The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-16
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.


NEW YORK, March 15.-Close: Money
on call firm at 4G5 per cent; last loan 4
per cent. Prime mercantile paper SO
81 per cent. Sterling exchange irrsgu-
lar, with actual business in bankers
bins at "a e5ss for demand and at 81 S21l
for 60 days. Posted rates 81 ssh and
S4tS7. Commercial bills "a s1N94 s1St.
silver certificates COZ asiHc. Bar sill
yer, 59&c. Mexican dollars 47%. Gov
eminent bonds weak. State bonds
strong. Railroad bonds irregular.
The principal interest in to-day's
stock market centered in Sugar, Third
Avenue and Burlington. The rest Of
the market gave evidence OF some dis
appointment over the non-eftect Of the
currency and refundIng law. Prices
were sustained for a time by the
strength of the three stocks mentioned
and some others less prominent. Bur-
llngton was most consistently strong
and gave evidence Of manipulation said
to be by a pool formed to advance the
stock. Its extreme rise was 2S per
cent. It had the most effect on the
other grangers but served as a tonic
on the whole of the railroad list. The
iron and steel stocks as group were
inclined 10 firmness on the confidence
expressed by trade publications In the
maintenance Of priees. Third Avenue
was feverish and active all day. Its
strength was attributed by many to
operations against large outstanding
short interest and the stock advanced
at one time above 20. compared with 50
on a drive at the opening. The violent
fluctuations in the price reflected the
doubtful and conflicting opinions OF
speeuiators in the stock. 1t closed
with a net gain OF 2N per cent. Sugar
was not 20 erratlc and did not move
over so wide range, but its extreme
rise of sis per cent after an opening de-
cline. gave way to reaction In the late
dealings and it closed practically un-
changed. There was decided lnclinn-
ton to throw over stocks by tired hold
ers in the late transactions and the
closing was quite active and weak, the
earlier gains except in few cases be-
ing wiped out. Reading first preferred
fell sharply nearly 2 points on the re-
ports by trade authorities Of softness
In the anthracite market. Peoples
Gas was also conspicuous in the late
break. The general expectation of a
poor bank statement was the underly-
Ing motive OF tho selling. The rate for
call loans was. however, rather easier
than yesterday. under the influence Of
dividend disbursements, The prevail
ing rate was per cent and loans were
made at 4 per cent. New York exchange
at Chicago hardened sharply to 10 cents
discount compared with Csc yesterday
and there was similar move at other
points. But the sub.treasury
made another large draft
on the cash. resources of the banks,
bringing It's total withdrawal for the
week thus far up to A,273,oOO. AS the
surplus last Saturday was below SG,OOO,-
900 and the currency movement Is gem
orally believed to have been in favor OF
the interior since then, while the loans
Of tho banks have evidently been fur
Their expanded, 1t Is dIhicult to believe
that anything can be saved in the wny
Of surplus for the banks this week.
The report Of a denclt Is bound to have
an unfavorable sentimental effect on
prices, however, soon relief may be
Forthcoming from new bank circulation
or the disbursement of the government
bond premiums. London sold stocSs-in
this market apparently on account Of
the conditions Of the money market
there which are called stringent and
which the statement of the Bank of