The daily morning journal and courier., 1900-03-02
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Renewed Weakness shown Third Ave
 HI F STOCK MARK EFT.

| Renewed Wenkness shOWn -Ih1fu ave nue's Drop,
 New York, March 1.-The stock mar
 ket reflected from the outset to-day the
 reduction of the unwieldy short interest
 by the large covering which took place
 yesterday, and which caused so lively
 rally at the weak points of the mar
 ket Practically all tlTese stocks show
 ed renewed weakness to-day Third
 Avenue conspicuously so. This stock
 fell in the last hour to a new low level
 full point below Yesterdays lowest
 and rallied but feebly,s closing with a
 net loss of S1s Rumoreg circulated Iof very heavy assessment to be levied
 On the stock to effect the reorganiza-
 tion The other local traction stocks
 relapsed in sympathy. declines ranging
 from in Manhattan to 6A in Metro
 politan.
 The short interest in Sugar was much
 less eager to cover, andsthat stock also declined an extreme "A and closing with a net loss of 31A. Very marked weak ness in the metal stocks was an added factor towards reactions American Hoop leading the decline with a loss for the common stock of 4% and for the pre- ferred of points. Colorado Fuel, the Federal Steel stocks, Tin Plate, Steel and Wire, National Steel and Tennessee Coal lost from 1A to 37s from the best prices, the laet named having shown considerable strength in the early deal ings. Peoples Gas reacted PA. Out side business was much hampered on account of interrupted Telegraph com- munication, and the buying orders through commission houses, which have been growing in volume for number of days past, fell to insignificant pro- portions
 There was. however, good demand early in the day for railroad stocks, bas- ed on the continued reports of large earnings for January in spite of the high level of operating expenses. Penn sylvania showed a gain in net earnings for January of the lines directly oper- ated both east and west of Pittsburg, of 73 per cent. The Chicago, Burlington and Quincy, with only small increase in operating expenses, showed an in- crease in net of no less than 172 per cent. The Cleveland, Columbus, Chica-, go and St. Louis system increased it's surplus for January over tenfold and Louisville and Nashville's net earnings were 46 per cent. greater than last year. Such notable growth in earning power led to buying of railroad stocks, many of the less prominent stocks eoining in the movement. But the whole list succumbed to the inf1u- ence of the weakness in the specialties. St. PauPs statement for January also had a discouraging effect, as it showed the gross increase nearly all eaten up by additional operating expenses. The decision of railroad presidents to give official sanction to the notorious cutting of grain rates from Chicago had some influence on the railroad list. London vas liberal buyer of stocks during the lay on the strength of the relief of La iysmith.
 The sterling exchange rate yielded as ,n this account and on continued export demand for cotton. The sub-treasury absorption of cash eince Friday reached learly S7,000,000 to-day. In spite of the March disbursements both'for corpora ion and government account, 1t is real zed that this must have market ef- l ect on the showing of the banks in the oming weekly statement. No effect | vas manifest, however, in the days | money market.
 The bond market was active and the l ,rices were well maintained The total ] aee par value aggregated S2,345, 900.
 United States lives registered advance q A in the bid price.