Evening star., 1900-03-24
Prices of Stan lard Railway Shares
Were Improved Today.
INDUSfRIALS WERE NEGLECTED
Bank Statement Was F avorable
for First Time in Weeks.
GENERAL MARKET REPORTS
,patch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. March 24.--Top prices for
the week and in several instances record
prices for the miIdle-class railroad group
were recorded near the close of todays
business. The commission house demand
was liberal and the tone of the market gen.
orally was confident.
The industrial department lags, primari-
ly because of labor troubles, and the trac-
ton shares are weak because of the evils
of the burdensome franchise tax about TO
be levied.
The demand is distinctly for railroad
shares and for the reorganized properties
or the high-priced trunk lines. The buying
of Pennsylvania was especially confident.
buying of thousand-share lots carrying the
price up to 140. Rock Island attracted
good demand. and New York Central found
an unusually willing market for large
amounts
The Pacific stocks rallied easily from yes
terdays realizing sales and moved up be-
yond the previous high point. Union Pa
cif1c was strong under big dealings. and
Southern Pacific forged ahead, notwith-
standing a liberal offering of stock. Balti-
more and Ohio issues were advanced sharp
ly. the common stock being again moved
up in sympathy with the demand for the
preferred. Atchison issues developed new
strength and Southern Railway gave evil
dence of good conservative inquiry.
Returning tourists from the south all COM
ment upon the excellent physical condition
OF the Southern system, and the beneficial
results of modern enterprise throughout
that section.
The demand during the entire morning
reflected change in the attitude of the
public and the promised revival of activity
seems to have at least entered upon the
threshold of the security markets.
The bank statement, for the first time in
many weeks, was favorable to prices. The
weeks operations have resulted in a loss
OF only S'60,7o0 in lawful money, all in
specie. The important change is the re-
duction of ST., 560, 100 in loans and this in
| spite of the increased activity in the stock
| market. The probable explanation is that
| 1t represents reduction of loans on gov
ernment bonds made by the local banks to
their out-of-town correspondents who
wished to take advantage of the new cur
rency bill.
The deposits are reduced S13 966. 300 call
ing Tor smaller reserve and with the re-
suit that the surplus over legal require
ments is increased s. 1870, SO. or to SSH 800
in all. The statement was a welcome relief
to the financial community and inspired
some exceptionally good buying right at
| the close of the day.
The present upward movement in the
market should, accidents excepted extend
| over the period of investment incident to
the April disbursements. and the payment
OF bond premiums under the refunding
plan. London, of course, has been a most
persistent buyer of our stocks during the
| week, and disappointments in South Africa
would. for a time at least, disconcert the
local interests in their projects for higher
prices. 1hiS disappointment would, in all
PROBABILITY, be but temporary.