The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-01-11


NEW YORK. Jan. 9.--The Financial
cbronlele says; Prominence has been
given this week to the situation OF the
print cloth manufacturers by the re-
ports published With reference 70 some
action about to be taken for the pur-
pose OF relieving the market from 'he
burden OF the large stocks OF eiotns
now being carried. We have seVet .t
times referred 10 this feature nj lehs'il
The extent of the accumulation Is pne'
nouennl and Is a direct result OF the
st,ver agitation. What is Of more inter
ort norbops Is. that 1t showsihe silver
agitation 20 have been in large meas
uro responsible for. the severe deci'ne
In raw cotton during the iast Few
months II will be remembered that w
called the attention Of the souta 10 tiiis
lntter feature months ago %diilus
planters that their course IN 1uNus1t
ing free silver would deprcss prices anu ~
cause that section large losseS- huu ~
not been for the influence ,t9e SU o',ia
states lent TO the proposal u Wou5p
never have gained any prominence IN
mat case the consumption OF cotton
Goods would not have been arrested IN
tmericn. and the American trade with
foraIgn. countries would have also Deen
,rfiye and have stimulated the con-
s,ltnpsy1p OF cotton In Europe, roo. IL Is
moi often that peoples errors under the
inv OF trade are followed So quickly
and plainly with the resulting pehal-
tles In September, 1895. the stocks Oh
p-int cloths were merely nominal less
than 100000 pieces; now tneg SIe
a suggestion has been made at ran
river 10 run only four days week,
aud at the same time to put q consid-
grable portion OF the current stock In
the hands OF trustees to hold until
GIxeis can be sold at two anu three
fnuytb cents Another proposal has
becn TO dispose OF a large part or the
stock IN Europe at any price Tie goods
would fetch This latter course mas
nothing to recommend IT, II Ypuld DE
much like putting the load on me oth-
or shoulder. Such stock would pc
burden, whether held here or In Law
srnSSI and n sold In Europe would de-
press foreign markets. as wen as our
home markets. There can be no natur-
al way out OF this difficulty except
through a decrease in the production
~ 'Nr.a
Of goods.
Returns of railroad earnings for cur
rent weeks appear TO be improving
For the fourth week of December our
statement covering tifty-seven roads.
shows li.O6 per cent gain over the same
week I'm 1895. II Is proper to say, now
ever. that there was only one Sunday
IN that week In 1896, against two sun
days In the previous year.
Foreign Exchange.
our foreign exchange market has
grown frmer again, 1t continued easy
on Monday, but on the following day
and on Wednesday 1t grew stronger In
response to a good demand. Bankers
say that some Of the long sterling
which was bought for investment early
IN November and which IS now ma
turing has been exchanged Tor new
bills, thus extending the investment.
The few long bills which are now run
ming 10 sight and which are being Of
fered for sale are promptly absorbed
and consequently the market Is but in
differently supplied One reason for the
REIMBURSEMENT of the proceeds OF ma
turing long bills and for the extension
OF the investment for another period
Of sixty days or longer probably Is
that money Is likely to continue low
IN our market. while discounts in Lon
don will probably rise, and Indeed there
has already this week been an advance
In the open market discount rate In
London to 3hG3k per cent from about
9Is per cent at the beginning Of the
year Moreover the cable reports that
new Russian loan for six hundred
millions OF marks-Sl50. O0O. 0O0--ls being
negotiated IN Paris, and that this loan,
n obtained soon after April, will be the
prelude TO the resumption OF specie
payments by Russia. With this nego-
tiatIOn pending IL Is not surprising
that the prospects for the maintenance
of Comparatively high discounts should
be good. II so. that would naturally
encourage continued Investment in
long sterling l.,,
There Is evidence this week OF grow
ing ease In the money market. result
ing from the disbursements OF Janu-
airy dividends and interest, and this Is
shown in the easier rates on call and
IN greater activity in the time loan
branch OF the market aud In a broader
market for commercial paper, Money
on call. representing bankers bal
ances. loaned generally at per cent
until Wednesday. when there were
transactions at III. at 1at and at ? per
cent. with the bulk Of the business at
the last named rates. The average for
the week has been fraction below 2
per cent. Banks and trust companies
quote per cent as the minimum and
It is reported that the larger banks
have agreed to maintain per cent as
ne uniform minimum rate. and not.
unde" any circumstances. 10 loan be-
law that figure. Time loans have been
more freely offered this weekand there
IA a desire among capitalists banks
and other institutions to place their
funds for four months or for longer
periods.
--- MI.