The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-02
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.


NEW YORK, March 1.-close: Mo-
ney on call steady; actual transactions
ranging from 2a2A per cent; last loan
az per cent: ruling exc; closed at 292lz
per cent. Prime mercantile paper 4h9
5ik per cent Sterling exchange weak,
with actual business in bankers bills at
"a SsK for demand and at "a s28 for
sixty days; posted rates 81 s4@4 SAY,
and 81 S7lhG4 IS. Commercial bills
"a s2S4 say. Silver certificates 5s%@
6OSc. Bar silver 5sHc. Mexican dol
lars I7&c.
Government bonds firm.
Railroad bonds strong.
The stock market reflected from the
outset to-day the reduction Of the I'M
wieldy short interest by the large COW
ering, which took place yesterday, and
which caused so lively rally at the
weak points Of the market. Practically
all the stocks showed renewed weak
ness to-day, Third Avenue conspicu-
ousIy SO, This stock fell In the last
hour to a new low level. a full point be-
low yesterdays lowest and rallied but
feebly. closing with a net loss OF 81.
Rumors were circulated OF very heavy
assessment to be levied on the stock to
effect the reorganization. The other To-
cal traction stocks relapBed weakly In
sympathy, declines ranging in the group
from 2 in Manhattan, to OK in Metro
polItan. The shorts In Sugar were much
less eager to cover and that stock also
fell back, falling an extreme *, and
closing with q net loss Of 81. Very
marked weakness in the metal stocks
Vsfiu nft0n
American Hoop leading the decline with
a loss for the common stock Of * and
for the preferred Of points. Colorado
Fuel, the Federal Steel stocks. Tin
plate, Steel & Wire, National Steel and
Tennessee COnl lost from IL to 3h
from the best prices, the last named
having shown considerable strength in
the early dealings. Peoples Gas re-
acted 2&. Outside business was very
much hampered on account OF inter-
rupted telegraphic communication and
the buying orders through commission
houses which have been growing in
volume for n number OF days past. fell
TO Insignificant proportions. There
was, however, good demand early in
the day for railroad stocks based on the
continued reports OF large earnings for
january in spite OF the high level OF
operating expenses. The great Penn
sylvania system showed a gain in net
earnings for January of the lines direct
~ operated, both east and west OF
Pittsburgh, OF 70 per cent. The Chica-
go, Burlington & Quincy, with only a
small Increase In operating expenses,
showed an increase in net earnings Of
no less than 172 per cent. The Cleve-
land, Cincinnati, Chicago & st. Louis
system Increased its surplus for Janu-
naA Ty0fNtntFttIa n
EashVllle's net earnings were 4s per
cent greater than last Year Such no.
table growth In earning power natur-
ally led to buying OF railroad stocks,
many OF the less prominent stocks join
ing IN the movement, but the whole list
succumbed TO the influence Of the
weakness in the Bpeclnltles, st. Puul'B
statement for January also had q dis
couraginR effect, az II showed the gross
Increase nearly all eaten up by addl-
tlOnal operating expenses. The decis-
ion Of railroad presidents to give offi-
cIal sanction to the notorious cutting Of
grain rates from Chicago had some
influence on tho railroad list. London
was n liberal buyer Of stocks during the
day on the strength OF the relief OF
LadyBmlth and took fully 10000 shares
Sterling exchange rate yielded y on
this account and on continued export
demand for cotton. The snb-treasury
absorption Of cash since Friday reach
ed nearly S7.0OO.0O0 to-day. In spite Of
the March disbursements both for cor
poration and government account. II Ia
realized that this must have a marked
effect on the showing OF the banks In
the coming weekly statement. No Of
feet was manifest, however. in the
days money market. Tho bond market
was active and prices were well main
tnlned. Total sales par value, S2,5i5, 900.
United States o. registered advanced
x per cent In the bid price.
q, 8, Bonds