The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-13

NEW YORK March 10. Ti v1oI,
stock market advanced today. chiefly ar-
paroutly. On the current belated consider
alton Of the effects Of the new finance
currency measure. a better appreciation
Of this matter Jed to quite extensive pur-
ohases o. securities. and these ia turn
started genuine covering movement on
the part OF the short interest As was
the case last week the offerings ~ stocks
in any direction were meaEre. hence The
morning advances attained substantial
proportions. Interest was unusually wei
diversified aud no particular stock or
special quarter of the market ovcrshad-
owed the remainder Of the list outside
interest continued limited. and little in
crease in commission house business was
reported. London houses. however. were
fairly heavy buyers In this market. their
purchases footing up upward Of $4,000
shares.
The London market was reported fairly
buoyant in all Of its quarters. and Ameri-
can stocks participated fully in the ad-
vance there. The tendency Of the London
market reflected both the encouraging
progress of the British forces in South
Africa and the overwhelming success Of
the war loan. Local speculative senti-
ment being decidedly optimistic. the ten
dency Of the London market and the dis
position Of foreign dealings here we're
factors Of considerable weight.
The money market was materially firm
er today particularly in the call loan
division. This was not emarkahle iu
view Of the fact that today's figures OF
the transactions between the banks and
the Sub Treasury show that since last
Friday the banks have lost over s. 3ou
co1. or nearly one-half Of the surplus
shown in Saturdays statement. The fact
that the rather sharp advance iu the
money market was virtually ignored IN
the days speculation. was Of course owing
TO the anticipations that the operations
OF the Tefunding provisions Of the cur
rency law would more than Offset The lass
Is the banks are now sustaining I'm their
dealings with the Treasury. lt is expect
ed that with the beginning Of the operations
Of the bill there viii be such a heavy and
continuous reduction in the banks loans
and consequently in their liabilities as to
restore their reserves TO much stronger
ratio TO their liabilities. On the other
haud. there does rot seem to be any i'm
mediate prospect OF relief from the vexa-
fioNs operations OF the customs ana rev
enue laws. or more properly. Of our indie
pendent Treasury system. and irrespective
Of the operations Of the new bin il is
plain that later on fresh eNpedients must
be devised by which the monetary
Situation may be relieved from the drain
following upon the Government excess
sivC revenues.
The common and more OF less uniform
sdvance in the stock market rendered IN
necessary q standardization Of special
movements. In the railway list. however.
the Atchison issues, all OF the granger
shares, Southern Railway preferred. Louis
VILE and Nashville. and Texas and Paci-
hc were particularly strong The indus
trial quarter was active and showed some
pronounced advances. notably ia Sugar
Refining. American Tobacco. an of The
steel industrials and In Peoples Gas and
Tennessee Coal and Iron The local trac-
iicn group hesitatcd somewhat IN the mi
tiai dealings but il subsequently advanced
with the general market Virtually
nothing that was new or important de-
reloped in connection with the movements
n particular stocks and The DAYS dealings
n the main were wholly governed by the
already noted considerations.