The sun., 1900-03-24
FINANCIAL.
General Situation of Yesterdays
Stock and Money Mar
ket Reviewed.
ADVANCE CAkNOT CONTINUE
1t is Expected by Prominent Local
Brokers and Those Familiar
With the Market That u
Reaction Must Soon
Take Place.


Take Place.
1t is plain to most people that the ad-
vance in the stock market during the
last three days has been too rapid to con-
tlnue without some decided reaction
very soon. The course which such a re-
action usually follows, however, is for
number OF new fayorites 80 be put up,
while those which have previously led
the rise drop back and become heavy.
This was the character of Yesterdays
market and the same thing is expected
to be seen throughout today. 1t has
which have had substantial advance.
This will hold as good for today as for
yesterday.
1t will, however, take some further
bull operations for the big men to get
rid of all the stocks they wish to, and
hence the market will do to buy on all
reactions. Northern Pacific is expected
to sell somewhat higher, also Louisville
& Nashville on the idea that the stock
is earning eight per cent. and will pay
an extra dividend. It looks as though
the bull interests, when they have cre-
ated broad active market for the rail-
road shares, will turn their attention to
the industrials. 1t will not hurt there
fore to carry q moderate line OF steel
issues.
In London there was considerable
activity and not little strength to
Americans.
~
new iork, March 23.-R. G.. Dun &
Co.'S weekly review of trade says:
In its first week of operation the new
monetary bill has given satisfaction at
the treasury and to banks. Applications
for new per cents have exceeded S106,-
100000, and the net increase in bank
circulation is already over $4,000, 900.
As the rate at which new circulation
can be issued is limited, except for banks
which gave orders in advance of the
passage of the bill, and the issues at first
are largely for increase of notes to the
par value of bonds deposited, little can
yet be inferred regarding the other in
crease, though applications indicate that
it win be large for interior banks.
The release of millions employed in
preparation for action under the new
measure has caused in bank returns con-
siderable changes which are nominal rath-
cr than real, and the money markets are
undisturbed. The extraordinary exports
in three weeks from this port alone, S43,-
,S95, exceeding last years by $7,09S,-
026, or 1913 per cent, have rendered the
exchange market weaker, in spite of an
increase of $996,000, or 81 per cent, in
imports at New York for three weeks.
Change in the control of a street rail
way in receivers hands has not hereto
l. i L. Il n. L.
acquisition of the Third Avenue by the
Metropolitan. Owing to relations of the
parties interested with other works here
and in Brooklyn, with many industrial
operations and with dealings in the stock
market the weakening of forces working
for depression of prices has been impor-
tant. All stocks have advanced, Third
Avenue from $64.25 last week to SIP,
five other street and gas stocks $500 per
share, ten industrial stocks $500 per
share and 60 railroad stocks $3.50 per
share.
The Metal Market.
As yet the tendency toward reaction of
prices continues, though in the Pittsburg
region bessemer and basic pig are strong.
But eastern bessemer and gray forge and
southern pig are sold there at prices be-
low those governing in larger transac-
tions, and it is only the demafid for steel
making iron which appears to exceed
the supply. Eastern markets are weak
er, with reduction of 81 per ton at Phila-
delpha in some grades. Finished prod
ucts are generally unchanged, though
sheets rise at Chicago with the coming
combination, while plates sink lower at
Pittsburg and to the lowest point since
April 5, 1899, at Philadelphia.
Cotton holds at 97s cents for spot, with
heavy export demand, though futures are
weaker. European stocks in sight with
mill stocks reported by Ellison cover
consumption at the rate he reports for
large part, but not for the whole Of the
crop year remaining, and the visible sup
ply in this country is being sold at terms
which make the 100000 bales exported
this month worth more than 100000
would have been worth year ago, when
only 244,000 went abroad in the same
week. Receipts have exceeded last years
for the week, though not much for the
month.
The advance in wheat which followed
statements of the quantity in farmers
hands has not been maintained, and the
decline the past week has been 1as cents,
corn also yielding about as much. ATTAIN
Tic exports were DuI lftoo,O-c DuohVio
for the week and for three weeks only
4,762, ,4S2 asainst S,730,3T4 last year.
Receipts al western ports in three weeks
have been 11,9TT.231 against 10,1S0,957
last year. Meanwhile Pacific exports are
heavy and in three weeks have been
| 3,1S3, ,523 bushels against 1,656,2TI last
/ year. The foreign demand for corn still
| 1os,sans
Financial and Commercial.
rev York. March 49,
| Money on call steady at ~ per cent.
Prime mercantile paper, 5a5Is per cent. Ster-
| ling exchange firm. with actual business in
| bankers bills at S4.S5l4a4.s516 for demand and
| at s4s2laa4 S214for GO days. Posted rates. S4.sS
a4s3ls and s4.s616a4.s7. Commercial bills,
| s4sll1a4SlA. Silver certificates, 6014a61Ac
| Bar silver, 47s4c. Mexican dollars 4794c. Gov
ernment bonds irregular. State bonds strong
| Railroad bonds firm.
| Closing prices:
| Atchison pref..... 26lS n. J. Central. ..llf4
| Bur. e. Quincy. .1s7A North American. 151s
c., c., G. g. st. L.. 0z54 Northern Pacific. 5ets
/ Chesapeake g. o.. 30A Do. pref........... s55a
| Chicago Gas...... es14 n. Y. Central. 1862
Cotton OIL. "a Omaha.
| DEL 81 Hudson. III Ontario g. West. 24si
| Erie e,..,......... IaJ6 Pacific Mafl...... SO
General Electric. .iss34 Reading .......... 1sIs
Hooking Valley. Rock Island. .llls'