Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-03-06
Bar silver, 5912c.
Mexican dollars, 4712c.
Government bonds, steady.


Government bonds, steady.
New York, March 1.-The stock mar
ket to-day worked upward under the
impetus of yesterdays movement until
the appearance of the bank statement
showing loss of over s5,000,000 in the
surplus reserve and another expansion
in the loan account. Prices immedi-
ately gave way sharply in many shares,
the recession being from / to points
and leaving the standard stocks frac-
tiOnally below yesterdays figures. A
good tone prevailed on the London ex-
change for Americans, but advices as
to the nature. of the purchases were
conflicting, some intimating that the
movement was initiated from this side,
while others affirmed it to be confident
buying for English investment ac-
count. There were sharp advances
early here in the steel stocks, the an
thracites, tobacco, Brooklyn Transit,
General Electric and the prominent
railways, the latter improving point
in some cases. Reports of some of the
large bull interests seemed to lend sup
port to Burlington and the steel stocks.
New York Airbrake was very strong
spot after the appearance of the bank
statement when every thing sold Off.
Many of the early buyers threw over
stocks and the market closed weak at
the lowest.
4 The stocks in which losses occurred
y for the week outnumber those which
advanced over 21a to l. The market
opened with show of strength on
Monday and thereafter sagged until
Friday when better tone prevailed
up to the appearance of the bank state
ment, when prices again eased off. The
more prominent declines were Third
Avenue Railroad q, Metropolitan Z,
Pittsburg, C. C. & St. Louis 8, Burling-
ton, Central Pacific and Pacific Mail
over A each. The conspicuous eXcep-
lions to the general tendency were
American Tobacco and American Steel,
the former rising 81 while the latter
was up 33s.
A false rumor that Admiral Dewey
had sunk a German cruiser exerted an
uns&ttling influence on the market
which was not altogether dissipated by
the emphatic denials of the rumor. The
conditions were no less ia
vorable than formerly, while there was
many evidences of prosperity in COM
mercial and financial circles. The pre-
vailing feeling of confidence was re-
fiected by the advance in the wages of
iron and cotton workers in various sec
too of the country. The balance Of
trade usually considered dependent so
largely on the foreign demand for
American cereals, was strengthened
very much by the increasing exports
of domestic manufactured articles
which are exceeding the imports by
about 25 per cent. Indeed the exports
of such G sicles average in value a
million dollars for each working day.
Commercial activity was also shown by
the increase in bank clearings of 40 per
cent for the week as compared with
the corresponding period of last year.
The continued demand for iron and
steel products at rising figures had a
stimulating influence on shares of COM
panies connected with the trade. The
gradual contraction in the surplus re-
serve shown in the weekly bank state
ments together with an expansion in
the loans cannot be regarded as re-
markable when it is considered that
money has been needed to finance
many railway deals, but more particu-
larly colossal industrial combinations.
The capitalization of such concerns or
ganized within two months exceeds
81, 100, 900, 900. Then large sums were re-
quired to care for American stocks re-
turned from abroad, but there were in
dications that some of these stocks
were already beginning to be reshipped
TO London. A hardening rate for mon
ey appeared at one time, call money
touching Az, but subsequently easing
off to 21a per cent. The higher rates
were established on securities which
lacks an active market. 1t is usual for
money to be moving toward the inter-
Tor at this time, but the temporary ap-
pearance of a higher rate started an in
fux of money to New York.
The Improvement in the money rate
was promptly followed by a decidedly
easier tone in the sterling exchange
market which was taken to indicate the
probability of Americas drawing upon
It's funds loaned abroad should the
money rate rise sharply. The import
of nearly $25 100000 in gold at San
Francisco within the last seven months
has not attracted much attention in the
East. This inflow, however, has been
fully reflected in the weekly bank state
ment of New York institutions, from
week to week. Scale buying by leaders
of the street together with some COM
mission house purchasing absorbed the
offerings of timid holders and traders
at times when prices were about the
lowest. The industrial generally re-
ceiyed inside manipulative support, pre-
venting them in many cases from sag
ging away in sympathy with the weak
ness in the standard shares. The I'M
settling rumors which were dissemina-
ted in the street regarding the political
and monetary situations naturally
tended to check confident operations by
investment interests, thereby reducing
the aggregate of dealings and enabling
the professional element to operate
with more freedom.
The bond trading during the week
was very irregular with marked I'M
dertone of firmness. u. S. IS and the
Eds advanced u, the new As registered
q, do. coupon Is, the IS u and the old
as registered u. Total sales of stocks
to-day 409, 400 shares. Quotations closed
bid:
Atcnison ai 70
Baltimore and Ohio. ........----------.- 7Ois