The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-22
FINANCE n TRADE
The Features or the Money aud stack
Markets.

$500 NStg 80 eAAANNA HAAN
tive towards a lower level. London's
great fire seemed TO exercise a rather de-
pressing influence upon that financial
center, and for lack of another initiative
the local stock market followed that
lead, Dealings were on a very small
scale, and the movement of prices out
side of a few special cases was very
narrow. Even Consolidated Gas took
on a rather suhdued aspect and brought
It's variations within a range Of points,
extraordinary moderation for that &C.
centric stock. Metropolitan Street
Railway was notably strong and con-
tinued Its advance Of yesterday to the
extent Of two points additional, The
local political situation Is cited as being
likely to inure TO the benefit Of this
property. There was no other notable
feature In the market. The declining
tendency seemed TO be somewhat check
ed at the last, and the closing showed
some slight recoverles on short cover
ing, The bank statement was without
any influence on the trading, as II show
ed about what was expected. The In
crease In loans is undoubtedly due TO
operations connected with the sale OF
the Union Pacific, the payment for
which, nearly $15, 600, 900, is to be made
on Monday. The excess of the Increase
in deposits over that In loans reflects the
return from interior banks, which are
depositlng idle funds In both the New
York and Chicago banks In large vol
ume. outside of the special Union Pa
ciic operation there is no doubt that
the loans of the banks would show a
substantial decrease, as there has been
q large liquidation Of merchandise ac-
counts during the week, and the money
market has been Intensely dun in all
departments. Bidding for choice grades
OF commercial paper has been very ac-
tive, but the market has been almost
bare of offerings. The money market
has not shown the slightest fiutter over
the approaching 49, 00,0 200 payment to
the government on account of the Union
Pacific sale. The payment will, In fact,
amount to little more than n series OF
bookkeeping entries, the transfer of
credits in large part being confined TO
the books OF the individual banks
handling both accounts. These banks
have deposited In the treasury at Wash
ington government bonds to the full
amount OF the payment as security and
the government has arranged to leave
it's funds on deposit In the vaults OF
these banks.
The stock market has been n rather
trivial affair all week, trading being Of
small volume and the movement of
prices slight. The average price of
stock is slightly lower than last Satur-
day, and the weakness Of the coalers is
most responsible for bringing down the
INI,n,,Inrn In Nhn Ilnk Nhnrn
are few prominent stocks that show q
net change exceeding a fraction either
way. Sugar and Consolidated Gas have
shown the widest variations, and have
absorbed the greatest share of activity
and Interest, and the net result Is shown
in gains OF less than 2 per cent. Con-
solidated Gas has sold as high as 1895
and as low as III, closing about two
points below the best. The variations
In this stock have followed the mutable
utterances put forth by an interest
whose assent Is being sought to the plan
for merging the local gas companies,
and 1t has kept the stock quite active
to keep up with these changes. Union
Pacific has become markedly heavy.
Outside OF these and q few of the spe-
| cialties, speculation Is apparently dead
for the time being. On Thursday the
total sales of all stocks fell to less than
10000 shares. This apathy Of specula-
tlon IL the nor notable In view Of tho
amplitude and the %cheapness OF the
supplies Of money and the large reserve
OF money supply made available by the
heavy trade balance In favor of this
country. The halt in speculation cannot
be attributed to existing conditions,
which continued to be very favorable,
but rather to doubts regarding the flu
ture. 1t Is usual for Wall street to come
TO n pause in It's operations In Novem-
Der, pending the Rssemblage OF Con-
grcSs, the publication Of the Presidents
message and the perception Of the tenn
per and intention Of the legislative
branch. The tendency OF railroad earn
ings ia also being scrutinized with great
attention, now that the abnormal grain
movement has abated. The weeks re-
turns for the second week in November
show earnings well up to the best rec
ords IN former years, and in the case Of
some southern and southwestern roads,
where arrears Of traffic released from
quarantine restrictions are coming for
ward, the showing Ia the best on record.
hut the expectation IL that the third
weeks earnings will not be fully main
Ihlltu 1T lllt lNN'AlN lllhl NNFis NV
returns from all railroads for October,
which are expected shortly. are said to
show q very large portion Of recent
heavy Increase in gross earnings alb
sorbed by operating expenses. In view
of the drastic system Of retrenchment.
which was enforced on many railroad
systems during the previous year, II was
expected that there would be urrcaragcs
to be made good In tho present more
prosperous times. The widespread o n
Met of railroad rates all through the
country also tends to arouse doubts re-
gardlng future earnings.
The speculative mind has pondered
theRc things and has decided to refrain
for the present, and neither the conf
dent and optimistic bulls o the sccp-
tlcal and pessimistiC bears have been
much in evidence during the week.
As n natural outcome OF cheap money
and speculative uncertainty the market
for railroad bonds has been relatively
active, and the high grade Issues have
been very stinly held. resulting in record
prices In some cases. Prices are higher
in nearly all cases, Total sales $780,
600. U, Is. Oh arc X higher for tho week.
Thc New York Flnanclcf says:
The abatement OF the New York clear.
Ing house banks for the week presents
no features Of importance beyond the
plain evidence that money In stu accu-
nulattng at thtB center, The wceh'B
changcg, however, are no complicated
with the Union Pacific foreclosure set'
llomcntg, which begin Monday with the
transfer Of the sinking fund bonds to
the Hyndlcatc, that n definite lnierpre-
tatlon Ia somewhat dlHlcult The FIRST
paymcnt Of $4,000, 900 Ia to be made
through the depository banks and prep.
arallOnp 10 that end have been finally
completed, The contamination ox.
plnlna the heavy balances by some Of
Inc bnnka at the clearing house during
tho past day or two, and also the In.