Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-10-31


(iovERSMRSTs-tluiet
T. = Coupons (Ssl
New Fourand ........loojs
New FOuR
Currency
RAILRoAD BoNDs-Active and irregu-
lar, without important change in price.
STATE BoSDs-Dull.
SToCKs-The market opened strong
and advanced l6l per cent, but SION
became heavy and declined lost per
cent, the latter Delaware q Hudson.
This weakness Was due 10 the ughtHess
of money and to the announcement that
the Comptroller of Currency had called
upon Bank-ENaminer Meigs to notify
the New York city banks that the law
restricting the certiiication OF checks TO
the amount on deposit, would be strict
~ enforced. During the afternoon
frmer feeling prevailed, and re-
coyery OF }Gtl; per cent ensued,
but this was partially lost II the final
dealings, aud the market closed irregu-
lar and feverish. The money market
was very stringent in the last hour, and
as high as iGgl per cent. Was paid for
one days use in addition To per cent.
per annum. Without doubt the loan
market was disturbed by the check certi-
tication matter and by preparations Of
public and private corporations for the
lst Of November disbursements. The
clique OF spectators identified with the
manipulation OF the loan market was
conspicuous for the purchase OF stocks
at the decline. The announcement by
the Comptroller OF Currency that the
department will see that the law forbid
ding National banks TO certify checks
in excess of the amount To the credit Oi
the drawer, is well received by the
bank officials, who declare IL Is high
time decisive action is taken against
this "wild, rampant speculation In
other circles, however, the action il re-
garled AZ merely technical aud Gan be
broken by tpchnicalitics. The law pro-
viding against over Ccrtification oi
checks is an old one. An effort WAS
made 20 enforce II at tue Time II was
passed, but without success, a. broker,
by applying at bank nj 10 o'clock in
the morning, could loan any amount,
providing his securities were good
and that he made his
loans good when the bank closed
that afternoon. However, IL is thought
that the Governments action in the
matter will have depressing effect on
the market, mainly because ol the ig-
norance with which many persons will
regard it. II will be well, says the Post,
if the action OF the Comptroller leads TO
conservatism and carefnlness, and curbs
wild speculation at the Stock Exchange
in worthless stuff, or in shares Of ques-
tionable value. At the same time there
is no reason why the good houses in the
stock line should be in any way embar-
rassed. 1t will hardly be claimed, We
fancy, that the Government can convert
discount banks into savings banks.
The Empress says: The course Of the
Comptroller created great indigna-
ton among the brokers, who are
the best customers OF the down town
banks. II the present movement
on the part OF the Government
should succeed in checking speculation
i'm doubtful securities great good
woul be- accomplished and business
diverted to a more solid class OF stocks
and bonds, which are much less liable
W tblldllrff uhN ~ ~ f'l,
whether il il any part OF the govern
ments duty 10 regulate tho operations
in Wall street. This law in regard 10
certifications has been dead letter since
its very enactment and no pretense Was
ever made Of complying with II. The
question is asked why was not this Law
enforced before now? The action Of
those charged with the execution Of the
National bank laws naturally creates
serious criticism The action OF
some OF the Wall street bank
presidents IL creating very
bitter feeling among the solid stock bro
kers, whose accounts have been the
source OF great profit 10 their banks. so
intense is this feeling becoming that the
question of organizing a bank with
large capital. to loan exclusively tO the
Stock Exchange business, is receiving a
considerable amount OF attention. The
small operators were again shaken out
to-day, and are beginning 10 realize that
the market IL dangerous one for them,
while the strong holders, unmindful of
the frequent fluctuations, express conf
dence in a continuation Of the boom in
November, when money, they say, will
l
be- plentiful.
The Pullic saws: Never has there
been = more remarkable increase in the
volume Of business than that which the
reports of the clearing house now dis
close. The aggregate OF the exchanges
at nineteen cities exceeds II 900 10000
in a single week, and the aggregat. at
cities outside of New York is the largest
ever known, exceeding by nearly
$1,000, 900 the unprecedented amount
for the week preceding. In comparison
with the corresponding week last year,
the gain in the volume OF business IL
SO.3 per cent at all the cities, and " .
per cent outside Of New York.
San Francisco alone reports A de-
cline. and at nine Of the remain
ing eighteen cities the increars
exceeds 90 per cent. Deducting San
Francisco exchanges at IL, the cities
Of the Atlantic States, outside OF New
York amount 10 S236,6S0, ,l29 against
Sl49.6 ,902 last year, gain Of 6l.2 per
cent. Certainly, il cannot be said in the
presence Of 80 remarkable a record of
! the recovery from the depression Of last
wear that the confidence Of merchants,
manufacturers, investors or speculators
is wholly destitute OF solid foundation.
The transactions aggregated SGD,OO
shares, Of which 1000 were Erie, l6,-
900 Lake Shore, $1,000 Wabash, 5000
Northwestern, 81 900 St Paul, 2O,OOO
Delaware, Lackawsnna, and Western,
10000 New Jersey Central, 1000 Della
ware and Hudson, 600 Michigan Cen
tral, 600 Union Pacific, 1900 HannI.
bal and st. Joseph, 5000 Ohios, ~ 900
Western Union, 10000 Pacific Mail,
22,OOO ST. Louis, Kansas City and
Northern, 1900 Kansas and Texas,