The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-29
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

NEW YORK, Jan. 27.-The stock mar
ket was narrow and professional to-
day, but reflected some slightly in
creased interest, and prices showed
some response to new developments.
Quite an active. speculation developed
IN Third Avenue, which was feverlsh
at level extending to 81 points below
last night. Runners were rife touching
the plans for financing the floating
debt of this company, and denials fol-
lowed quickly on tumors, The market
was disposed to resist this influence,
and hardened. the speclaltles leading In
point of activity and, strength. The
rather cheerful tone OF the weekly trade
reviews the gooGraIltoad earnings for
the third week ihyJanuary and the ex-
pectations Of strong bank statement
prompted buying.
The December statement Of st. Paul
checked the movement, on account of
the decrease of $4,000 in net earnings
10, the month by reason Of increased
operating expenses. The decrease in
net earnings OF the system for the fiscal
year is thus brought up to ss39,OOO. The
total was offered down sharp fraction
on the showing, Burlington closely fol-
lowing, and the whole list showing the
effect. There was an Indifferent rally
on the bank statement, and prices were
slightly lower than yesterday at the
close. The proportions OF the loan In
crease again proved a surprise. though
the loan expansion was only a fraction
of the increased credit facilities Afford
cd by the cash Increase. There had
been no borrowing demand manifest on
the stock exchange during the week,
and the time loan and mercantile paper
markets have been reported dun, al
though bankers have been Offering In
creasing inducements to place loans, No
operations have been known of sufficl-
ent size to account for the loan expan-.
sion of S751S.60O,
A small contingent OF professional
operators In stocks and foreign arbi-
TRACE brokers have done practically all
OF the trading on the stock exchange for
the past week.
The reasons for the excessive dullness
are not entirely clear, as. many condl-
lions conform to those in former periods
OF great speculative activity, notably
the large renux of money to the reserve
centres from active use in business and
uniformly favorable reports OF business
and trade There Is a large body In
Wall street Of tho opinion that the dull
ness Is only eXplicable on the score OF
suspense over the outcome of the war
in South Africa, but there were two
events there during the week which
were thought of sufficient importance in
no 7 OF T.lFat IN In I
siderable speculative activity there
without awakening any Interest In the
New York market, outside the foreign
arbitragc offices and the professional
traders. Prices of internationally list
ed stocks responded sharply ms the mar
row market made the arbitrage opera
tlonR effective in keeping prices near
the London parity. This Is not couclu-
slve evidence, though II Is against the
assumption Of the dominating influence
OF the South African war upon specula-
tive sentiment.
II Is n fact that some competent au-
thorities on the money market in Wall
street are not free from apprehension
over the money outlook, notwIthstand-
Ing the present ease Of money In nearly
ali Departments The first part of the
month brought heavy disbursements
from the United States treasury. on &c
count OF pension payments, which kept
down the surplus, but current returns
from the treasury show day-tO-day
surplus, owing to heavy revenue collec-
lions. The deposits OF internal revenue
collections in national bank repositories
are also approaching the limits proVid-
ed for by the government bonds deposit
ed with the treasury by the banks as
security, after which the taking up OF
the surplus by the treasury would be
resumed.
The falling off OF the Inflow OF money
seeking employment has served to de-
crease the demand for bonds, and has
resulted In price reactions in some
points. The market has continued firm
for the most part.
United States new as declined y per
cent, the 3's and old 4's registered " per
cent and do coupon y per cent In the
bid price.
II Randi