The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-14
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THE STOCK MARX Ell.

| 'hho"s AioehAy -" va 9bpA Z
| Interest
New York March 1S,-The stock mar
ket showed very plainly the effects to-
day of the reduction of the short inter
| est which accompanied yesterdays
sharp advance in prices. While yester-
| days covering movement was in part
also the result of substantial buying,
which was attributed to large financial
interests This buying was not in evil
dence to-day. London also was dspos-
ed to take profits on the news Of the
arrival Of British forces before Bloem-
fontein.,
But Notwithstanding the lack of ag-
gressive strength in the market, the
bears showed themselves timid about
making fresh ventures. There was some
pressure against the list at times, eepe-
cially Metropolitan, Sugar, Peoples
Gas, Steel Hoop and the New York city
stocks generally. Missouri Pacific suf-
fered from disappointment over the
showing made in the annual statement,
and Rubber was raided down an ex-
IRENE 31a.
These and other declines We're largely
recovered before the clase and in the
final transactions q sharp marking up
OF prices showed that the shorts among
the traders We're having difficulty in
getting back the stock they had sold
earlier in the day. Offerings of stocks
on all recessions were, in fact, extreme
ly light and there Were points of
strength which acted as sustaining fac
tors for the whole market, notably
Third Avenue, the Atchson stocks, New
York Central and Norfolk and Western
preferred.
1t was thus made manifest that while
the market waits on developments in
the money market for a rise, holders of
stocks are not prepared to make eon-
cessions to SELL Call money did not
command above per cent. and fell to 8
per cent, but this was probably due to
the cessation of the stock market de-
mand as much as to any new supply of
funds, The losses by, the banks to the
cub treasury since last Friday already
foot up $3,2S4,0 900, which is more than
half the remaining surplus over the le-
gal requirement held by the banks. 1t
is evident therefore, that relief from
the operation Of the currency law must
come quickly if 1t is toprevent pinch
in the money market.wA feeling of as
surance was caused by an intimation
from washington that the first pay
ments on account of bqnd premiums in
the refunding operation will be made
from the sub treasures, and not from
the government deposits in national
banks. The money market is expected
to show relief from this source more
quickly than from the putting out Of
new circulation.
A striking feature 81, the days events
was the sharp break in sterling ex-
change, demand sterling yielding " and !
cables n cent in the pound. Consider |
ing the advance In London discounts, |
the selling of stocks for London account |
here and the reported large subscrip
lions In New York to the British loan, |
the course of sterling was the more re-
markable. The explanation may be
found in the statement of merchandise
exports from New York for the week,
which were valued at $15,243,999 against
s13, $40, 1852 In the preceding week and
S9,S78,229 in the corresponding period of |
asst year. The movement Of cotton and
the high price prevailing are the prin-
eipal causes of the very high export fig
lres.
Bonds continued in good demand and
prices We're firmly held. The total sales
Jar value aggregated So, $4,000.
United States twos declined u and
he old fours a per cent. in the bid
orice.