The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-03-12
THE MARKET DULL
THROUGH WEEK
Opened Monday Under Shadow
Of Gloom and Little Rallying
Until friday.
LITTLE RELIEF AS TO MONEY
High Rates Prevail and the Bond
Market Will Probably
Continue Poor.
LITTLE RELIEF AS TO MONEY
(sp.cial to Tho Times.Dispatch.)

NEW YORK, March 11.-owing to the
downward movement OF stocks for the
two weeks previous, tho stock market
began the past week under n shadow
OF gloom. Liquidation was in force OIL
Monday and stocks broke rapidly through
out the entire list. being especially pro-
nounced in Reading and Amalgamated
Copper. while pool stocks like American
Locomotive and American Shelters were
breaking badly. Owing to the decline in
tho Hill stocks during the previous week,
they showed comparative steadincss.
Outside of those mentioned, Union Pacific
and Atchlson showed a marked resistance
to tho declining tendency, not only dur
ing tho present week. but during the
whole Of the previous decline. Union
Pacific on Monday. when most stocks
were making new low records, ranging
actually from two to three points above
It's low record, made two or three weeks
before.
The market became very inactive on
Tuesday and the greatest part of the
trading was confined to the room. The
IIld u cOOii ~ - -
hardening tendency. M had the appear
ance Of being sold out. Stocks did not
advance much. however, until Thursday,
when very favorable private advices re-
garding the situation In Morocco began
to be received. Those persons short be-
came alarmed and began covering late
Thursday afternoon. This movement con-
tinued with Increased yigor on Friday
n was supplemented by more new buy
i~~ f~. - Nt, fto " hoc ham .oapy
in a long while. AS a result Of this the
market became strong, active. even buoy
ant. with advance OF from one to four
points throughout the active list, run
ming to an even greater extent in stocks
like Great Northern. Northern Pacific
and Anaconda. Sentiment which had
been very much depressed, turned cheer
full as the market advanced
UNION PACIFIC STRENGTH.
In the final dealings of Friday. Union
Pacific gathered pronounced strength.
closing at about the. best price and giving
a firm tone to the rest of the list.
Tho market ON Saturday was inclined
to show some strngth, after an indiffer-
ent opening. but the trading was feat
~ureless, and the range c. prices was
within narrow limits.
The statement of the New York banks
was rather favorable, hut after Its pub
LEGATION heavy proftitaking began, and,
as a result. many stocks were carried
below the final figures of Friday. The
market rallied f~ractionally before .Ae
close.
While the money situation has beer
undoubtedly reiievedsby the more favor
able aspect of the conference at Algecl-
ras, 1t Is by no means yet clear, and high
rates and a poor bond market are highly
favorable factors from the bull point Of
view.
Colorado Fuel and Iron is being bulled
again by the same interests that put it
above so early in the year. They are In
wiling everybody to participate, but the
violent reactions to which this stoci. IL
subjected terr,fy all but the most daring
Spectators.
international Power has advanced to
the extent of IL points or a report of q
large new order for Diesel engines.
Union Pacific Is being advanced on the
familiar story of cash assets in The shape
of the preferred stock. Gossip has 1t
that the value of the right to common
stockholders Will be $40 a share. and that
the stock will sell cx-rishts by June.
Tn Southern Railway looks promising.
THE BANK STATEMENT.
The decrease in loans SHOWN by the
bank statement OF 81, 25e. 200 was antici-
pated from the liquidation OF the past
week. as we'll as from tho large amount
OF foreign money placed In this market.
The decrease in cash of S. ABS, 800 IS
nearly 100000 greater than the loss IN
dicated by the reported movements OF
currency. This corrects last weeks error,
making the loss too small. The decrease
In deposits of $3.50 i 900, is $685. 500 move
than tho sum OF the decreases in loans
and cash, which is n fair balance. The
working of tho average system is eX-
cmplified In the gain reported in United
States deposits of a,1o3, 300, when the act
ual increase In United States deposits up
to Thursday night was $4,000. The re-
serve required is s6,9Na, 200 less than last
week. Deducting from this the loss in
cash. tho surplus is increased by S1,45i,-
$50. The surplus nov is &c. 1853. 7GO compar-
ing with $9,27S,l $50 IN 1905 S2o.937.075 in
1904; s1,O2l.0oo in 1903: $S.112.9D In 1902;
s1o.oo2,eoo in 1901: s5,676.al5 in 1900; s2a.-
$4,000 in 1899. Not counting reserve
against United States deposits, the sur
plus Is $S.S7s.6 50.
CL Clos D;nL Co