The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-27
FINANCE AND TRADE.
The Features of the Money and Stool
Markets.

Markets.
NEW YORK, Feb. 2s.-Money on call
steady; actual transactions ranging
from : to 2l6 per cent; last loan 2 per
cent; closed offered at per cent.
Prime mercantile. paper 41h95H per
cent. Sterling exchange weak, with
actual business in bankers bills at
"a ss%94 ss4 for demand and at
81 S5Ha4 s5% for sixty days posted
rates 81 S4G4 s4Is md 81 s7h@4 IS.
Commercial bills 81 1905 1914. Silver
certificates 59&@6Ozc. Bar silver
59Ec. Mexican dollars 47sic.
Government bonds buoyant
State bonds Inactive.
Railroad bonds irregular.
The most notable feature Of to-
days reverlsh and excited stock mar
ket was the fact that the railroad de-
partment apparently succeeded in
breaking away from the influence of
the Industrials and speclaltles and in
differrntiating the undenlable ele-
ments OF strength in that department
from the Generalization and weakness
in tho other The railroads succumbed
in the early dealings to the sympathetic
infuenlu of the violent declines
amongst the lndustrials, but during the
day a confident demand sprang up for
number Of railroad stocks which
lifted the whole level Of that depart
ment materially above Saturdays close.
So far as the news of the day went, It
shed little light on the extreme weak
ness Of a number OF the industrials.
The movement had all the appearance
Of u sort OF duel between powerful
contending interests and there are cir
cumstances tending to confirm this
explanation OF the movement. A re-
port finds credence that the interests
long of Third Avenue stock are thrift
fly avaIlIng themselves Of the unset
Ting influence OF the weakness in this
stock to make a bear turn In other
stocks. That bitter animosities and rl-
vaIries are involved is also q current
reminder in the street, the same poten-
tial entities coming into play as dur
ing the panic Of last December. The
battle ragged most fercely about the
stocks Of the New York public utilities
for the centralized control Of which
long standing contest has been waged.
The notorious financial difficulties Of
trade have played continuing part
to-day and there was added to this ru-
mors that the companies would be Sc
verely dealt with in the approaching
application OF the new state franchise
taxation law. The extreme declines in
the New York Traction and gas
stocks ran from 2 to nearly 0 points, the
latter in Third Avenue. Sugar was an
other storm center. the furious specula-
tion In that stock Ringing upon tho
doubts regarding the next quarterly
dividend, action upon which is ImmI-
nent. A reduction in the existing rate
ia taken for granted, but opinion differs
as 10 the amount Of the reduction. ex-
tending all the way to total suspension.
Sugars total fall was rs, and It closed
practically at the lowest. Tennessee
Coal and the Tobacco stocks also show
cd notable weakness. Except in su-
Rar there were violent rallies from
time 20 time, rejecting the demand
from the bears to cover shorts. The
strength Of the railroad stocks was
based upon the substantial ground Of
Increased earnings. A large number of
returns were made during the day, nil
showing very striking gains over the
corresponding period Of last year For
the last week in February the most
notable examples were Norfolk &
Western, Ontario & Western, Louis
Vile q Nashville, and Chicago, Indian
npo,ls & Louisville. For January a
handsome showing of net earnings
WINS made by Wabash. Chicago & East
ern Illinois and Hooking Valley. Sat-
urdny weak bank statement had some
continued effect in the carly dealings
but there Is an impression held In
speculative circles that some part OF
the recent large extension OF loans %
designed for future use in the stock
market. Sterling exchange was wenk
on increasing offerings of cotton bills.
The actual rate for demand sterling
declined X, and for long sterling y per
cent.
The bond market wa! rather duh and