Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-26
FINANCE AND TRADE.

NEW YORK, February 24.-STCCkS
The general speculative sentiment as
reflected in the stock market was a
good deal obscured to-day by the de-
moralization in Third avenue. Active
trading in a stock with resulting
drop in the price of over ten points,
is bound to have considerable effect in
a narrow market, however, peculiar
and individual may be the cause
which induces the selling. A rather
violent break in Tennessee Coal had
the same tendency. AS matter OF
fact, traders were disposed to sell
stocks on the general outlook, espe-
cially the reports from trade authori-
ties that prices of materials, especial
ly the metals, were yielding. There
was also the fear that the cutting of
grain rates on the trunk lines would
spread to other classifcations and
some rather striking declines in the
volume of bank clearingS compared
with the corresponding period of last
year. Report by telegraph to the FL
nancial Chronicle for five days show
large shrinkage not only at New
York, Boston and Philadelphia, but at
Baltimore, amounting to over Sc per
cent and at St. Louis of nearly four
per cent. New Orleans, however, ex-
panded it's clearings over AZ per cent,
Chicago 10 per cent and other cities
outside the seven leading cities 81
per cent. Railroad earnings continue
to show large increases, GIL roads
which have already reported for the
second week in February showing an
average increase of 30.45 per cent ov-
er 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 Grade Western. There was
good buying of some of the coal car
rying railroad stocks and a rallying
tendency in the market which was
checked somewhat by the renewed
weakness in Third avenue and the
New York utilities in the final deal
ings The decrease in cash shown by
the bank statement was very near to
the estimates. But the supposltion
that the large rate of loan expansion
had been checked proved erroneous.
Chiefly by reason of the additional
loans of S11, OBS 800, the surplus re-
serves are further depleted to the ex-
tent Of $4,337, 125. There can be no
doubt that bankers are influenced in
their liberality in extending credits
by the possibility of currency infia-
ton authorized by the pending fnan-
cial bill Sufficient attention has been
called to the fact that the bill author
ICES an extension Of bank note circu-
lation to the amount of the par value
of bonds at present deposited to Sc
cure circulation, which would be ten
per cent increase. But not SO much
attention has been given to the fact
that bonds at present deposited to Sc
cure capital amounts to $500, 000,0 900,
which fixes the limits Of the bank note
circulation permitted. The refunding
plan provides for the issue Of new
bonds to the amount of the present
premium on outstanding bonds which
will be available for deposit to secure
additional circulation. The addition.
all profit afforded on circulation by the
new provisions, it is believed, will in
vite bank note expansion to the limit
authorized, unless the premium On
the new bonds becomes excessive.
Business in bonds has been on a
somewhat diminishing scale in an ir-
regular market. The market for gov
eminent bonds has been unusually
active at rising prices, on account of
the tendency of the .refunding meas
ure.
u. s. IS advanced % the Is ~, the
As q and the old As and IS Ia per
cent in the bid price