Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-03-19
FINANCE and TRADE

NEW YORK; March 17.-Commer-
cial Advertisers London financial
cablegram:
The markets were busy to-day, cell
ebrating st. Patrick's day. Otherwise
they were idle, but the tone was hard
on the reported collapse of the Free
State resistance. 1t is hoped that the
T~ransvaalers will follow suit.
The war loan was at l 11-16 pre-
MUM. The allotment is expected on
Wednesday.
Americans were very quiet but any
moves were upward.
Paris strongly supported Tintos
which rose i.
The bank bought 10000 gold in bars.
Money was a shade easier. Half of
the large amount due the bank was
repaid.
NEW YORK, March 1.-THE stock
market continued almost entirely in
professional hands to-day. There were
erratic fluctuations and active specu-
lation in Third Avenue over a range
of 3% and Sugar continued to share
with that stock the largest amount of
attention. Tennessee Coal advanced
8 points and gave sympathetic strength
to other iron and steel stocks on the
action of the directors in placing the
common stock on the dividend list by
ordering a disbursement of 2 per cent
after providing for the claims of pre-
ferred stockholders to the accumula-
ton of several years dividends. There
was a good market for American
stocks in London and an early advance
in sympathy here, but the weakness
Of the local traction stocks and I'M
easiness over the bank statement
caused a sagging market up to the
time of the appearance of the state
ment when there came a smart rally.
A sudden drop in Third Avenue to be-
low 68 and renewed weakness in the
other traction stocks checked the ad-
vance and unsettled sentiment. But
the closing was fairly steady and
showed net gains except in a few
stocks. The bank statement was a
surprise in many particulars. Wag@s
had been feely made that the surplus
would be entirely wiped out, The fact
that it was reduced little more than
half therefore, had a sentimental eff
feet against the bears. But the sur
plus is so small in any event as to
leave no great difference in the condi-
ton reflected by the banks. What was
of special significance was the loan
contraction Of $11, 81, 400. This can
only mean that the process of liqui-
dalton has commenced of the extern
sive loans taken out by the banks
here and elsewhere to buy govern
ment bonds for the purpose of taking
advantage of the new refunding law.
Chiefly from this cause the loans of
the New York clearing house banks
were expanded from January 10 to
March 10, no less than $50, 965, 900.
The large applications making to the
treasury department for conversion of
present bonds into new rs gives prom.
Use of prompt relief for the money
market by the disbursement of the
premiums on the old bonds. 1t is
highly significant also that the New
York Sub-treasury begins to reflect al
20 that the New York sub-treasury be-
gins to reflect the payment of pen
gions in its reduced drain on the
banks, thus promising relief from the
factor that has caused most uneasi-
ness regarding the money market. On
these accounts the belief is held that
to-day'S statement marks the culmi-
nation of the decline in the surplus re-
serves. The quotations made in to-
days money market were hardly more
than nominal, as loans made on
the stock exchange on Friday after
noon carry over until Monday. Not
the least surprise in the bank state
ment was the fact that as a result of
the first week in which the net bank
currency law is in operation, there is
an actual decrease recorded in the
circulation Of New York banks of
$62, 800.
The market for bonds has been
more active than that for stocks, for
the reasons already stated and prices