The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-03
FIRM With LIGHT DEALING
The Stock Exchange Totals Lower
Than for Some Time.
4 More Favorable Opinion as 10 the
Results of the Steel Mergcr-Mnny
shares Enjoy Advances on SmnII
Trading - The Bank statement.

wore faNorabte Oplnton as 10 the
Results of the Steel Mergcr-Nnny
shares Enjoy Advances on smnII
Trading - The Bank statement.
NEW YORK, March uncertainty
regarding the probable showing of the
statement Of averages of the associated
banks vas apparently responsible for
light dealings on the stock exchange until
after the first hour Of business today. The
early trading was characterized by a de-
gree OF irregularity. but the tone Of the
market was, in the main. firm and in the
last half hour il became almost geuer-
ally strong.
The publication Of the bank statement
stimulated buying for both accounts. but
the total dealings aggregated only $500
shares. the lowest record in some time
Sentiment was favorably Influenced by
the exceptionally good exhibits of rail-
road earnings, --.,.I gross ana net for
January, and by firmness in International
ly listed American railroad stocks. es-
peciallv the Pacific issues in the London
market.
Increasing strength was shown in the
soft coal carrying properties for reasons
already noted but in no instance was the
trading active The nearest approach to
that condition was made by Southern
Railway common, the dealings in which
footed up less than $1,000 shares. and it
closed unchanged from yesterdays final
price.
The preferred. on lighter transactions.
recorded a fractional net gain. The
strength of these shares recently has
been partly due to the expectation of an
increase in the rate of dividend on the
preferred stock and to acquisition of or
alliances With, important connecting or
adjacent lines
The street appears to have reconsidered
its diagnosis of the probable results to
the principal iron and steel companies of
the formation of the United States Steel
Corporation. This was reflected in adj
vances in some members OF the group.
extending to H. per cent in Tin Plate
preferred National Steel common made
a net gain of / IL per cent, and the Ma
tfonal Tube issues and Republic Iron and
Steel common rose point, all on very
light dealings.
In the railroad list the most noteworthy
net changes were in Baltimore and Ohio
shares, namely, rs per cent in the pre-
ferred and IL in the common The
strength of these stocks was attributed
10 the favorable condition of the bitumi-
nous coal trade. the company being one
10 reports that ii had secured control of
the Cleveland, Lorain and Wheeling Rail-
road
Other soft coal road stocks thar xyara
strong on comparatively limited trading
included Chesapeake and Ohio, which |
gained a point and Norfolk and West |
err, INC January earnings of these roads |
made an excellent showing The other |
southern and Southwestern stocks were |
comparatively neglected, but displayed /
1irmness.
4 taatttra of tb. ,.rlra, woe A. -.
provernent in number of stocks on ex-
tremely light trading. Cleveland. Lorain
and Wheeling common and preferred re-
corded net improvements of about 3 per |
cent each on a few hundred shares Ev-
ansville and Terre Haute gained ] IL |
per cent; Michigan Central, 3; Mime
apoiis and St Louis, l 3-S; New York. |
chicago and st Louis first preferred |
: L.; Twin City Rapid Transit and 81
lawrence and Adirondack. ] L. aud
Great Northern preferred. st. Joe and
each.
American Smelling stocks made further
upward progress to the extent of - per
cent m the preferred on further reports of |
a probable harmonious ARRANGEMENT be-
tween the conflicting interests
IN the industrial department American
again the leader in respect to activity
and after some irregularity closed Drac-
-ically unchanged from FRIDAYS final |
';Iie The opening figure. which showed
ne day American Tobacco common
made slight fractional net gain Con-
'oIidated Gas on sales of less than 40J0 !
hares scored further net improvement
4 II per cent.
The bank statement was more favor
ble than the street had expected al |
houeh the initiated had not looked for |
-ute worthy changes in the items of loans |
n deposits An increase of more than |
lVl9.G1 in lawful money. most of IL in
pecie, was in the nature of a surprise |
nj TO. 4a.~NF
ocaI receipts and by transfers of gold |
bullion from San Francisco to banking !
,Ouses III this city.
There mas been some confusion this |
week in the cash estimates. owing TO the |
act that the preliminary figures this !
s-fek cover shorter period than usual. |
The change la the cash. together with an |
Increase OF more than s3.oeJ,er0 in the |
ieposits. was responsible for a gain in |
'urplus reserves Of S254. 425. bringing the
otdi to sl4,SDl 100, as compared with a ]
'urpius OF SlS,6il.550 year ago. The
was unusually consistent
The nearness to an actual cessation OF
lostiities in South Africa naturally re-
ives speculation in financial circles a $
o the influence on the money markets OF !
he world Of the reopening of the gold |
mines OF the Nitwatersrand. with an es-
lmated yearly output of approximately |
I5,9gJ.o01. II is considered very proba BE |
hat the approach toward normal ease in |
ne London money market that would
OiloW an Increase in the worlds supply
" money would result in large purchases
lf American railway securities Judging
rom the present favorable attitude of |
-6ndon operators toward this market.