The daily morning journal and courier., 1900-03-17
EiMamrial.
I'll E STOCK MARK ET.
Trading in the Aggregate Was on n
 Small scale.

Trading in the Aggregate Was on Il Small scnlc.
 New York March 16--Whateyer sig
 market was of negative character,
 Trading in the aggregate was on a small scale, and even at that was con-
 gested in a few of the specialties. Third
 Avenue continued to absorb large
 share of attention and was the only
 stock on the list with any considerable
 range in the price fuctuaton. After l an early decline this stock moved up
 ward over points and clcsad with a
 net gain of 21a. Sugar was active but | showed a comparatively narrow range
 and ended the day with small net
 gain. Peoples Gas more than retrieved
 an early decline and Pacific Mail was
 notably weak.
 Otherwise the dealings were very
 small price fluctuations marrow and the
 list of stocks dealt in a short one. That
 the general tone was firm was probably due to the fact that the bear traders
 bought stocks to cover short contracts. | There was no evidence of any outside speculative demand, but there was some | investment buying here and there on u
 small scale. Probably the bears were induced to cover by the prospect that
 to- morrow's bank statement may fall slightly short of being as weak as was, feared. The New York sub-treaeury made a small contribution to-day to the cash resources of the banks on the r3u- tine transactions between them. This is the first time this has happened in over three weeks and brings down the Ilosses by the banks for the week on sub treasury operations to $ia07,000, com pared with $6,S60,000 last week. To- days gain by the banks is due to the disbursement of pensions. On the cur rency movement by express to the in- terior net loss by the banks is indi- cated of only about $75O,0G0, compared with $2,5Oo,OO0 Without allowing for the movement by registered mail the loss of the banks on all accounts is therefore only a little over $5,000, ,000, compared with nearly $10,O0O,000 last week.
 The changes in the loan account are largely guess-work. Some of the banks called loans during the week but, on the other hand, the borrowing of money to buy government bonds continued The hardening of New York exchange at Chicago is said to be due to the I tranefer of funds to liquidate loans con- tracted by western banks for buying governmentbonds in New York. These doubtful clements in the outlook some- what modified the conviction of profes- sional traders that the surplus reserves of the banks are certain to be wiped out tomorrow.
 Money on call was in good supply for most of the day at from to Az per cent, and the late furry was accompa- nied by rather palpable manipulation, the rate quickly yielding under the of ferings brought out. But whatever may remain of the surplus it is certain to be small. The impression is general, how ever, that to-mcrrow's statement will show the lOW-water mark for reserves, 1 and that the factors of repenishment will begin to show effect next week.
 Bonds were relatively more active | than stocks, some of the dormant high | grade issues advancing materially At | other points prices yielded. Total sales | par value $2G75,000.
 United States old fours declined "A and | the threes 51a per cent. in the bid price, |