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

NEW YORK. March 2.-Money on
call steady; actual transactions rang
ing from gN0s per cent; last loan 2h
per cent. Prime mercantile paper 40
81 per cent. Sterling exchange easy at
"a SsNa4 Ss1s for demand, and at
81 S24G4 50 for sixty days: posted
rates 81 s4a4 Sl;i and 81 S7h@4 IS.
Commercial bills 81 sa@4 Ss1A Silver
certificates 5s&G6ONc. Bar silver 5s%c.
Mexican dollars 47sic.
Government bonds easy,
state bonds inactive.
Railroad bonds easier.
The stock market failed to show any
positive strength at any time during the
day ana In the late dealings the whole
list yielded to bear pressure on the
news Of the threatening aspect OF af-
fairs among the metal worker in Chi
cago. The weakness Of the iron and
steel stocks yesterday, which was due
TO large selling orders on Chicago ac-
count was thus explained. The bears
were busy in this group OF stocks all
day and supplemented the news Of the
labor troubles with many vague ru-
mors OF purpose to defer dividends
which have hitherto been foretold on
mora or less reliable authority Re
ports were circulated also Of enormous
rival combinations to be organized to
compete In this industry AS the result
of this pressure the majority OF the
stocks in the group were depressed
from 2hQ5 points. The character Of
much OF the selling was made obvious
by the sharp rallies on bear coverings.
American Hoop, Tennessee Coal and
National Steel recovering from 2 to 3
points at different points. Sugar was
subjected to heavy selling all day.
which wns without other explanation
than the doubt over the dividend pros
poets, but which was attributed to o
new bear account. The stock dropped
to par for the first time since the sum-
mer depression OF 1896, incident to the
national political campaign and fell
further to s6A. rallyinB feverishly and
closing unsteady at net loss Of sk.
Third Avenue suffered from additional
liquidation incident to fears Of heavy
assessment on the stock, and fell an
extreme az to level almost 200 points
under the high price Of February Of
last year. The stock rallied sharply and
was we'll supported during the latter
partOf the day. Peoples Gas was raid
ed on the report Of projected proceed
lagH and the legality Of the combinn-
tlon. The Consolidated Gas was forced
down nine points on light transactions.
Pullman. Sugar preferred, Tobacco and
Metropolitan Street Railway suffered to
the extent Of 5G3Is. The railroad stocks
yielded unwilllngly until the late raid
on the market when large blocks were
thrown over, st. Paul leading the de-
cline with IN extreme drop OF two
points. Baltimore & Ohio. New York
Central and Southern Pacific were also
notably affected. The laterally on bear
covering reduced the net loss OF the
railroads to fractions except In the
cases mentioned. There was disap-
polntment that London did not respond
with greater enthusiasm to the news
Of the relief OF Lndyamlth by buying
stocks. The disposition there was to
realize and London was n small seller
here. Tho prospect OF heavy decline
in surplus reserves In the bank state
ment induced some selling, but the
preliminary estimates of the cash
movement by express indicate n small
net gain In tho interior movement, This
liz attributed to shipments. by Interior
banlsH to New York for the purpose OF
buying government bonds. But the
gain on this account IL quite inslgnin-
cant compared with the weeks losses