The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-08
SPBcIALTIES AGAIN ACTIVE
The Railway List Also Shares in
the Advance Of Prices.
A Fear of Closer Money Market Com
ditions Affects the General Trad
ing Unfnyornb1y-A Poor Showing
in the Bank Statement Looked for.

ing Unfny0rnbIy-A Poor Showing
in the Bank Statement Looked for.
NEW YORK. March For certain tech
nicai reasons with which close observers
of Wall Street affairs are acquainted.
Thursday is ordinarily a day which
speculative commitments on the long side
are apt to be closed out The main Tea-
son. of course, is the consequent saving
of interest over Sunday, inasmuch as
stocks sold on Friday are not delivered
until Monday. In addition. toward the
close of the week Saturdays bank state
ment begins to enter into discussion. and
the indications at this time point to a
poor showing. as the banks have lost II
the Sub-Treasury since last Friday nearly
100000.
From a duh and uncertain trade today
it was the fear of closer money market
conditions that was the chief influence in
the trading. At all events, the profess
sional element of the street exploited that
remote possibility and utilized it with
some effect in depressing prices after an
irregular opening. 1t remains to he seen
what influence on the bank statement will
be eXerted 10y this weeks heavy transfer
OF capital involved in the Southern Pa
cific transaction. II seems to be the COM
mon opinion that as result thereof
= there will be a heavy reduction in the
loan account. but the latter is an item in
regard to which predictions are particu-
larry hazardous.
Todays advices from the surplus grain
growing sections were somewhat more
encouraging, and in consequence yester-
days apprehensions respecting the result
of the crops subsidized materially. II is
fairly certain, however, that, is usual
ly the case, there will be recurrent
spasms of uneasiness in this regard
throughout the summer.
Money market conditions were not es-
sentially altered from those prevailing
yesterday. Most of the new borrowing
was effected around 2 1-2 per cent. al
though lower and higher rates were oc-
casionaily fixed. 1t might be said that
appre tensions of actually stringent none
tary conditions are confined exclusively to
the beariSh speculative contingent of the
street. and they are neither expected nor
even hoped for by the actual lenders of
money.
4 1, W interesting statements of railway
traifi,: ComIir ised about all of the new de-
velole.vnts bearing on particular stocks
apart from the runors of deals and of
other Giro umstaDces which are so readily
disse' hated in such n market as that
no~ prevailing
London furnished Irregular prices for
American stocks and foreign houses
but were sClloTi; on balance to the eX-
tent of about c5cOJ shares. No change
was made in the Sank of Engiand,s rate
OF discount.
The most pronounced movements of the
day again took place among the so-called
specialties The industrial quarter. with
the exception of Sugar Refining and the
Tobacco stocks. was exceedingly dull a
further decline occurred in Pressed Steel
Car, and the movements in Sugar Re
fhinG continued to be extraordinarily con-
fused.
Among the specialties the features were
Consolidated Gas and Tenne ssee coal and
Iron boa of which stocks enj1yel p.o-
nounced advances. The advance in Ten
nessee Coal and Iron was not directly ac-
counted for. apart from technical eypla-
nations, nor, indeed. could specific and
novel reasons be furnished In co3n ction
with the rise in Consolidated Gas. The
equities of the stockholders Of this great
company are. however. being more and
more discussed and understood, hence the
p decided strength of the stock is not a
circumstance TO be nlarveled at.
Atnalgamated Copper was less active
than it has been for some time. and after
being sharply depressed at the opening
group was stronger and more active for a
number of days. with particularly sharp
advances appearing In Manhattan RAN
way and Brooklyn Rapid Transit. which
movements, however. appearei to reflect
little more than professional manipula
ton To some extent. perhaps. the pros
ptSlS Aoi its isi"iA VI tiie iid'IClIist id'
might be cited in connection with their
course, as web as that Of Consolidated
Gas.
The bulk of the activity. aside from the
specialties was in the railway list. In the
earlier part of the day the tendency in
that quarter was, for the most part Ieac-
tionary. There Were some exceptions,
however. to the general drift of prices.
particular examples being Chesapeake
and Ohio Norfolk and Western. and St.
Paul. The first named stock was conspic-
uously strong.
The grangers. with the noted exception
of ST Paul. reflected quite heavy realiz-
ing but all of them enjoyed substantial
recOveries from their extreme point of de-
preston. Among the lower-priced issues.
Southern Pacific. Northern Pacific, and
Kansas and Texas preferred were also &C.
cidedly firm. The dealings in both the
anthracite and bitus, nous coal stocks
were in smaller volume than for some
days past.