The times., 1901-03-10
PRICES DROP And RALLY
The Market Closes With General
Improvement.

The Rank Statement shows the LOSS
I'm Lawful Money Indicated by the
Preliminary EstimateS-uuch Ac-
tivity in the wabash "roup'
NEW YORK. March 9.-The statement
Of averages of the associated banks To-Day
showed almost exactly the loss III IaWl vi
money that had been indicated 10y Ihe
preliminary statistics. The decrease I'i
cash. amounting to Si22o,2o1, was ehJlTe'S
due TO the absorptions in the week LOT Ia
ternal revenue and customs by the 9u"-
Treasury ,,,,-
The statement showed that the cliiiilS
Of loans hv some Of the princip'u o''-i-'
had not been fully covered in the 'H-ll'.''
and had been offset by the increases i''
accommodations made TO Wan Sl'y'' 'o'
,-oyyers hv other banks. Next week Hul'e
y little shifting of money is looked loF III
ri.7r7tal 10 large dividends. The net re
suit Of the statement was a decrease III
tfa s-irp1us reserve of $l.oN&S-5. bringing
t7,a tota1 of that item down to $lo7l7.2'5,
sr-frsf "a surplus q year ago Of S5,6'5,5'5-
ts,..,-isi,, win have to be made for
e,,,,,.f,.. fhe so-calIgd iron and steel
,r,,,r., hr,t IL should be recalled in hg-
--,-i-,., ,,.r ,h. probable immediate course
- tI,.. r4r-,v market that the shifting OF
a
,..r,rr+s referred to viii only be tenn
,,,,--r,- The enormous increase IN the
a-,ol1nt of money in circulation IN the
country within year. as recently snow IL
Inv I-nited states Treasury statistics must
also he taken into consideration, ana II
viii be some time before money Will pe
drawn from New York by the interior lor
the purpose of moving the crops
SnecuIation regarding the crop pros
meets in this country this year are, ol
course. premature at this time, buJ II Is
known that i'm the winter wheat secllohs
conditions have been mainly favorable
there having been fairly good snow Gov
erine.. and. as rule, the weather mas
not been too cold.
Attention during the week has Deen
Tedirected to the coal trade pINS}JCe'
owing TO Apprehension OF iapor lroupiSS-
The hest information Obtainable at pres
ent is that there is little propaplnlE ol
a strike. All OF the anthracite ana ollu-
r1inous coal companies have done large
and profitable business for several months
past. a material increase in exports OF
soft coal is expected this year.
Today's stock market was iairly actlNe
for a half holiday, the transactions being
slightly less than $4,000 shares Inc
movement of prices was irregular. Inc
professional element made an effective
demonstration after the opening. IN an
tfciDarfOu of an unfavOrabie bank state
O.
mCnt CoinCident with the publication OF
the statement a ralying tendency deNel-
oped. which was stimulated by the cover
ing Of short contracts.
Sugar Refining was depressed an eN-
treme TWO points on the announcement
of a further cut in refined sugar, and
left of , Is per cent below yesterday
final prjce The stock was second In ac-
1ivitv only to Chesapeake and Ohio. which
sold of a point from the highest price
on denials OF reports that the company
was TO be leased by the PennsylV Vanla
Railroad on a dividend guarantee. Ihe
last mentioned stock showed net I'M
provement. however. Of nearly point
4 strong feature Of the market was the
Wabash group The preferred. on fairly
large dealings. scored net gain or .eT
two points, while the common. gained
per cent. Other noteworthy gains on
VALLEY common. 81 in Kanawha and
Michigan. . ID in Pressed Steel Car. ! 81
81 Peoria and Eastern. and Chicago Great
Western common. and ] per cent IN the
preferred p issue.
lesser net improvements We're IecoTtei
in q number Of other issues. Am8lga-
mated Copper was fairly active an
closed Ia per cent net higher. In Con-
solidated Gas moderate sales TO take pro
fits resulted in loss Of over point at
the close.
In the bond market the features in
cluded wabash debenture = s at an aH-
vance Of ! 10 Fort Worth and Denver
frstS -: Central Railroad of Geo-g!a
frsts and Peoria incomes.
There was very little doing IN Jnltei
States Steel Corporation stocks. The
closing of an the markets was in the main
at net improvements in prices.