The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-12
RINANoE AND TRApE.
The Features Of the Money and Stock
Markets.


Markets.
NEW. YORK, March 1O.-The trading
in stocks was largely confined to-day to
operations by board room operators, as
has been the case during the whole
week. But there was some small but
significant buying from outside sources,
especially manifest in the taking OF
fractional lots of stocks for investment,
which proved the sttractiveness Of the
present level OF prices to those who are
not dependent upon ordinary money
market vieclssitudes for holding stocks
for the dividend returns which they
yield, Thu wide distribution Of the
dealings clEo added to the healthy APP
pearance OF the market. The character
OF the bank statement was so conf
IDENTIFY foreseen that Its appearance was
not awaited for the closing up Of pro-
fessional contracts. The traders have
been on the short side OF the market
quite uniformly during the week, so
that the closing up OF contracts stinen-
ed the market very appreciRbly. sugar
and Peoples Gas were notably In de-
mand before the bank statement but
were gold Oft again together with the
lQClI SLQGhHs ObNASNS uAi
willingness OF prices to yield on. the
bank statement drove the bears to cover
again. Sugar advanced an extreme 3B
per cent and Peoples Gas per cent
and the whole list rose to the highest
level OF the morning with more show OF
animation IN the dealings than has been
evident for several days, The bank re-
turn was FULLY as weak as was expect
ed. The strength Of the days market
must be attributed to a faith that spec
ulatiVe commitments being small. the
market is not very vulnerable to tenn
porary money squeeze. Beyond tenn
porary stringency, the new currency
and rafunding law Is confidently looked
10 for speedy relief. There is an under
current OF sentiment also that some OF
the recent heavy loan expansion would
readily convertible or transferable. In
case OF any urgent need OF credits with
out doing damage to present borrowers.
This would be true of such portion OF
the recent loan expansion as has gone
into government bonds. with view to
taking out additional note circulation.
The belief has been held In Wall
street for some time past that nothing
prevented Al general rise IN prices put
the disturbing effect Of the acute weak
ness of a few stocks under the influence
anything bearing on the general c9ndi'
be readily convertible or transferable,in
tIon making for higher values.
Blu. the most conspicuous OF
these disturbing causes reached
elimination during the week and the
stocks affected have retired to COM
paratively obscure place in the market.
The appointment OF receiver for the
Third avenue company and the action
of the directors OF the American Sugar
Refining Company in declaring the re-
duced dividend on Monday two days IN
advance OF the expected meeting, put
nm end to the furious speculation anu
the violent and erratic fluctuations in
those stocks, but still the market show
ed a llstless and Indifferent spirit and
halted and hesitated, falling by pro.
gressive stages deeper into a slough OF
seml-stagnation.
Large demands continue to be made
for credits on the New York banks, for
mercantile loans and for buying OF gov
eminent bonds by banks with view to
taking out additional circulation under
the law. The principal depletion OF
New York cash reserves Is due to the
drastic absorption OF funds by the New
York sub-treasury. Last week the
drain on this account reached n3arIS
T,500OO0 but there was lncluueu tIe
payment to the government OF $4,000
600 note on account Of Central PacI-
nc. This week, without amy such spec
Ial transaction and with disbursements
Of pensions Incident to the first OF the
month, the sub-treasury has neverthe-
less taken out OF circulation larger
sum OF money than last week. sum
amounting to more than half the re-
naming surplus over the legal require
ments Of the New oYrk banks cash re-
serve.
Railroad bonds have been In good de-
mand, part OF the buying being attrib-
uted to pressure of funds realized from
the selling Of government bonds by In
yestment holders to banks.
United States old Is and bs advanced
per cent: Is coupon Y and do registered
4 per cent. New As coupon declined VI
per cent
~ q T.,I1