The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-11

NEW YORK. March 1o.-Almost from
the start the stock market improved today.
The demand for stocks, though moderate,
was chiefly TO cover shorts, and it increased
as it became apparent that there were very
few stocks for sale when the short interest
stopped selling and became a buyer. The
manifestation Of caution by the bears was
due in part to prospects that the finance
bill be passed by the House early next
week. The prevailing impression in the
speculative community has been that the
enactment Of the pending finance measure
will be followed by an important imitation
Of the currency through an increase in the
volume Of national bank notes.
The rally in stock values today was
sharpest in Sugar Refining. in Peoples Gas.
in Brooklyn Rapid Transit. ard in Steel
and Wire. The market was not active. and
the bulk Of the trading WAS by profes-
SIGNALS, as has been the case all the week.
The manner in which the market rallied
supported the view that began 10 obtain
yesterday that the selling for short ac-
count has been INDUCED In TO a degree that
viii ensure a reaction.
The most significant development this
week has been the appearance Of domes-
tie banking house as the representative Of
the Bank Of England 10 receive subsarip-
tons TO the new British war loan. Within
the last two years this country has quietly
lent Europe many millions Of dollars
through the machinery Of the foreign eX-
change market. Those operations have
foneshadowed the position New York is
likely 10 attain ia the worlds financial
system. Another indication was the re-
funding Of the Mexican loan, which was
largely held abroad. New York now has
an American banking house that is prac-
tically the agent OF the English Govern
ment In floating British consols before
American investors. II can hardly be said
that Great Britain Is seeking to borrow
money here. The fact Is that the amount
OF money in this country seeking an un-
doubted security is SO large that The Bank
Of England. acting FOR the British Govern
ment was constrained 10 make an internal
tional issue OF the new loan.
The indications are that If subscriptions
should be received here for a week the
amount Of consols taken would be very
large. But the subscription books have
practically been closed both here and In
London because Of the overwhelming ap-
plications for the new consols. Fears that
subscriptions TO the bonds here will az
feet the foreign exchange market are
groundless. since payments FOR the
amount that may be allotted here are
scattered over the remainder Of the year.
Besides Europe is, according 10 all ac-
counts still q debtor to this country on
commercial transactions.
The weekly statement Of averages Of
the associated hanks shows a loss Of over
IS 600, 600 IN lawful money and an increase J
In loans OF about the same amount. De-
posits. however. showed an increase Of |
nearly $500 600. The net result brings the
surplus reserve down to s5.676. 0Oe The !
increase IN loans is generally attributed
TO the purchases by local banks and bank
ers Of Government bonds for account OF
dealers who contemplate organizing ma
tional banks as soon as the finance bill
becomes a law. The demand for accom-
modations from this quarter viii obviously
slacken in the near future.