The times., 1899-03-12
TEE STOCK MARKET
DULL and HEAVY
Pronounced Selling in Sugar
Refining Shares.
Bav State Gas Struck From Boston
and New York Lists.
The Action Brings Lively Trading i'm
the Stock nt Declining Prices
The General Market.

New York March 11.-As has been the
case on Saturday for several weeks past,
speculative interest centered today in the
bank statement Prior TO the publication
of the statement the market was dull and
heavy. There was no pressure TO sell
stocks, but the absence of support by i'm
portant interests.or by the public encour-
aged professional selling and immediate
liquidation of speculative ventures at the
end of the week. Moreover. fears that
the bank statement might be unfayOrable
was a depressing influence. The selling
was most pronounced or effective in Sugar
Refining Manhattan, Metropolitan Street
Railway, and Bay State Gas. The last
named was extensively traded in al declin-
ing prices on the action of the Boston and
New York Stock Exchanges in striking the
stock from their lists because of the de-
cision of the management of the company
TO discontinue its transfer offices. This
action had been taken with the view OF
compelling the two exchanges TO admit
fifty millions of additional stock. The
striking of the stock from the list may be
something of a hardship TO those who have
been foolish enough TO buy the stuff, but
their grievance, resulting from eXtraordi-
nary credulity, is against the management
of the company and not against the stock
exchanges OF the two cities, which all
along have done their utmost 10 protect
the interests Of their clients.
The bank statement is decidedly the
most favorable one that has been issued
since the first of the year. II shows loss
in lawful money of So 414. 900, which is due
entirely TO the payment of about s5,5cO,O6O
TO the Treasury by the Central Pacific ad-
iustment syndicate on account OF the first
four notes given by the company in settle
ment of its Indebtedness to the United
States. An amount appropriately equal to
that covered into the Treasury has been
placed in its special depository banks. The
important significant change in the state
ment is the decrease in loans of over
$1,000, 000 This liquidation of bank accom-
modations has unquestionably been volun-
tary, for neither the rates for money nor
the attitude of the banks toward lenders
has compelled a contraction of loans. The
decrease in deposits is about 81, 200, ,0C0 more
than is called for by the decrease in loans
and cash II is not often that the change
in this item is consistent with those in the
other two items. and il happens that this
week the discrepancy is favorable to the
banks. The surplus is still in excess OF
S2S,0O0, 600, which would seem to be ample
in the present condition OF the money mar
ket here and at all the principal CONNER
cial centres throughout the country. As
compared with the changes recorded a
week ago the statement is most significant
The market rallied sharply after the pub
lication Of the bank statement, and in
consequence many of the early losses We're
more than recovered during the last half
hour Of business and the majority of the
list closed fractionally stronger and higher
than yesterday. Exceptionally strong fea-
tures were American Steel and Wire,
Atchison preferred. Consolidated Gas, Great
Northern preferred. American Spirits pre-
ferred, and Colorado Fuel and Iron. The
greater part of the early selling was for
short account