The daily morning journal and courier., 1901-02-16

l advances extended to about a point if
 several of the international stocks. A
 further violent break in the smelling
 stocks, which carried the common dowr 2& and the preferred ?, was the first
 development 70 seriously undermine the
 market. The metal Stocks were all af-
 fected in sympathy and the losses in
 the steel stocks ran up to points. New
 1ork Central was one of the early points
 or strength and Delaware and Hudson
 was also firm throughout, but the mar
 ket did not respond to these until SUD-
 plemented by the late movement in the
 grangers.
 The absorption of Burlington was
 very heavy and it was carried up by
 rapid stages 514 points from the lowest,
 establishing a net gain of Az. There
 was no news to explain the spurt in
 this stock, but it was supposed to be
 due to developments looking to a trans
 continental outlet for Burlington. The grangers imp1bved about 2 points or
 better in sympathy. There were strong recoveries in Brooklyn Transit and Su- gar, which left them only small net gains, however, owing to their early weakness.
 The general list was at one time a point or more below last nights level for the principal active stocks. The rally late in the day was not by any means universal, but many prominent stocks were lifted from their early de- pression. The rise in New York Cen tral of 3A and that in Delaware and nf int t1vr Ja1 some connection, although no reason was disclosed. Among the notable movements of usually obscure stocks may be mentioned rise of 10 points in American Express, 7A in Evansville and Terre Haute and for the prefer red, for the new North American stock. with 2A for the old, for Texas and Pacific Land Trust, 6 for General Electric, with reaction of 31a, 3A for Wheeling and Lake Erie second prefer red and for Pullman and Minneapolis and St. Louis, the latter reacting ? per cent.
 Apparently the suspense of the con- tinued negotiations over the great steel merger and uneasiness over the money outlook were the influential factors in repressing speculative activity. A de- cline in the call money rate to 1A per cent at the close had something to do with the final rally. The ease of money belied the forecast of the bank state ment, which indicates weak return. But with large receipts of customs and the payment of nearly $3,000000 on ac- count of Central Pacific note the sub- treasury has taken from the banks thus far this week s3,35O0OO in spite of the high level of pension disbursements reached during the week. The banks ] have continued to receive currency from the interior, partly in the shape of gold from San Francisco by registered mail. The amount is estimated at oyer $2, ,000,- | O00
 It will be seen that this indicates a | cash loss of between $1,00O, ,000 and $2, | 000,000. But the loan item IS of princi- | pal interest. There have been addition | al large demands for railroad finances during the week and the general SUD- position is that a payment of sorlc thing like $25,000,000 has been made to MT. Carnegie on the steel deal, which will figure in the loan item. But the soft ness of the money market this afternoon may be the prelude to surprise in to- bank statement.
 The activity of the bond market de- clined in sympathy with stocks, and prices moved irregularly. Total sales par value s3,94O, GOO.
 United States refunding twos advanc- ed 1s per cent. and the threes 4 on the last call.