The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-13
Eimamcial.
THE STOCK MARK g1.
Unm,stnkabiy -1rong Throughout,

1
Unmtst"kabiy "trong Throughout,
New York, March 12.-To-day's stock
market was Enthusiastically strong
| throughout. The demonstrated indiffef-
ence of the market on Saturday to the
swift depletion of surplus reserves OF
New York banks took the mainstay Of
the bears from beneath them. The de-
mand from short interest was a notable
| factor in the advance in price, especial
ly in the industrials, which have recent
ly been under pressure. There were
several other factors of positive
strength in the market also But the
! largest part of the buying was un-
doubtedly due to the effort of the pro-
fessional element amongst the specula-
| tors to discount the effect of the cur
rency bill. Not only the smaller class
of professionals, who have recently had
| the market to themselves, but opera
! tors of larger mould, gave evidence
of their interest in the market. The
demands made by the increased activity
of the stock market upon the money
market was evinced in a furry in the
call loan rate to 6 per cent. The specu-
| lators paid no attention to this admoni-
| tory symptom, apparently convinced
that the end of money market troubles
| was at hand with the enactment of the
new currency law, which Is to be sent
to the president tomorrow. There were
occasional periods of dulneSs in the
market, apparently with a view to test
ing It, The quick subsistence of activ-
ity without any reaction in prices and
the firmness of the resistance to decline
confirmed the confidence of the bulls
and started prices upwards again. The
closing was quite active and strong at
near the top level. Net gains in the
principal active industrial specialties
including Sugar, Tobacco, Peoples Gas,
Anaconda the Iron and Steel stocks and
the New York public utilities ranged
from to over points, the latter
Sugar. In the railroad list st. Paul was
the leader both in point of activity and
strength, rising an extreme 2 La The
other grangers, the southwesterns and
a number of the trunk lines and south
ern railroads gained point or over. A
feature of the trading was the number
of three-day contracts recorded on the
tape, indicating the anticipation of
easier money with the operation of the
new financial law. There was a very
generous sprinkling of transactions in
fractional lots all through the list, in
dicating an investment demand, which
had no small part in the feeling of con-
fidence evinced by the speculative con-
tingent. A back ground of strength to
the whole market was afforded by the
large absorption of railroad bonds, es-
peclaily those of high grade. This must
undoubtedly be attributed to the press
ure for reinvestment of funds which
have been realized by investors who
have sold government bonds at the high
prices prevailing, to the BANKS, which
are buying them to use for security for
circulation. 1t seems to escape notice
that this Ts, in a measure, an cntici-
patory employment of the extended cir
culation since the capital of the ma
tional banks, which has gone for the
payment of these bonds looks to bank
note issues for its release and re-em-
ployment
London was liberal buyer of stocks
in this market and considerable sent-
mental influence was exerted by the |
large subscriptions reported to be made |
in New York to the new British loans
1t Is argued that those subscriptions in
dictate an abundance of capital and |
they will represent also a quickly con-
vertible foreign credit upon which the
can draw in case of need in the /
money market. Reports of railroad /
for the first week in March |
We're encouraging. A good effect was
produced also by the statement of ex-
ports for February of agricultural pro-
ducts, the large increase in value of
cotton exports for the month giving 1t
The record for February.
The bond market was active and
strong throughout. Total sales, par
value, $s,205, 900.
United States threes coupon and new
tours registered declined one-half, the
coupon three-eighta and the old tours
1ne-quarter in the bid price.
MN FORK sFDCE M iRhtsr