The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-17
THIRD AVENUE
SHOWS A GAIN.
Stock Again Absorbed Large Share
ofAttention.
GENERAL TONE WAS STEADY.
No Evidence Of ANY Outside spccula-
tive Demand, But Investment Buy
ing on Small Scale-In1crcst
in Bank Statement,

NEW YORK, March 1G.-Whatever
significance attached TO to-day's stock
market was of negative character.
Trading in the aggregate was on {: small
scale. and even at that was congeStcd
IN a lew OF the specialticS. Third-Avenue
continued to absorb large share OF at
IenOon, and was the only stock on the
ASt with any considerable range in the
price 1luctuation. After an early decline
1his stock moved upward over 5 points,
and closed with "a net gain of 215. Sugar
was active, but showed a comparatively
narrow range. and ended the day with q
small net gain. Peoples Gas more than
retrieved an carly decline. and Pacific
Mail was notably weak. Otherwise the
dealings We're small, price fluctuations
narrow and the list of stocks dealt in
short one.
That the general tone was a firm one
was probably due to the fact that bear
Traders bought stocks to cover short con-
tracts. There was no evidence OF any
outside speculative demand, but there
was some investment buying here and
there on a small scale. Probably the
bears We're induced to cover by the pros
pect that to-morrows bank statement
may fall short Of being as weak as
made a small contribution to-day to the
cash resources of the banks on the rou-
tne transactions between them. This is
The first time this has happened in over
~ the banks for the week on Sub-Treas-
ury operations TO $4,30I,0O0. compared
with $6.SG0,00O last week. To-day's gain
by the banks is due to the disbursement
of pensions. On the currency movement
by express to the interior, a net loss by
The banks is indicated of only about
SI50,9O0, compared with $2,500000. With
out allowing for the movement by regis
tered mail, the loss of the banks on all
accounts is. therefore, only a little over
S3,090.O00, compared with nearly $4,000
600 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 Chi
caSo is said to be due to the transfer of
western banks for buying Government
bonds in New York. These doubtful ele-
1nents in the outlook somewhat modified
The confidence of professional traders
that the surplus would be a small one.
Money on call was in good supply for
most Of the day at from to AZ per cent.
and the late furry was accompanied by
rather palpable manipulation. But what
ever may remain of the surplus, it is
certain to be small. The impression is
general, however, that to-morrow'S state
ment will show the low-water mark for
reserves. and that the factors of re-
plenishment will begin TO show effect
next week.
Bonds We're relatively more active than
issues being dealt in at advancing prices:
AT other points prices yielded. Total
sales. par value, S2,075.000 United States
old As declined y and the IS and IS u
per cent. in the bid price
The total sales of stocks to-day We're
21o,2oO shares, including Atchison pre-
ferred, Ass; Burlington and Quincy,
1850; Manhattan, ex. div, 6,210; Mexican
Central. $3.50: American Tobacco. $500;
Brooklyn Rapid Transit, 1890; Peoples
Gas, $3.50; Sugar, 33.I45.
MONEY AND ENCHANGE.-Money on
call firm at 2!a@T per cent; last loan at
~ per cent; prime mercantile paper,
;IdG5h per cent. Sterling exchange soft.
with actual business in bankers bills at
S4.S51s for demand and at $4.S2 for sixty
days: posted rates. Si.S'l@ and S4.S7; COM
mercial bills $4.S1AG4.S1A. Silver GER
tificates, 60Ad61A; bar silver, GO; Next
can dollars. 47S4. Government bonds
weak: State bonds inactive; railroads