The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-09
STOCK MARKET
EXTREMELY QUIET
Bears Discouraged by Futility of
Their Efforts.
PRICE CHANGES WERE SMALL.
In Many Stocks They We're Scarcely
Sufficient TO Cover Brokers' Com
lnission-Bonds Not SO Active,
But Prices Firm.

NE w 1ott1N, March S.-Thc market was
practically relieved to-day OF all dis
turbinS factors in the way of acute weak
ness Of special stocks. Reports ALI con-
Ilnued favorable regarding the outlook
1or values, but the demand for stocks
was almost unaDpreciabIe. Even the
small buying for investment, based on
large earnings of railways which had
oecn In evidence for some time. past,
cropped out of sight to-day. Spectators
arc refraininS entirely from commitments
LOT the advance. On the other hand, the
bear operators of any considerable calibre
seemed TO become discouraged by the fu-
ulity of their efforts and the elimination
OF events counted upon for a reaction.
Ihey made some demonstration against
Peoples Gas, Consolidated Gas and
Metropolitan Street Railway, but no cf-
lect was produced on the general market
The room traders labored in vain to set
me sluggish tide of prices in motion In
scarcely sufficient to cover broker S
commission, and the inertness Of the
market increased in proportion to the dis
lance from last nights level, the ten
cency being TO come back to that level
from either below or above it,.
Inc iron and steel stocks were gener-
ally firm on the encouraging opinions eN-
pressed by authorities in the trade. The
maintenance of the ST. Paul dividend at
the existing rate found no response in
the market as it had been fully, fore
swallowed by the large absorption of gross
earnings in operating expenses. The re-
ported agreement of western railway
presidents on recommendations designed
to harmonic differences over freights;
! the determination to advance bituminouS
! coal to the lakes, and additional gains re-
! ported in railway earnings were all with
j out effect on prices.
The published report Of a proposed in
/ crease in the next dividend of the pre-
;sferred stock of Pittsburg, c., S. and st.
ELouis was met by drop in that stock Of
! 32 points. Rio Grande and Western was
notable for a jump of nearly S points.
| There was continued doubt and aDDre-
Iehension over the caoacity 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 by action Of the Treasury De-
partment to resume the deposit of inter-
! nal revenue collection 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
S5.6a1 900 up to the close of business last
night. The total revenue surplus taken
!; by the Government since the 1st of the
F1nonth up to the same date amounted to
. only 81. 0G6. 22i5. The special drain thus in
dictated upon the New York banks is due
to the large customs payments by inn
porterS.
Imports at present are running very
high, as an incident of the active de-
mand for commodities and the payment
of the duties Is diverted from the New
York banks into the Sub-Treasury. The
demand for loans for purchase of Gov
eminent bonds continues large. These
two factors threaten the early oblitera-
lion Of surplus reserves of the New York
{ banks.
The bond market was not so active
I as yesterday, but prices We're firmly held.
Total sales, par value, 81, 80. 600. United
States Rs declined Il and new As Is in
the bid price
The total sales of stocks were 2G0700
shares, including Chicago, Burlington and
Quincy. G.94o: Metropolitan Street Rail-
way, 5,426; St. Paul. 1920; Southern Pa.
! citic. 3.035: Union Pacific. 5.4I2: American
Steel and Wire. $3.50; American Tobacco.
IL 800: Anaconda, 9.426: Brooklyn Rapid
Transit, G.135: Gas. ~ $50: Sugar. 81 80.
MONEY AND EXCHANGE.--Mone on
call steady at 2GSh per cent; last loan
at . per cent; prime mercantile paper,
11sd.,1. per cent Sterling exchange firm,
with actual business in bankers bills at
sa-sGt for demand and at 81 S234a .: s2 y
Tor sixty days; posted rates. S4.S51aef4.S4
and s.. S7G4S 7I.; commercial bills. Ss.S11a
@4.se. Silver certificates. Sol4 e5e bar bar
silver. 3984: Mexican dollars, 4.4 Gov
eminent bonds weak; State bonds strong;
railroad bonds firm.