The daily morning journal and courier., 1902-03-13
Eiuarlcial.
THE STOCK MARKEl.
Show of Animation on an Upward
 Range of Prices.

Show of Animation on an OpWhiu
 Range of Prices.
 New York, March t2-There was some show of animation in to-days stock market on an upward range of prices The strength did not permeate the whole market but there were more of the usually prominent stocks con- cerned in the movement than has been the rule recently. The most conspicu- ous of these was Amalgamated Copper, in which there was evidence of liquida- ton with only occasional intermissions, during which the fall received mo- mentary check. The extreme decline reached 45s. The selling of the stock was accompanied by rumors that the next dividend will be reduced or pass ed. No authoritative information was to be had on the subject nor on the many reports that the marketing or the company's surplus stock gave an occa- sional check to the advance at other points, but did not materially affect the stronger tendency of the market. Gov erings by alarmed shorts seemed to play part in the advance, especially in the coalers, which have been freely sold on rumors that the anthracite mn CTS were determined to push demands that would not be granted. To-day equally assured predictions were heard that there would be no labor troubles in the coal trade and that there was no room for dissatisfaction. There was no authoritative information on this sub ject either.
 Another case where speculative sem timent was reversed from that Of yes terday was on the outlook for the Win ter wheat crop Reports Of copious rains in Texas and the southwest led to a reversal of the bear position on this point and to buying to cover short con- tracts. This was particularly effective in Missouri Pacific, which also had the advantage of a reported Increase in gross earnings for the first week Of March.
 The calmness of the money market was the final factor of general char aeter on the strength in stocks. The rate for money is firm, and nobody is found to predict an early relaxation Of rates. But feeling was treasured to- day that there is no immediate danger of forcing a condition of stringency. It is supposed that he trust companies are putting out loans at the higher rates and thus relieving some Of the pressure upon the banks. This shifting of loans from the banks to the trust companies does not effect any real
 cit as the cash reserves of the trust com ponies are on deposit with the banks, and the ultimate reserve against the loans Is thus unchanged But the legal limitation upon the banks to keep up their cash reserves to 20 per cent of the deposits makes this reduction of their loan and deposit account desirable for it's shifting of deposit liabilities upon the trust companies, which are not compelled to maintain any fixed reserve. The foreign exchange market indicates also that loans are still being renewed and extended from foreign lenders.
 Special strength was shown to-day by General Electric, Westinghouse Elec- tric, North American, the Virginia Carolina Chemical stocks, the Cotton oil stocks, the Readings and Peoria and Eastern There were gains of q point or over for a large number of stocks, which were modified by a late | movement.
 The bond market continued rather ir- regular and moderately active. The ' total sales, par value, aggregated $2,- 340. 000
 United States bonds were unchanged on call.