The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-13
STOCK MARKET
PROVED ACTIVE
lndustria's Show Considerable Adj
vance in Prices.
LONDON A LIBERAL BUYER.
LONDON A LIBERAL BUYER
Sentimental Influence Was Exertcd to
Secure Subscriptions to New
British Lonn-Bond Market
Strong.
S strong.

market was Enthusiastically strong through
out The demonstrated Indifference of
the market on Saturday to the swift de-
pleton of surplus reserves of New York
banks took the mainstay of the bears
from beneath them. The demand from
short interest was q factor in the advance
in prices, especially in the industrials
which have recently been under pressure.
There were several elements OF positive
strength in the market, also, but the
largest part of the buying was undouDt-
ediy due to the effort OF the professional
element AMONG the specuiators s,E 20 as as.
only the smaller class OF professionals
who have recently had the market to
themselves, but operators OF a larger mold
gave evidence of their interest in the mar
ket. The demands made by the increased
activity OF the stock market upon the
money market was evince6 in furry in
the call-loan rate to 6 per cent: The
monitory symptom. apparently convinced
that the end Of the money market trou-
bles was at hand with the enactment OF
the new currency law, Which Is TO be sent
to the President Tomorrow.
There were occasional periods OF dulnesS
In the market, apparently with view
TO testing it The quick subsistence OF ac-
tivity-, without any reaction in prices. and
the firmness of the resistance to decline
confirmed the confidence Of the bulls and
started prices upward again. The closing
top level. Net gains in the principal ac-
tive industrials and specialties, including
Sugar, Tobacco. Peoples Gas. Anaconda,
the iron and steel stocks. and the New
York public utilities, ranged from , to
points, the latter in Sugar. In the rail-
road list ST. Paul was the leader, both in
point Of activity and strength, rising an
extreme ID. The other granSeTS, the
Southwesterns and number of the trunk
lines and southern railroads gained point
or over.
A feature of the trading was the num-
Der of three-day contracts recorded on
lne tape, indicating the anticipation OF
easier money with the operation OF the
new financial bill. There was very gem
erous sprinSling of transactions in frac-
uonal lots all through the list, indicating
an investment demand, which had no
small part in the feeling of confidence
eyinced by the speculative contingent
A background of strength to the whole
market was AFFORDED by the large absorb
ton OF railroad bonds. especially those
of the higher grade. This must undouot-
edly be attributed to the pressure for re-
investment OF funds which have been
realized by investors who have sold Gov
eminent bonds at the high prices prevail
ing, the banks buying them to use Tor
security and for circulation. 1t seems to
escape notice that this Is a measure an
ticipatory OF employment of the extended
currency circulation, since the capital OF
the national banks which has gone Tor
the payment of these bonds looks to bank
note issues for itstrelease and re-employ-
nent-
London was liberal buyer of stocks in
this market, and considerable sentimental
influence was cXerted by the large sub;
scripuens reported to be made IN New
York TO the new British loan. 1t is
argued that those SUBSCRIPTIONS lndlcaIe
an abundance OF capital, and they Will
represent also more quickly convertible
credit upon which the country can draw
in case Of need in the money market
Reports of railroad earnings for the
first week in March were encouraging. A
good effect was produced also by the
statement of exports for February OF
agricultural products. the large increase
In value of cotton exports for the month,
giving 1t the record for February.
The bond market was active and strong
throughout Total sales We're, par value,
$2,205, 600. United States IS coupon and
new As registered declined Is, do. coupon
" and old As u in the bid price.
The total sales Of stocks were 900
shares, including AtchiSon, 1920; do pre-
ferred, So, $50; Baltimore and Ohio, 5,26!;
Burlington and Quincy, Is. $50; Metropol-
cific, 1880: Norfolk and Western. 1895;
Pennsylvania, 1870: St Paul, 1850;
Southern Pacific. $500; Texas Pacific,
a,S75; Union Pacific, lO.543; American
bacco. 1920; Brooklyn Rapid Transit.
"a, .S5; Federal Steel, $500; Peoples Gas,
Bs,69o; Sugar, 94.Soo; United States
Leather, 1l,1G5
MONEY AND ENCHANGE:-Money on
call firm at og.66 per cent; last loan at
3ls per cent; prime mercantile paper,
4ss@5!a per cent. Sterling exchange
steady. with actual business in bankers.
bills at 81. SGa4.S614 for demand and at
S4.S2L.aII .S221a for sixty days; posted rates,
-. S3Lan4. "a and $4.S794. STE; commercial
!. $4.S11Sa4S2. Silver certificates: COZ
G61L; bar silver. 39;s; Mexican dollars.
bonds strong: railroad bonds steady.