The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-01
MARKET CLOSED
VERY ACTIVE
With Substantial Net Gains All
Through the List.
BANK STATEMENT STA FAVORABLE
BANK STATEMENT FAVORABLE
After It's Publication tho Market
Which Had Been One of II esitation,
Strengthened Pcrceptibly and
Closed Firm.

NEW 1Otth, March 31.-Wal!4 Street
vas treated to an agreeable surprise to-
DAY In an exceedingly favorable bank
statement The most sanguine prelilni-
nary estimate for the gain in cash by the
arks for the week on interior currency
movement and the Sub-Trcasury opera
lions did not exceed S2.5o0.o0o. The &C
tual return shows n gain of nearly $1,000
w. The explanation OF this large IN
crease IN cash is not easily percepuble.
1t may be due to the fact that the ship
inentS OF currency to the interior by the
banks have included large proportion
OF their new note issues. while the re-
ceiptS have been made up of legal ten
oers. The process of sorting thus IN
TolVed would yield q larger return to the
banks of cash available for reserve than
would be indicated in the bare figures OF
excess of receipts over shipments on the
interior movement 1t VIII be by Such
process that the new bank notes viii dis
place the legal tenders in actual circu-
iation. and thus make them available Tor
reserve purposes of the banks. Anothef
possible explanation OF the increase IN
cash is that loans haze been paid Off III
cash. The loan item shows that the new
demand on the banks for stock market
operations and for April list settlements
has more than offset the liquidation OIL
loans for holding Government bonds, de-
signed to use as security for note issues.
The result is a loan expansion OF S3,2SO,-
zoe. Had it not Lr-n for the unexpectedly
large gain in cash, the increase in re-
serve requirements this involved would
have made an inroad upon the surplus
1t was some fear of his showing that
caused yesterdays esisation and uneasl-
ness in the stock market. The same feel
ing was perceptibie TO some extent IN
the early trading to-day. but 1t gave way
to the renewed buying demand, especially
for the iron and steel stocks, and after
the publication of the bank statement
the strength became general, and the
market closed active and strong at sub
stantial net gains all through the list.
The bears in Sugar We're relieved IRON
their panic of yesterday by the assertions
of officials of the companies that the
sugar war was still on. But professional
traders handled new short contracts in
Sugar In u Singerly manner. The STOCK
dipped points at the opening, put uld
not get within more than point OIL that
again and rose at one time a fraction
above Yesterdays high level. The stock
was very feverish and erratic all DAY.
Peoples Gas was strong on reports OF the
absorption of the Ogden Company, ana
failed to Weld on denialS of that report
The byying of railroad bonds ran up to
very large proportions during the Week
The market was very broad, out me
largest demand was for low-prlced ponos,
whose security is increased by an added
surplus of earnings, or on which the re-
turn is contingent upon increased earn
ings United States old As declined "a Inc
rs do. refunding @s tWhen lssueo) anu
IS u and the new $ a III lhe pio piiee'
y
The total sales of stocks were 4oS,coo
shares Including AtchiSon. 20,oSo; 90.
preferred. 14.260: Baltimore ana ONO,
1; ITO: Chesapeake and Ohio, 6,loU; Sur
liz on and Quincy, $500: Manhattan,
Pennsylvania, 1900: St Paul,
southern Pacific. 1860; Union
N. 3t;J; American Steel and Wire,
Broolilyn Rapid Transit, 1o,2sl;
p steel 23,7o0; Peoples Gas, :a.o1o;
.:-ss. q, $50.
I.5EIsY AND EXCHANGE.-Money on
c,,lI steady at 3l9 per cent; prime mer-
camille paper. 41ad51@ per cent Sterling
exchange steady. with actual business IN
bankers bills at S4.SOdiS6 SOS Tor delnahd
and 81. Se1aGl4. S2a4 for sixty days, p0sIeo
-a1cs 81. S:ih and Ss.S1; commercial bills,
81 SoI.G3 So. Silver certificates, COZ @6liA;
h.r Silver, $685.; Mexican dollars, 4'a4.
state bonds inactive; railroad bonds hrln'
Governments weak.
WEEKLY BANK sTATEMEST..The
weekly hank statement shows the follow
ing changes: e,o,o co
Surplus reserve, increase ..-....si ,olS'S Soo
Loans increase --.........--.- 3' o9e o 600
Specie increase ..--.---.-...-. 3'o-S' 0o0
Legal tenders, increase $4,000. -,! do''oo
DcpositS increase ----------.- ''rN VvGoo
iirc,,lation, increase o''''Vo
The bank now hold $9,S36, 100 IN excess
of the requirements of the % per ceht.
rule.