The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-02-26
THE MARKETS.


ew York. Feb. I.--The general spccu-
lative sentiment as reflected In the stock
market was n good deal obsCurcd to-day
by the Generalization in Third Avenue.
Active trading In stock with u resulting
drop In the price of over 10 points Is
bound to have considerable effect in
dividual may be, the cause which in
'duccs the selling. a rather violent break
In Tennessee Coal had the same ten
dency. As n matter Of fact traders were
disposed to sell stocks on the general
outlook and practically all the reports
from trade authorities that prices of ma
terials and the metals, were inclined
down. There was n rumor that the cut.
ting of grain on the trunk would spread
to other classifications and some rather
striking declines In the volume Of bank
clearngs compared with the correspond
ing period of last year Reports by tele-
graph to the financial world show u large
shrnkage not only at New York, Boston.
Philadelphia and Baltimore amounting
to oyer SO per cent and at ,. 81; Louis ,,. Of
ever, expanded its clearings over IL per
cent. Chicago 10 per cent. and other
cities out of the seven leading cities 5.2
per cent. Railroad earnings continue to
show large increases. sixty-one roads
which have already reported for the sec
ond week i'm February showing an aver
age increase of 30.45 per cent over the
corresponding period of last year. Strong
returns were made during the day for
the third week in February by st. Paul,
Hooking Valley. and Rio Grande West
ern. There was good buying of some of
the coal carrying stocks and rallying
tendency In the market which was
checked somewhat by the renewed weak
ness I'm Third Avenue and the New York
utilities in the final dealings. The de-
crease In cash shown by the bank state
ment was very near to the estimate. But
the supposition that large rate Of loan
expansion had been checked proved er-
roneous. Chiefly by reason of additional
pleted to the extent of si.S31, l25. There
can be no doubt that bankers are infiu-
enced in the higher libcrality In extend
ing credits by the possibility of currency
imitation authorized by the pending iinan-
cial bill. Sufficient attention had been
called to the fact that the bill authorizes
extension of bank note circulation to the
amount OF par value of bonds at present
deposited to secure circulation, which
would be a 10 per cent. Increase. But not
so much attention has been given to the
fact that bonds at present deposited TO
secure circulation amount to only $2G5.-
S0lT0. while national bank capital
amounts to s606,00O,0OO which fixes the
limits of the bank note circulation per-
mitted. The refunding plan provides for
the issue of new bonds to the amount
of present deposits on outstanding ends
which. would be available for deposit 10
secure additional circulation. The addi-
tional profit affected on circulation by
the new provisions, it Is believed. will
make the bank circulation up to the limit.
Total sales 23,l00 shares. business in
bonds has been on somewhat dmin-
ishing scale in Il regular market. The
market for governments was active at
rising prices on account of the tendency
for refunding. United States IS advanced
u. the 2s y. the As q and the old is and
5s Is in the bid price.
The following quotations are furnished
The Tribune by NJ. s. Jordan & Co..
rooms 7oj-7o6 Mears building. Telephone