The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-26
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.


NEW YORK. Feb. 2I-The general
speculative sentiment as reflected in
the stock market was a good deal OBJ
served to-day by the decentralization in
Third Avenue. Active trading In a
stock with a resulting drop in the price
Of over 10 points, is bound to have con-
siderable 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 a matter
Of fact. traders were disposed to sell
stocks on the general outlook, especial
ly the reports from trade authorities
that prices of materials, especially the
metals, were yielding. There was also
the fear that the cutting OF grain rates
on the trunk lines would spread to other
classiacatlons and some rather striking
declines in the volume of bank clearlngs
compared with the corresponding period
Of last year. Reports by telegraph to
the Financial Chronicle for i've days
show large slirinkage not only at
New York, Boston and Philadelphia,
but at Baltimore, amounting to over 65
per cent and at st. Louis Of nearly 4
per cent. New Orleans, however. ex-
tended Its clearings over A per cent,
Chicago 10 per cent and other cities out
side the seven leading cities 81 per cent.
Railroad earnings continue to show
large increases, slXty-one roads which
have already reported for the second
week in February showing an average
increase Of 30.45 per cent over the cor
responding period Of last year. Strong
returns wcre 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 railroad stocks and q
rallylng tendency In tho market which
was checked somewhat by the renewed
weakness In Third Avenue and the New
York utilities in the final dealings.
The decrease In cash shown by the
bank statement was very near to the
estimates. But the supposition that tho
large rate OF loan expansion had been
checked proved erroneous: Chiefly by
reason OF the additional loans of $1l,-
depleted to the extent OF 1881, 1875.
There can be no doubt that bankers
are Influenced in their llbernlity In ex.
tending credits by the possibility Of
currency imitation authorized by the
pending financial bill. Sufficient atten-
ton has been called to the fact that the
bill authorizes an extension or bank
note circulation to the amount OF the
par value Of bonds at present deposited
TO SECURE circulation, which would be q
10 per cent Increase. But not so much
attention has been given to the fact
that bonds ut present deposited to Sc
cure circulation amount to only $2S5,.
$50, 40, while national bank capital
amounts 10 100000 OO which fixes the
limits of the bank note circulation per-
mltted. The refunding plan provides
for the issue Of now bonds 10 the
amount Of the present premium on out
standing bonds which will be available
for dppSslt 10 secure additional clrcula-
ton. The additional profit Afforded on
circulation by tho new provisions, It Ia
believed, will invite bank note eXpan-
sion to the limit authorized, unless the
premium on the new bonds becomes eX-
cessive.
week by n holiday has had some lniiu-
ence in curtaIling nctivlty in the securi-
ties market Professional spectators
nrs always dislncllnnd to enter upon
commitments whom n period OF Buspen-
sion OF trnding Is approaching WIN
possibilities OF events occurring Whlch
win materially affect values.
Business In bonds has been on
gompwhnt diminishing scale In an lr-
regular market. The market for gov
eminent bonds has been unusually nc