The Saint Paul globe., 1900-03-09
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Bar silver, New York 49,. .59N 59&
CaH money, New York .....3@S1% 2k@3X
NEW YORK, March S.-The market
was practically relieved today of all dis
turbing factors in the Wav of acuta
weakness of representative stocks. Re,
ports all continued favorable regarding
the outlook for Values, but the demand
Tor stocks was almost unappreciable.
Even the small buying for investment,
based on large earnings of railroads.
which has been in evidence for some time
past, dropped out of sight TODAY.
spectators are refraining entirely from
commitments for the advance On the
other hand the bear operators of anv
considerable calibre seemed to become
discouraged by the futility of their ef-
forts, and the elimination of events
counted upon for a reaction They made
demonstration against Peoples Gas.
Consolidated Gas and Metropolitan Street
hallway, but no effect was produced on
the general market.
The room traders labored in vain to get
the sluggish tide Of prices in motion. In
many stocks the price changes were
scarcely sufficient to cover a brokers'
commission, and the interest In the mar,
ket was slight
The iron and steel'stocks were general
ly firm on the encouraging opinions ex-
pressed by authorities in the trade
The maintenance of the St. Paul divf.
dend at the existing rate found no re-
sponse in the market. as it has been fully
foreshadowed by the large absorption OF
gross earnings in operating expenses
The reported agreement of Western rail-
road presidents on recommendations de-
signed to harmonize differences Of rates,
the determination to advance bituminous
coal rates to the lakes, and additional
gains reported in railroad earnings were
all without effect on prices.
The published report of a proposed in
crease In the next dividend on the pre-
ferred stock Of Pittsburg, c., c. & st. L,
was met by drdp intithat stock Of S1s
points. Rio Grande Western was notable
for a jump of nearly points. There was
continued doubt and apprehension over
the capacity of the money market to get
through without aspinoh to the period OF
relief by the operation of the currency
bill.
The possibility was canvassed of action
by the treasury department to resume
the deposit of internal revenue collec-
tons with the banks, but no author1-
tattve sanction was given for such pos,
sIbility. The absorption of funds by ths
New York sub-treasury since last Fri
day had already reached $56S1, 600 up to
the close Of business last night Ths
total revenue surplus taken up by the
government since the ArSt OF Cue monLn
up to the same date amounted to only
81. .066, ,245.
The special drain thus indicated upon
the New York banks is due to the large
customs payments by importers. I'M
ports at present are running very high
as an incident of the active demand for
commodities, and the payment of the
duties Is diverted from the New York
banks into the subtreasury. The demand
for loans for purchase Of government
bonds continues large. These two factors
threaten the early obiiteration of surplus
reserves of the. New York banks.
The bond market was not so. active as
yesterday but prices were firmly held.
Total sales. par value, $1,5so,0oo q; S. 9s
declined u. and the new As " in the BID
price. @'r @@ 4f.sa @5s J 'ssz 49,.