The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-06
FINANCE AND TRADE. !.
Tho Features Of the Money and Stock
Z Markets.

lnc ccaturcd OF the money ana STOCK
Markets.
NEW YORK, March 4.-The stock
marke. to-day worked upward under
the impetus of yesterdays movement
until the appearance OF the bank state
ment showing loss OF over IS, ooo. 900 in
the surplus reserve and another ex-
panslon in the loan account. Prices i'm
medlately gave way sharply In many
shares, the recession being. from l to 2
points and leaving the standard stocks
fractlonally below yesterdays figures.
A good tone prevailed on the London
exchange for Americans. but advlces
as 10 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 account,
There were sharp advances early here
In the steel stocks, the anthracite, To.
bacco. Brooklyn Transit, General Elcc-
trio and the prominent railways, the
latter Improving point In some cases
Reports OF some of the large bull inter-
ests seemed to lend support to Burling-
ton and the Steel stocks. New York
Air Brake was very strong spot after
the appearance of the bank statement.
when everything sold off. Many OF the
early buyers threw over stocks and the
market closed weak at the lowest.
The stocks In which losses occurred
for the week outnumber those which
advanced over 23s to i. The market
opened with n show OF strength on
Monday and thereafter sagged until
Friday, when a better tone prevailed
up to the appearance OF the bank
statement. when prices again eased or.
The more prominent declines were
Third Avenue railroad 81; Metropolitan
{; Pittsburgh. Cincinnati, Chicago g.
st. Louis 0; Burlington Central Pacific
and Pacific Mail over 4 each. The con-
spicu0us exceptions to the general ten
dency were American Tobacco and
American Steel, the former rising 81,
while the latter was up 3,s.
Commercial activity was shown by
the Increase In bank clearings OF 40 PEI.
cent for the week as compared with the
corresponding period Of last yenr. The
continued demand for iron and steel
products at rising figures had stimu-
lating influence on shares OF companies
connected with the trade The gradual
contraction In the surplus reserve shown
In the weekly bank statements to-
gether with an expansion in the loans
cannot be regarded as remarkable
when 1t Is considered that money has
been needed to finance many railway
deals, but more particularly colossal in
dustrial combinations. The capitai,za-
ton Of such concerns organized within
two months exceeds s1.10O,OO0. Then
large sums were required to care for
American stocks returned from abroad.
but there were Indications that some OF
these stocks were already beginning to
be re-shipped to London. A hardening
rate for money appeared at one time.
call money touching ~, but subse-
Quently easing off to 2t, per cent. The
higher rates were established on secur-
tiles which lacks an active market. 1t
Is usual for money to be moving to-
ward the interior at this time. but the
temporary appearance OF a higher rate
started an influx of money to New
York.
The improvement In the money rate
was promptly followed by. 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 impor,
OF nearly s95.000.0O0 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
statement OF New York institutions.
from week to week.
The bond trading during the week
was very irregular with marked I'M
dertone OF flrmness. United States 3s
and the Is advanced q, the new IS reg
istered Is: do coupon &c; the IS 4 and
the old As registered Y per cent.
BONDS AND STOCK QUOTATIONS.