The daily morning journal and courier., 1900-03-20
Eiuanlial.
The Stock Nsnrlkef

I
 New York, March 19.-The stock mar
 ket gave evidence to-day of disposi-
 ton on the bart of the speculative con-
 tingent to discount the prospects of re-
 lief to the money market. But the spec
 ulative contingent is dependent on the
 money market for funds to operate with
 and while there were symptoms of re-
 taxation in money rates the present SUD-
 ply Is still extremely restricted. Lend
 CTS of money are inclined to hold out for high rates on the assumption that
 interest rates will not relax until after | the April first settlements have been | disposed, Borrowers take a more hope
 ful view of the immediate outlook, and are inclined to await the expected early
 easing of rates There was an appreci-
 able stirring of speculative interest to-
 day, which was notably manifest in the railroad list but which was mostly con- ! fined to few stocks Baltimore and Ohio was the most conspicuous with
 rise of 8 points. Union Pacific, Balti-
 more and Ohio preferred, Atchson pre-. ferred and the Colorado and Southern
 stocks were all in good demand and
 gained over a point, Mobile and Ohio and Minneapolis and St. Louis preferred
 rose points each.
 The bears made attempts to obstruct
 the rising tendency of prices. They first made a raid upon the New York stocks
 on the ground that the tax levied under
 the new franchise tax law will be so considerable as to threaten their ability to pay dividends. Later an attack was made on the iron and steel group, based on the threatened strike among the ma chinists. Neither of these was very eff fective in breaking up the strength manifest among the railroads. In fact, the railroad list showed more hesitation, in face of the violent rallies in the local traction group, than in the weakness of the speciaties. It is well understood that the viciseitudes of the New York stocks are nearly concerned with a ri- valry approaching the character of feud against some of the most powerful financial interests in the street, and peaceful by-etanders have been shown to be as likely injured in this conflict as the actual participants.
 The chief episode in this conflict to- day was the severe punishment infiict- ed upon the short interest in Third Ave nue. This stock touched 661s in the early decline and reached S51 several times in the violent fluctuations of the last half hour of the trading. Price changes reached as much as 1R points between sales Metropolitan Street Rail- way recovered an early loss in sympa- thy London bought quite freely of few stocks especially the Atchisons and Union Pacific. The total purchases on this account of all stocks were estimat- ed at 30000 shares.
 Relief was manifest in the London money market due to disbursements on government account. Neither the easier in London or the large buying on London account here had any effect on the market Tor sterling exchange, which beld steady. New York exchange at Chicago jumped to 35 cents premium to-day, compared with a discount last week, and the proportion of absorption of funds by the New York sub treasury Is much smaller than for the same peri ld last week. Factors for the relief of the money market are thus outlined, without regard to the operation of the | new currency law.
 The market for railroad bonds was active and etrong to-day, and dealings were well distributed. Total sales par l value $3,795, 900.
 United States bonds scored a further | sharp decline to-day, suggesting the liquidation of holdings by recent buyers who are induced to take profits on the | nigh prices. United States threes, old | ours and fives declined 1 per cent. Re- funding twos, when issued, < per cent [ md the new fours 4 per cent in the bid | )rice.