITH ENERGY Rink B ad C Fi Fai FaIn Fair r In W by S Speculators v f I MARKET DULL AT THE CLOSE CLOSEt t X ow 01 TO TOno r no Q R Wm I New York Y March UThe market waited for fag the Ute appearance of the tb bank state tat today toda to show bow ho any UJ dearly clearly 1 de defined defined fined sentiment t Traders on OD the tM floor bid up prices pl ass smartly d immediately upon the appearance ap of the statement tat upon toon the tape but no ao mot response ponce was W received rom from romny any ny outside quarter and the ue market closed dull dun and easier with the ue momen tary Lary demand exhausted It wee was only ODly by reducing redu loans lores 1 to the extent of or over I Pa 00 and lessening the legal I 1 reserve e requirement re reo requirement q in proportion that the tM banks ban were able abl to prevent a deep upon the legal reserve it shows thew alto a surplus of 01 barely a mutton million still maintained The 1 be e statement conformed pretty closely closey to ex expectations as is the cessation of calling calling of 01 banks bank by the latter laUer part pan of the tM week In Indicated Indicated Indicated that the losses loues of reserves bad had been hn made de good by b the loan already affected There was wu another DOther de deposit deposit I posit of eno at the he ew this ter ury morning morn m for transfer trans to N New Orleans Oe The week weeks a imports porta of merchandise at New Ne York Tork were w valued at Pi an in increase Iner increase crease er over oyer the week eek of 1111 which shows hows ho the tle t e continued c heavy beavy re requirements requirement requirements for tor customs payment payments To 10 Today days day large larae arse debit at the clearing house boWIe was wa due to the payment ment of an old Connecticut war claim These are not hopeful symptoms for next week weeks s influences upon the bank reserves reserve re The disbursement t on Monday of the Standard Oil dividend ls la of better augury but there has hu been an opportunity to an anticipate anticipate this benefit which Is I not DOt likely kely to have nave been n neglected A drop of 3 1 ft in Consolidated e G Oas ou ta and of f 5 in Brooklyn kl n nUnion Union Gas 0 was w due to the recommendation tion iton for a municipal street lighting liP plant for fur New York Tork Metropolitan Street Rail Railway Railway way scored cond a sharp harp recovery on Oft the ot or official offer to submit lea Its books boob for in inspection inspection in connection with charges of irregular accounting of the Die t Week Weds Mk The stock st ck market has h been feverish and unsettled une in tone during durms the whole of this thise week e k The fluctuations were wide and varying vary but the price pike pr level settled down towards toward the end of the week to near Deal last Ja t tw weeks w k a closing level lem and became difficult move to move while the volume of dealings deann shrank hrank to to small 1 proportions The cover covering covering ing inK operations of a large bear element played an It Important part in this net t result re reo nult sult as there was a large and important liquidation effected led and a number of unfavorable factors to contend with as aswell a awell aswell well The practical pra wiping wi pins out of the sur aur surplus aurIlus ur plus rlue reserves of the banks by last It Sat kut Saturdays bank statement brought heavy beavy selling Milling orders orden into the markets market as a mat matter matter ter of course coune but the demand from fro snorts shorts was wa very large Ia and Monday saw an recovery in the market The stringency of the market here bere attracted Urge large offerings of money from outside sources There was a break in foreign exchange rates rat and nd foreign banking houses ea were wera large larae lenders lenden in New York while New N York exchange at t Chicago jumped up to par and western banks bank ban placed funds fund In Wall Wan street The effect affect hat has ha been bee an equalising of ot the money pressure the relief lIef in New Ne York being bel offset by b the tightening of money rates at Interior points J Inta in this country and In Inthe int the t he foreign fore money markets marketa under the in Influence fluence of New ew Yorks York requirements The drop in fn British h to the lowest i point int In years year yea was wu attributed to this till money mone pressure p re in part but the coming reduction in their rate ra from 1 to tt to 1 per r cent was wu an additional factor Resides Besides the additional offerings of f money attracted by the higher interest rate there t has baa ha been no betterment of the money situation here b The ry has ha continued to 10 withdraw funds funda largely 1 mm the New York money market at While the t ht money lOOney scare was in force a report got 1 abroad that tt the treasury ury department would draw dra in government c deposits d ta with the she h banks banu to meet the Panama Canal payment The presence in Wall Wallstreet street et of the secretary of the treasury had a reassuring effect in its Ita evidence f his hili special watchfulness a of the situa Itu situation ion tion t although his Ida decision was w against Int the t h necessity n of any measures by the de df department department to relieve lIte the money IDone market It ItIs Itis Is recognised that some Gme withdrawal of government g deposits with the banks may mayhe he made mad necessary by the Panama canal pa payments ments unless the tb treasury itself is in abundant funds funda at u the time U and any re release loam lease of funds at this time will hamper the t ht treasury in carrying through the op operation ration without 1 h Ut disturbance So Bo far fart as f thrA t payments nta are made de by b drafts drafta on funds fund in the treasury Itself it is ls clear dear that they will operate to release e funds rather than to withdraw them h As to the effect i rr t I this operation on foreign exchange there t Is la the hope bope that its It proceeds will wUl willi i he e available a for r lending here although this III would be in effect t for r the account of the foreign recipients of the payments ta taI It I 1 t is I generally supposed ed that some part of or the th recent heavy beavy withdrawals withdrawal of cash cub from the New York banks bank is III being made In by h the th New N w York trust companies to re pl 1 nish h their reserves Jf rd in compliance with the t he new rule rul of ot th tb the clearing cI house houlle The heavy exports export of 01 money mODey revealed by the February foreign fur trade settlement and 1 the th large reserves of corn earn in farmers hands indicated by the tae t e government crop report re ort give he promise of the making of a IlL I rood good supply of exchange to meet thee the ma maturing maturing II turing Indebtedness to foreign lenders I An important influence In the weeks I peculation was w th the contest conies regarding the I financial policy po y of 01 the Southern Souther ru P u iti between the Harriman or 01 Union Pacific control of that company and a minority interest Inte t represented by the holdings of 01 a aa speculative a pool 1001 under the management of 01 James Jamea R Keene The various develop developments developments ments in this contest conte t have been accompanied accompanied accompanied by violent price pile movements t and andU enormous speculative dealings dealing t in both Southern U Pacific and Union tJ Pacific with important nt sympathetic effect on the whole market Published charges of ir irregular irregular regular accounting although met t by em emphatic official denials had bed a weakening effect upon Metropolitan Street railway The dissension dl amongst t stockholders to of ofA American A Ice e and the slump in toe the eo com stock was another anent UIt a disturbing in influence influence fluence A feature of the present market arket marketis is Ie the wide declines d UDee made mad from hem previous prices eee by b inactive stock steaks which which are re forced to be be marketed ms ted by by the the money stringency a Amalgamated AI e teet Copper Cop r has ba been been n a sub subject of furious to oua speculation based bue on the excited e advance in the price of 01 copper per both here and nd in London Lo The hood boad market kt has ball moved in sym arm sympathy pathy tb with stocks stock United States State Stat old the M Ie I and nd the Sa registered advanced adv eed 4 14 per cent and aad the Is i coupon and new U per cent The b registered red declined SE A Aper 1 per cent aa as compared coed pared with the closing yaJI daU aU of last Iut week w |