Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-03-10
Short Covering Helps Otherwise List
less Stock Market:
UNSATISFACTORY BANK STATEMENT
Reports of Railroad Earnings Con-
tinue to Be Favorable.
GENERAL MARKET REPORTS

Special Dispatch to The EyerinS Star.
NEW YORK March lo-The covering OF
short contracts was the feature of today's
STOCK m lrket. prices rallying In all parts OF
the list IN consequence. The public was not
teffeSehted IN the trading. and the profess
sional demand reflected only the proyerbjal
custom of evening up contracts over the
end of the week
Inc bank statement was expected to show
considerable loss in cash and was NOT a
disappointment. The loss in lawful money
has been sS.aSsoO0 the bulk of II TO mo
subtreasury. Loans have been Increased
SSl2f.oO, and the deposits decreased s4yI =
800.
ms latter item Is again thoroughly in
consistent with the other changes. and
should have shown a small increase in or
Ger TO balance the report. Circulation has
Increased S59hcu, showing in a small way
me local sentiment to the wisdom of
taking every advantage under tho non,
currency bill. The net result of ALI the
changes is reflected in a decrease Of 81
$50 IN the reserve, bringing the total
surplus above legal requirements dow, 70
So,6i6.St5. This modest reserve boIdin,, ~
ocates firm rate for money until The
treasury ceases its present process Of all
so1ptlon and April interest is paid
Inc new British war loan. while attract
ing patriotic demand on this side ana In
o rev instances suggesting Itself as a dip
ioihanc business investment will scarcely
De taken in amounts justifying more than
d temporary furry in the call loan rate
BANKERS rely upon an easy money rate dur
ing the spring, and are inclined TO the ,,teuu
that Inc market will have passed its wait
ing period, for this cause by the end of the
month. " "a 'Ne
, mere are defects in the situation, TO-
lowing the Third avenue episode, the sugar
dividend and the murmurings of dissaftse
fed labor, which need remedies bevonJ The
mere cheapening of money. The specula-
1--WE community lacks confidence in its oyp
nheories Were this not true the railroad
Hst would have closed the week per cant
ABOVE the prevailing level, and the indus
- la nst would have declined like
amount An equilibrium is established he
cause OF want of aggressive action on
the part OF both classes of traders
Inc immediate market reflects all the
possibilities of a large short interest and
inconsequential liquidation. Large Interests
leLuse 10 employ the opportunity just now
ana the public rarely starts until after TN,
experienced semi-professional element has
made pathway for them. When activity
uoeS come the covering of the OUTSTANDING
snort account will in all probability begin
the movement
Earnings have been quite up to expecta-
lions ana the st. Paul and Southern pre-
1erred dividends have indicated a satisfac-
tory capacity In that direction
Inc pennsylvania statement has had a
good effect both at home and abroad
!Eere Is universal belief in the future Of
American railroads but there is no haste
10 buy. The mstrIIst of tho industrial a.
partment, unfortunately, is delaying buying
III the railroad list and activity must come
from cutting of the bond of SYMPATHY
between the two classes of securities or the
ehsrdluns OF neTT merit into the industrials