The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-10
FINANCE N TRADE
The Features OF thu Money and stool.
t-t Markets,

| #'NN" ~ Z" 1911 ANllG bltNulllIlR
throughout. Covering OF shorts was
practically the cole element OF support.
The only new development bearing upon
prices. was the bank statement showing
u decrease OF SS,0iS.09j In surplus re.
serve and a falling of OF S7.Gi0,5O IN de-
posits, The exhibit cxertCd an unfavor.
able Influence. although In the Judgment
Of conservatives a less favorable show
lnG has been discounted, The opening
was weak and %fractlonally lower, tho
more noteworthy Losses being in Sugar
and the Ipternatlonals.
Extensive covering purchases caused
nn improving tendency soon after the
Initial dealings. prices moving to u point
substantially above the low level. Sugar
gained ~, Chicago Gas Ia, the gram
GERS rs. New Jersey Central and West
crn Union IL. Louisville Il Nashville
TX and Manhattan | per cent. RcalIza-
tons and Il renewal Of raidlng by tho
bears resulted in a reaction which was
accelerated by The unflvOrablc CON
strUction placed upon the bank state
mcnt. The list rs L rule. gaggcd to the
lowest pOlut yet recorded. with Mnnhnt-
tan making an extreme break from the
highest OF Ji per cent to 7GL.. Sugar
lcll Ia per cent, Sugar
preferred ). and among the Inactive
stocks Susuuchnnnu x Western prefer
red lost 3lG and Laks Shore 3 per cent,
The selling pressure was uninterrupted
TO the close, which was weak with gen.
erl material net losses.
The developments of the week will not
he ~chrOniclcd ms among the least strIk.
ing In the history OF Wall street. The
speculation was marked by n steady
melting away In the value OF stOcka and
bonds. Including those OF sterling III
Festmcnt character. The depression
grew largely out OF previously prevail
Ing u still existing conditions, rather
than 10 any special new happenings,
with the important single exception OF
n gradual Increasing atringency In the
money II commercial paper markets,
While panic prices were recorded, there
was not an open sign OF embarrassment
or or exceptional excitement. Llquida-
ton ut times was 50 violent that nppar-
entity only the intcrpoSitlon OF the bear
leaders prevented the market from co.
Ing to pieces. London, with uni.nport-
ant momnctary exception, was a dcprcs-
sing factor. selling comparatively
large blocks OF our internationally listed
| securities.
The hardening In money rates worked
TO the advantage OF the exchange syndI-
cate and sterling loans to large amounts
were made. The increased drawing Of
Ollls against futures together with 4
marked falling off In demand caused n
nUEln fnnIRnrV Ia fla aNgI.,- 49,. $3.50
ket, with demand reCcding to 81 SSA,
An Incident which excited decided I'M
favorable influence was a suggestion OF
the propriety OF iSslnE the clearing
house certificates for which provision
was made In the December painlc. The
report ELECTED denials OF the present
necessity Of such action on the part of
we'll Informed r~nancIcrs.
The bond market of the week display
cd to the fullest extent the generally un-
satisfactory condition Of financial af-
fairs. In many OF the ~gIlt-edged gecurI-
ties Il was impossible 10 secure -lds
ana sales were made Mt important varia-
tons from the previous transactions.
The constant lIQuidationS OF local and
foreign investment holdings aS well as
large speculative lines. gave an ap-
pearancr Of activity toward the close
which was In marked contrast to the re-
cent lcthargy.
The sales were S4.2i3.00O.
Trading In governments was
lively light. but prices showed marked
concessions throughout. The sales were
$4,000.
Silver certificates were neglected and
moved narrowly on dealings OF S37, 900.
Evening Posts London financial ca
blcGram: There is no improvement in
the market. Americans opened rather
better. but soon IA way, closing at
about the lowest. Other markets are
now feeling the effects. the depression
being exaggerated by the weakness OF
the continental hourscs. The settlement
next week Is awaited with some anxiety.
as 1t Is known that certain firms were
only helped over last time with he hone
that Americans would improve.
At the anne time money Is SO plentiful
that Ii Is hoped nothing really serious
will happen.
n hundred thousand pounds In gold
were taken from the Bank Of England
to-day for export. an Indication as |
have previously cabled. that continental
demands were shifting to this quarter.
The New York Financier SAYS this
week:
The loans of the New York banks are
HOW uOWH 10 SibS,O5i. bQu. n loss of nearly
sS.OOO.OOO since July 3. The total. how
ever. Is nearly t+3, 900. 900 Scss than at
this time last year and il IL. worthy Of
mention that while loans were expand
Ing last year nj the rate OF about 81, OOO,-
600 u week, they are pow contracting
steadily. The New York banks total
holdings Of cash are now SCI 0 600 under
the low point touched on March 20 last,
but the excess cash stands $500, 900 high
er than Mt that time. AS Il whole, the
statement was better than had been ex-
pecteG.
BONDS AND STOCK QUOTATIONS.
New y. s. IS registered .llls
u. S. SIS registered. 100
u. s. IS 100
L. s. ~ registered 1857
U. S. IL coupon. ..lni
L. S. 2s registered @
Pacific is of IO