The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-13
PAGES 9 TO 10.

paid no attention to this admonitory
symptom. apparently convinced that the
end OF the money market troubles was at
mana with the enactment of the new cur
rency law which Is to be sent to the
President tomorrow, There were occa-
sional periods of dullness In the market
apparently with view to testing it, The
quick subsistence of activity without any
reaction in prices and the frmness Of
the resistance TO decline confirmed the con-
hdence OF the bulls and started prices up
ward again. The closing was quite active
and strong at near the top level. Net
gains in the principal active industrials
ana speciaties, including sugar, tobacco,
Peoples Gas. Anaconda, the Iron and
Steel stocks and the New York public
utilities ranged from two to over four,
points, the latter Sugar In the railroad
list 81. Paul was the leader. both in point
OF activity and strength, rising an ex-
IRENE "a. The other grancers, the South
westerns and number of the trunk lines
and southern railroads gained a point or
over
a feature of the trading was the num-
Der OF three-day contracts recorded on the
tape indicating the anticipation Of
easier money with the operation of
the new financial bill There was
a very generous sprinkhng of trans
actions In fractional lots all through the
list indicating an investment demand
NhiNh Hti no sinai part IN the leelng or
confidence evinced by the speculative con-
tingent background of strength to the
whole market was afforded by the large
absorption of railroad bonds, especially
those of the higher grade This must I'M
doubleday be attributed to the pressure
for reinvestment of funds which have
been realized by investors who have sold
government bonds at the high prices pre-
vailing, the banks buying them TO use for
security and for circulation. Ii seems to
escape notice that this is a measure an
antcipa tory employment of the extended
circulation, since the capital of the ma
tional banks which has gone for the pay
ment of these bonds looks to bank note
issues for its release and unemployment
London was a liberal buyer of stocks
in this market and considerable senti-
mental influence was exerted by the large
subscriptions reported to be made In New
York TO the new British loan. 1t il argued
that those subscriptions Indicate an abun-
dance of capital and they will represent
also quickly convertible foreign credit
upon which the country can draw In case
of need In the money market
Reports of railroad earnings for the
first week in March were encouraging. A
good effect was produced also by the state
ment of exports for February of agricul-
tural products. the large increase in value
of cotton exports for the month giving In
the record for February
The bond market was active and strong
throughout. Total sales were par value
50, 205,000
United States IS coupon and new As
registered declined u, do coupon. Is and
old As Y in the bid price.
The total sales of stocks to-day were
$4,000 shares, including Atchson, 1920; do
preferred, 3S,7S0 Baltimore & Ohio, 5.267;
Burlington, 1870; Metropolitan, 9.755, Mis-
souri, Pacific, 1890; Norfolk and Western,
1885; Pennsylvania, 1870; st. Paul, 80, $50;
Southern Pacific, $500; Texas Pacific o.
S75; Union Pacific. 1850; American Steel
and Wire, 1865 American Tobacco, Is, 270;
Brooklyn Rapid Transit, 247S5 Federal
Steel, $500; Peoples Gas. 80 500; Sugar o.
800; United states Leather. II. 765.