The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-14

New York. March l3.-The stock market
to-day showed very plainly the effects
or the reduction of the short interest
which accompanied Yesterdays sharp ad-
vance In prices While Yesterdays COW
ering movement was in part the cause of
the sharp advance, II was also the result
of substantial buying, which was at
tributed to large financial interests This
buying was not in evidence to-day Lon
don was also disposed to take profits, on
the news of the arrival of the British
forces before Bloemfontein But notwith-
standing the lack of aggressive strength
IN the market, the bears showed them
selves timid about making fresh ventures.
There was some pressure against the list
at times, especially Metropolitan Sugar,
Peoples Gas Steel Hoop and the New
York city stocks generally. Missouri Pa
citic suffered from disappointment over
the showing made in the annual state
ment. and Rubber was raided down an
extreme 2ia These and other declines
were largely recovered before the close,
and in the final transactions a sharp
marking up of prices showed that the
shorts among the traders Were having
didiculty in getting back the stock they
had sold earlier in the day
offerings of stocks on all recessions
We're, in fact, extremely light, and there
were points of strength which acted as
sustaining factors for the whole market
notably Third Avenue, the Atchison
stocks. New York Central and Norfolk
and Western preferred 1t was thus made
manifest chat while the market waits on
developments in the money market for a
rise. holders of stocks are not prepared
to make concessions to sell.
Cali money did not command above 6
per cent, and fell TO 3 per cent. but this
was probably due to the cessation of stock
market demand as much as to any new
supply of funds. The losses by the banks
TO the gtppn Ia L7rfff 81
ready foot up $3.2Sf00 which is more
than half the remaining surplus over the
legal requirement held by the banks IL
is evident therefore. that relief from the
operation of the currency law must come
quickly, If it is to prevent a pinch I'm the
money market
A feeling of assurance was caused by nm
intimation from Washington that the first
payments on account of bond premiums
in the refunding operation will be made
from the sub-treasuries and not from the
government deposits in national banks.
The money market Is expected to sn-w
relief from this source more quickly IAN
from the putting out of new circulation,
striking feature of the days events
was the sharp break in sterling exchange
demand sterling yielding sc and cables 20
in the pound. Considering the advance
in London discounts, the selling of stocks
for London account here and the reported
large subscriptions in New York to the
British loan the course of sterling was
the more remarkable. The explanation
may be found in the statement of mer-
chandise exports from New York for the
week, which were valued at SIS, 2i3, 500,
against s13570.162 IN the preceding week,
and S9,&S, 229 in the corresponding period
of last year.
The movement of cotton and the high
price prevailing are the principal causes
Of the high export figures.
Bonds continued in good demand and
prices were firmly held Total sales par
value. 50. 900 United States rs de-
clned Y and the old As "a in the bid price.
The total sales of stocks to-day were
liO 400 shares, including Atchison, 1910.
Atchison preferred 1880; Baltimore and
Ohio, $500; Missouri Pacific, 1850; Norfolk
and Western preferred. $3.50; st. Paul, 49,
sos; Southern Pacific, II 1856; Union Pacific.
1850; American Steel and Wire, 1916:
American Tobacco, 600; Brooklyn Rapid
Transit 24,s50; Federal Steel, CABS; Peo-
pies Gas. 24.15O; Sugar, Tits; United
States Leather, S,941