The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-19
FINANCE AND TRADE.
The Features Of the Money and Stock
HIarkAfa.

NEW YORK. March 1.-THE stock
market continued almost entirely In
professional hands to-day. There were
cratic fluctuations and active specula-
tlon in Third Avenue over a. range Of
SA, and Sugar continued to share with
that stock the largest amount OF at
tentlon. Tennessee Coal advanced
points and gave sympathetic strength
to other iron and steel stocks on the
action of the directors in placing the
common stock on the dividend list by
ordering a disbursement Of 2 per cent
after providing for the claims Of pre-
ferred stockholders to the accumula-
tloa Of several years dividends. There
was a good market for American stocks
in London and an early advance in
sympathy here. but the weakness Of
the local traction stocks and uneasiness
over the bank statement caused sag
cling market upto the time OF the appear
auce OF the statement when there
came q smart rally. A sudden drop in
Third Avenue to below 6s and renewed
weakness In the other traction stocks
checked the advance and unsettled
sentiment. But the closing was fairly
steady and showed net gains except In
few stocks.
The bank statement was a surprise in.
many particulars. WaEers had been
freely made that the surplus would be
entirely wiped out The fact that It
was reduced little more than half
therefore. had a sentimental effect
1tEo tHN 4aa TrtfS q
80 small in any event as to leave no
great difference in the condition reflect
ed by the banks. What was Of special
significance was the loan contraction OF
81. 81, 400. This can only mean that the
process OF liquidation has commenced
Of the extensive loans tak:n out by the
banks hers and elsewhere to buy gov
ernmeEt bonds for the pur-
pose Of taking advantage Of the new
refunding law, Chiefly from this cause
the loans of the New York clearing
house banks were expanded from jan
uary 10 to March 10, no less than $685.
965, 900. The large applications making
to the treasury department for con-
version Of present bonds into tho new
% gives promise of prompt relief for
the money market by the disbursement
OF the premiums on the old bonds. 1t
is highly significant also that the New
York sub-treasury. begins to reflect the
payment Of pensions in Its reduced
drain on the banks, thus promising re-
lief from the factor that has caused
most uneasiness regarding the money
market. On these accounts the belief is
held that to-day's statement marks the
elimination Of the decline in the sur
plus reserve. The quotations made in to-
days money market were hardly more
than nominal, as loans made on the
stock exchange on Friday afternoon
carry over until Monday. Not the least
surprise In the bank statement was the
fact that as q result OF the first week
in which the new bank currency law is
In operation, there is an actual de-
crease recorded in the circulation OF
New York banks Of S62,50o.
Speculative sentiment in the stock
market has been suspended during the
week between a conviction that the
new bank currency and government
bond refundinE law was bound to re-
suit In an inVigoratlng flow into the
velEs Of the circulating medium and o
doubt whether the effects would become
operative soon enough to counterfeit
the factor1 constructing the money Cup
ply in New York and threatening
pinch In the immediate future The
continued dullness Of the demand for
stocks during the latter part Of the
week has prompted some throwing over
OF stocks by tired holders, who had
bought to discount the effect Of the
new law and were disappointed at the
hardness Of the effect In manifestlnE
itself. There was some calling Of loans
ON account of the diminishing reserves
OF cash by the banks and some selling
OF stocks in consequence. But the SELL
ing seemed to be confined to profession
al traders in stocks, and those of lesser
Importance. Only part OF the weeks
gains were lost and the general levelof
prices remains somewhat higher.
Events Of the week indicate that a
Termination Of the war In South Africa
has been brought measurably near and
the resumption OF the gold supply from
the South African mines whenever It
shall be In any sort assured, is bound to
have stimulating effect on all the
markets Of the world.
The market for bonds has been more
active than that for stocks, for the
reasons already stated, and prices have
advanced. United States new Is regis
tered declined TX; do coupon ~; the
old 4s y; the 2s. IS and So coupon /.
and do registered u per cent in the bid
U. s. Bonds.