The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-25
BONDS TOO LARGELY DEALT IN.
Tho Bank Statement Showed an

Tho Bank Statement Showed an
Abundance OF Funds offered to
Borrowcrs-Ir Iron and Steel
Stocks Were Quiet.
NEW YORK. March c4.-Eyidently
Tall Street attaches Importance at this
time TO the attitude of London towards
, the local securities market. for when 1T
was seen from the morning cable dis
patches that London had reversed ITS at
Gtude of yesterday, and had begun 10 guy
american securities, the disposition mani I'M.
lest here yesterday to sell out ana TAKE
profits was completely altered Inc pu!,
ing for London account was supplemented
by rush to buy by all classes. LONDON
Influence was shown in the leadership II;
the early market Of the international
favoritss, of which Baltimore and ONO
and Denver and Rio Grande stocks We! i
most conspicuous. Baltimore and ONO
rose in the late dealings an extreme sss,
and retained its conspicuous place III t!e
market throughout. Pennsylvania, IN
Which the transactions arc rare Ely On .
large scale. was dealt in in IOOO-share
lots almost as though that were the nor,
NAL unit of transactions, and 1ndlN'uuai
transactions in the stock ran from tnat
up to 5000 shares. which was the size
OF the block taken when the price 1oucheo
20. All of the trunk lines were more OF
less affected by this movement, put me
stream OF realizing held back the Norfolk
and Western stocks. Transactions OF
thousand shares and upwards We're Ire,
qucnt all through the railroad list, ana
blocks OF 5000 shares changed handS IN
Atchison common and Southern Pacific.
The Pacifics. especially AtchiSon ana some
of the southern and southwestern groups,
We're very heavily dealt in All gay Inc
grangers were less active. but the group
was strong.
There was some tendency to reaction
in the local transactions and the iron and
steel stocks were quiet. Otherwise there
was no change, except as to the general
activity and strength of the list An
early mixing was obtained OF faVorabie
bank statement. showing abundance OF
funds offered to borrowers. The heaFy
loan contraction, in spite of the outbreak
OF speculative activity, indicates how I'M
portant an element has been the buying
Of Government bonds for speculation. The
late rally in Governments indicates that
the liquidation on this account has been
completed. The loan contraction by the
banks resulted in decline In deposits of
nearly $14,000,000. and consequent re-
duction IN reserve requirements OF $751;
575. As the loss in cash was only sooo,-
40. the surplus was benefited to the sub
stantia1 extent of S.. O,SI5. bringing the
surplus UP to S5.S17 500.
The bond market has shown increasing
activity and strength as the work pro-
crossed. Savings banks and other insu-
buttons which have sold Government
bonds have been in the market for high
grade railroad bonds. United States rs
and Us declined II. new As the IS !,
and the refundins Is (when issued), IA
in the bid price.
Total sales of stocks to-day were 49,
30 shares. including Atchison, SO. 40; At
Gibson preferred, 26,S15; Baltimore and
Ohio, PITS: Chesapeake and Ohio, 1925
Burlington and Quincy. TO, 500; Rock
Island, 1850; Dcner and Rio Grande, 10
$50; do. preferred. 6.539: metropolitan
Street Railway. 1880: Missouri PACIFIC,
and Western, O,S70; Northern Pacific, 20
lz5: Pennsylvania, 56.41O:. st. Paul. $3.50;
Southern Pacific. II $50: Southern Rail
way. $1,000: Texas Pacific, G,92O; Union
Jacific. 24,150; Wabash lilo: BROOKLYN
Rapid Transit, IL. 025: Federal Steel. G.1Q0;
Peoples Gas, 6.G00; Sugar. "A, $50.
MONEY AND EXCHANGE.-Money on
call Nominal at per cent; prime mercan-
tile paper. iaaG5&% per cent. Sterling eX-
change, actual business in bankers bills
at S4.S5Zss for demand and S4.S2G4 SIS for
sixty days; posted rates, $i.S3n4-S 31la and
81 S61aQDi. commercial bills, ,S4.Sll4@
s.SlA. Silver certificates, G0AIGlA; bar
silver, 691s: Mexican dollars, ASK. State
bonds inactive; railroad bonds strong;
Government bonds easy
WEEKLY BANK STATENIENT.-The
bank statement shows the following
changes:
Surplus reserve, increase ...---$ 3,130.SI5
Loans, decrease .--.-. $500 4-5Oo, too
Specie, decrease ------......--- LUSH. $50
Deposits, decrease ------.---- SOo
Circulation increase .. 391, 800
The banks now hold $5,S17, 800 in excess
of legal reQuirene ntS.