The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-13
PRICES MOVING UPWARD
A General Advance in Shares on
the New York Market.
All stocks shared Somewhat In The
Improy ement-London Houses Ruy
Heavily to the Sub-TreaSury -
Reduction in Loans Aniicipnfed.

NEW YORK, March 12.-The whole
stock market advanced today. chiefly, ap-
parently, on the current belated consider
alton of the effects of the new finance
currency measure. A better appreciation
of this matter led to quite extensive pur-
chases of securities. and these in turn
started genuine covering movement on
the part of the short interest. As was
the case last week, the offerings OF stocks
in any direction were meagre, hence the
morning advances attained substantial
proportions Interest was unusually well
diversified. and no particular stock or
special quarter of the market overshad-
owed the remainder of the list. Outside
interest continued limited, and little in
crease in commission house business was
reported. London houses, however. were
fairly heavy buyers in this market, their
purchases footing up upward of 10000
shares.
The London market was reported fairly
buoyant in all of its quarters, and Ameri-
can stocks participated fully in the ad-
vance there. The tendency of the London
market reflected both the encouraging
progress of the British forces in South
Africa and the overwhelming success of
the war loan. Local speculative senti
ment being decidedly optimistic, the ten
dency of the London market and the dis
position of foreign dealings here we're
factors of considerable weight.
The money market was materially firm
er today, particularly in the call loan
division. This was not remarkable in
view of the fact that today's figures of
the transactions between the banks and
the SubTreasury show that siuce last
Friday the banks have lost over $1,000
Geo, or nearly one-half OF the surplus
shown in Saturdays statement The fact
that the rather sharp advance in the
money market was virtually ignored in
the days speculation, was of course owing
TO the anticipatons that the operations
of the refunding provisions OF the cur
rency law would more than Offset the loss
es tie banks are now sustaining in their
dealings with the Treasury. II is expect
ed that with the beginning of the operations
of the bill there will be such a heavy and
continuous reduction in the banks loans,
and consequently in their liabilities. as TO
restore their reserves TO a much stronger
ratio to their liabilities. On the other
hand, there does not seem to be any i'm
mediate prospect of relief from the vexa-
;ious operations of the customs and rev
enue laws, or more properly, Of our indie
pendent Treasury system, and irrespective
Of the operations Of the new bill it is
plain that later on fresh expedients must
be devised by which the monetary
situation may be relieved from the drain
following upon the Government excess
sive revenues.
The common and more or less uniform
sdvance in the stock market rendered I'M
necessary a standardization of special
movements. In the railway list, however,
the Atchison issues, all of the granger
shares, Southern Railway preferred. Louis
vile and Nashville, and Texas and Paci-
fc were particularly strong The indus
trial quarter was active and showed some
pronounced advances, notably in Sugar
Refining, American Tobacco, all OF the
steel industrials. and in Peoples Gas and
Tennessee Coal and Iron. The local trac-
tion group hesitated somewhat in the mi
tial dealings. but it subsequently advanced
with the general market. Virtually
nothing that was new or important de-
veioped in connection with the movements
IL particular stocks and the days dealings
In the main were wholly governed by the
already noted considerations.