The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-03-13
THE MARKETS.
Wall Street Review.

New York. March 12.-Today's stock
market was unanimously strong through.
out. The demonstrated indifference or
the market on Saturday to the swift de-
pletion of surplus reserves of New YORK
banks took the mainstay of the Gears
from beneath them. The demand from
short interests was factor IN the ad-
vances and especially In the industrlals
which have recently been under pressure.
There were several elements of positive
strength In the market, but the largest
to tho effort OF professional operators
among the spectators to discount the
effect Of the currency bill. Not only the
smaller class Of professionals, who have
but operators OF a larger mould, gave
evidence OF their interest In the market.
The demands made by the inside activity
or the stock market on the money mar.
ket was evidenced In n furry In the call
loan rate to 6 per cent. The spectators
paid no attention to the admonitary
symptom. apparently convinced that the
end of the money market troubles was
Mt hand with the enactment of the new
currency law, which Is to he sent to the
president tomorrow. There were occas-
ional periods of dullness in the market
apparently with view to testing 1t. The
quick subsidence of activity without any
reaction In prices and the firmness OF
the resistance to decline confirmed the
upward again. The closing was quite
active and strong at near the top level.
Net gains of a point in the active in
dustrlal and specialties. Including, Sugar,
Tobacco, Peoples Gas, Anaconda. the
Iron and steel stocks and the New York
public utilities advanced from to over
points. the latter in Sugar. In the rail-
road list st. Paul was the leader, both
in point of activity and strength. rising
an extreme "a. The other grangers. the
southwestern and a number of the trunk
lines and southern railroads gained
point or over A feature of the trading
was the number OF three-day contracts
recorded on the tape. indicating the an
ticfpation of easier money with the op'n-
| ion of the now financial bill. There was
| u very generous sprinkling of transac-
| ton In fractional lots all through the list
indicating an investment demand which
| had no small part in the feeling OF confi-
! dence by the speculative contingent, a
| background of strength to the whole
market was afforded by the large alb
! sorption of railroad bonds. especially
| those of a high grade. This must un-
for reinvestment of funds which have
| been released by investors who have sold
| government bonds at the high prices
prevailing, the banks buying them to use
for security for circulation. 1t seems to
escape notice that this In measure. in
an anticipatory employment of extended
| circulation since the capital OF the ma
tional banks. which has gone for the
| payment of these bonds looks to bank
notes for it's release ard re -employment.
| London was Il liberal buyer of stocks in
| THIS market ana cOnSlueTaDle SeiltlIIleutdi
| influence was eXerted by the large sub
| scriptions reported to be made in New
| York to the new British loan. 1t Is ar
| gued that these subscriptions Indicate an
| abundance of capital and they will rep
| resent also quickly convertible for
| eign credit upon which the country can
| draw in case of need in the money mar
ket. Reports Of railroad earnings for the
| first week in March were encouraging. A
| good effect was produced also by the
| statement of exports for February OF
| agricultural products, the large increase
| in value of cotton exports for the' month
| giving the record for February. Total
| sales, SIS. 300 shares. The bond market
| was active and strong throughout. To-
| tai sales, par value, were 81 2O5. 600. United
States coupon and new As registered de.
clined -, and the old is 4 In the bid
price.
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