The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-03-09
GOOD MEMS No GOOD
So Far as Demand for Stocks
Is Concerned.
MONEY MARKETS ABILITY
To Tide Over the Present
Emergency Is Doubted.

New York, March s.-The market was
practically relieved today OF all disturb
ing factors in the way OF acute weakness
OF special stocks. Reports all continued
favorable regarding the outlook for val
ues, but the demand for stocks was al
most unappreciabIe. Even the small buy
ing for investment based on large earn
dence for some time past. dropped out Of
sight today. Spectators are refraining
entirely from commitment for the ad-
vance. On the other hand. the bear oper-
ators Of any considerable calibre seemed
TO become discouraged byl the futility OF
their efforts. and the elimination OF
events counted upon for reaction. They
made come demonstration against Peo-
pies Gas, Consolidated Gas and Metropol-
itan Street Railway, but no affect was
produced on the general market The
room traders labored in vain 10 set the
sluggish tide OF prices in motion. In
many stocks, the price changes were
scarcely sufficient TO cover a brokers'
commission and the inertness Of the mar
ket increased in proportion to the dis
lance from last nights level the tenden-
cy being TO come back TO that level from
either below or above It. The iron and
steel stocks were generally firm on the
encouraging opinions expressed by au-
thorities IN the trade. The maintenance
of the st. Paul dividend at the existing
rate found no response in the market,
as ii has been fully f0reshadowed by
hte large absorption of gross earnings in
operating expenses. The reported agree
ment of western railroad presidents on
recommendations designed TO harmonic
differences over freights. the determina-
ton TO advance bituminous coal rates
to the lakes and additional gains report
ed in railroad earnings, were all without
effect on prices. The published report of
a proposed increase in the next dividend
on the preferred stock OF PittSburg, Gin
cinnat, Chicago and St Louis was met
by drop IN that stock OF 81 points. Rio
Grande Western was notable for jump
of nearly points.
There was continued doubt and appre-
hension over the capacity of the money
market TO get through without pinch to
the period of relief by the operation of
the currency bill. The possibility was
canvassed of action by the treasury de-
partment to resume the deposit OF in
ternal revenue collections with the banks
but no authoritative sanction was given
for such possibility. The absorption of
funds by the New York sub-treasury
since last Friday had already reached
s5.631.0o0 UP to the close of business last
night The total revenue surplus taken
up by the government since the first of
the month up to the same date amounted
TO only S2,066,24 The special drain thus
indicated upon the New York banks Is
due to the large customs payment by i'm
pOrters. Imports at present are running
very high as an incident OF the active
demand for commodities, and the pay
ment of the duties is diverted from the
New York banks into hte sub-treasury
The demand for loans for purchase of
government bonds continues large These
two facts threaten the early obliteration
of surplus reserves of the New York
banks Closing prices Of stocks were as
follows: