The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-10
PRICES DROP And RALLY
The Market Closes With General
Improvement.
The Bank Statement shows the Loss
i'm Lawful Money Indicated by the
preliminary Estimates-Much Ac-
tiyity in the wabash Group.

tiyity in the Wabash Group
NEW YORK, March 9.-The statement
of averages Of the associated banks toda!
showed almost exactly the loss IN ia"Iu
money that had been indicated by the
preliminary statistics. The decrease IN
cash. amounting to Si.22O,2o0, was entirely
due to the absorptions in the week for in
ternal revenue and customs by the SUB
Treasury. ~.
The statement showed that the calling
Of loans bv some Of the principal banks
had not been fully covered in the eNhlhit
and had been Offset by the increases III
accommodations made to Wall Street Dor
rowers by other banks. Next week quite
n little shifting of money is looked Tor IN
cidcntal to large dividends The net re
suit of the statement was decrease in
the sllrplus reserve Of $l,oN5S25. bringing
the total Of that item down to Slo,Il',2'o'
against a surplus year ago of $06'6'S'J'
provision will have to be made for
financing the so-called iron and steel
merger. but it should be recalled in hg-
uriug out the probable immediate course
Of the money market that the shifting OF
accounts referred to Will only be tenn
,,orarv The enormous increase in the
amount of money in circulation IN the
country within q year, as recently shown
by United States Treasury statistics must
also be taken into consideration, and II
will be some time before money Will be
drawn from New York by the interior Tor
the purpose Of moving the crops
Speculation regarding the crop pros
meets in this country this year are OF
course. premature at this time, but II Is
known that in the winter wheat sections
conditions have been mainly favorable
there having been fairly good snow COW
ering. and, as rule, the weather mas
not been too cold.
Attention during the week has been
redirected to the coal trade prospects
owing to apprehension Of labor troubles.
The best information obtainable at pres
ent is that there is little probability OF
a strike. All of the anthracite ana oitu-
minouS coal companies have done large
and profitable business for several months
past. 4 material increase in exports of
soft coal is expected this year.
Todays stock market was fairly active
for a half holiday, the transactions being
slightly less than 10000 shares. The
movement of prices was irregular. The
professional element made an effective
demonstration after the opening, in an
ticipation of an uafavorable bank state
ment Coincident with the publication of
the statement ralying tendency deVel-
oped, which was stimulated by the cover
Sugar Refining was depressed an eN-
treme two points on the announcement
of a further cut in refined sugar, and
left off Is per cent below yesterdays
final price. The stock was second in ac-
tivity only to Chesapeake and Ohio, which
sold OFF a point from the highest price
on denials of reports that the company
was to be leased by the Pennsylvania
Railroad on a dividend guarantee. The
last mentioned stock showed net i'm
provement, however. Of nearly point.
a strong feature of the market was the
Wabash group. The preferred. en- fairly
large dealings, scored a net gain Of o ger
two points, while the common. gained !
per cent. Other noteworthy gains on
moderate dealings were IL in Hooking
Valley common. 3-4 In Kanawha and
Michigan, . ID in Pressed Steel Car, 3-4
IN Peoria and Eastern, and Chicago Great
Western common, and ! per cent in the
preferred p issue.
Lesser net improvements were Iecor sel
in number Of other issues Amalga-
mated Copper was fairly active AMI
closed 2 Il per cent net higher. In Con-
solidated Gas moderate sales 10 take pro-
fits resulted in loss Of over a point at
the close.
In the bond market the features in
cluded Wabash debenture BIS at an ad-
vance Of -, Fort Worth and Denver
frsts, ID; Central Railroad Of Georgia
frsts. and Peoria incomes
There was very little doing in United
States Steel Corporation stocks The
closing Of all the markets was in the main
at net Improvements in prices.