The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-18
PUNCTUATION IN
STOCK MARKET.
A Good Demand for American Stocks
in London.
The SALE OF TWO PER CENTS
"A Good Demand for American Stocks
Gives Prompt Relief to the Money
Market by the Disbursement Of the
Premiums on tho Old Bonds
Mark elimination Of Decline.

NEW YORK, March 1.-THE stock
market continued almost entirely in pro-
less!onal hands to-day. There were or
ratio fluctuations and active speculation
IN Ihird-AHenue over a range of 81, and
sugar continued to share with that stock
the largest amount of attention. Ten
nessec Coal advanced 5 points. and gave
sympathetic strength to other iron and
steel stocks on the action Of the directors
IN placing the common stock on the divi-
dend list by ordering a disbursement Of
per cent after providing for the claim
of preferred stockholders 10 the accumu-
lation of several years dividends.
There was 4 good market for Ameri-
can stocks in London and an early adj
vance in sympathy here, but the weak
ness of the local traction stocks end I'M
eastness over the bank s:atemcnt Saused
II saSsinG market UP 10 the TIM of the
appearance of the statement whC+I there
came smart rally. A sudden drop In
Third-ATenue to below 9S. and renewed
weakness in the other traction stocks
checked the advance and unsettled SEN
ument. But the closing was fairly
steady, and showed net gains except in
~ surprise in many particulars. Wagers
had sheen freely made that the surplus
would be entirely wiped out. The fact
that it was reduced little more than half
against the bears. But the surplus is SO
small in any event as to leave no great
difference in the condition reflected by
the banks.
What was of special significance was
the loan contraction of S11,311, 400. This
can only mean that the process of liqui-
dation has commenced for the extensive
loans made by the banks here. and also
TO buy Government bonds for the purpose
of taking advantage of the new refund
ing law: Chiefly from this cause the
loans of the New York clearinghouse
banks were expanded from January 18th
TO March 10th no less than SSG. 800, 900.
Inc large applications making of the
Treasury Department for conversion of
present bonds into the new 2s gives
promise of prompt relief for the money
uliums on the old bonds.
1t is highly significant also that the
Sub-1reaSury begins to reflect the pay
ment of pensions in its reduced drain on
the factor that has caused most uneasi-
ness regarding the money market On
these accounts the belief is held that to-
days statement marks the elimination
of the decline in the surplus reserves.
The quotations made in to-day's money
market We're hardly more than nominal
as loans made on the Stock Exchange on
Friday afternoon carry over until
Monday.
Not the least surprise in the bank
statement was the fact that result
of the first week in which the new bank
currency law is in operation there is an
actual decrease recorded i'll the clrcula-
ton of New York banks of s62.500.
The market for bonds has been more
active than that for stocks. and prices
have advanced. United States As regis
tered declined 4. do. coupon 14s, do. old
q, SIS and IS coupon l, and do. regis
tered y in the price.
The total sales of stocks to-day were
1i6,Gno shares including Atchison pre-
way. $500: Brooklyn Rapid Transit: ID
OG0: Peoples Gas, 3,460; Sugar, 500:
Tennessee Coal and Iron, 500.