The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-27
FINANCE AND TRADE
The Features OF the Money and Stock
Markets.

AVE- " AOINNf bNpl AhullNN vi vail
nominally 2lAa3 per cent, Prime mer-
camille paper tha5 per cent Sterling
exchange steady, with actual business
in bankers bills at 81 S5H. less l-S2 for
demand and at 81 S24less 1-32 for sixty
days. Posted rates 81 SSaS4 81 and
81 S5isa4 S6ls. Commercial bills 81 81,
Bar silver 56%c, Mexican dollars 4S3sc,,
There was no large and aggressive ell
ement In the stock market to-day, and
the trading was largely In the hands OF
the reactionlsts. They were persistent
In seeking for the weak spots in the
market, trying to uncover stop loss or
ders This they succeeded In doing In
number of stocks and accelerated the
decline. There were n few feeble raj
lies during the day, but the saggiRg ten
dency was for the most part unlnter-
rupted. Dealings were not on a large
scale, nor were they as widely distrib-
uted as OF late Many stocks showed no
Improvement at all during the day. Tho
rise al the opening in sympathy with
London served to restrict the net de-
clines in the international stocks, and
London also was buyer Of some stocks
during the day, There was nothing in
the general news to cause n recession In
prices, and the heaViness of the market
has no other explanation than the with
drawal Of support and the continuance
of some offerings to realize profits The
bears did some short selling in their eff
forts to uncover stop loss orders, but
there was no aggressive selling mani.
fest, and much caution was apparent In
, putting out short sales Trading halted
after II o'clock, and waited for the bank
| statement The response was not I'M
| mediate when the statement appeared
showing some hestnnCy about Constru
ing Its character. An unfavOrabc view
was finally adopted. and prices drIfted
downward again, closing In many cHsea
| the lowest OF the day, IN some stocks,
however there was a final rally OF a
| fraction, Sugar covered a range Of over
two points, hut closed unchanged
Omaha lost two points, Consolidated
Gas ~ and many other active shares
from one to two points Interest to-day
conferred In the weekly statement Of the
clearing mousse banks The condition
| of tho money market aftcr the weeks
development was looked upon as the sa.
| lleut point In determining the course OF
speculation In the immediate future The
most notable feature of the statement
| is the decrease shown In deposits Of
| $40, COZ 500. The actual loss In cash was
S6,5tS 400, all In legal tenders a. the
| amount of specie shows a small net in
crease. The heavy decrease IN depos-
| It's probably represents the demand
| from interior banks. which have funds
| an deposit In New York banks Tor many
months The proportions Of the with
| drawals accounts for the sudden calling
| Of loans during The week which was at
| tributed In speculative circles 10 Il con-
| certed effort TO manipulate the money
market, The contraction In loans IN
| stated as $2,72S, 300, and this contraction
served 10 reduce by 50 much IN" loss to
the banks in actual cash, and to save a
corresponding additional increase in the
surplus reserve, The fact that the de-
| crease in the surplus reserve Is not as
large as expected Is due to this and also
to the fact that the legal reserve in
brought down $3.50 $50 by the enormous
| withdrawal Of deposits
The contraction of loans In the face
| of the active speculative demand prev
alcnt amply accounts for the stiffening
| OF money rates and for the falling off in
speculative activity on the stock OK
change II demonstrates that the sud
| den rise In money rates on Monday af-
ternoon was not manlpulatIve move
ment in the bear interest but was a ma
| tural reflection Of actual conditions. II
| points to speedy further fall In ex-
| change and to large additional imports
| Of gold, unless the money rate in Lon.
| don nd Paris rises to u point where IL
would be more profitable for creditors
here TO leave their fnnds there, 1t
| explains also, the action Of two Of the
| city benks, not usually dealers in cx.
change, in engaging gold for import
early in the week in the face OF the al.
most unanimous opinion Of the foreign
exchange bankers that the operations
would Yield no profit The first engage
nent Of rold was made by the largest
| Of the city banks. and was probably wa7
| based on It's knowledge Of the conditions
| operating upon the money supply. Tho
| calling aud consequent shifting Of loans
nj the higher ratc'of interest has been
| the predominant Influence In the stock
| market, which has been reaCtiOnary all
week, with the exception Of one day
| The reaction developed on Monday CO.
| lncldently with the rise in the money
| rate and after stocks had touched thu
| highest price Of the year earlier In tho
day. The reports OF the nature Of the
representations made 60 Spain on behalf
Of the United States In regard TO cuba
by General Woodfnrd the United
| states minister gavc q keen instrument
| TO the rcHCtiOngts, and they used IT, to-
| gethcr with the spread of yellow fever,
TO good advantage on Tuesday, on
| that day liquidation resulted In sales Of
nearly u million shares Of stocks. The
only recovery was that Of Wednesday
on the news NJ the beginning OF the gold
Import movmcnl There Ia feeling that
the reaction IN a healthy one, aud was,
| In fact, overdue. II has served 10 shake
out many weekly mnrglncd holders Of
| stocks. ana mas ten them IN possession
| Of holders less likely to gucccumb to u
casual reaction, II Ia felt, also, that tho
advance In price had rather more than
| discounted the improvements IN hnFl-
! ness and The Increase In railroad earn,
lngs, notable evidence Of which was
afforded lay the Increase duplHR tha
week Of tho Rock leland dividend from
| two TO n four per cent hnalp Therefore,
| win an the news continuing tu reflect
Improvement Of the hilsincRB MI tho 81.
| cmcnta Ia wall atrpot have praptleailp
ncduIescod In the reaction OF have inter.
posed no strenuous resistance to II The
| declines range an The way from iltrr to
| oIght points In the most active HtUrkH
nuud Consolidated Cha hps dpplHud
| M The tnllrUnd bond market has boon
loHn active, and only the speculative ~.
YEA Ghowodnny mnrl,r1 sympathy with
HE decline In Ht.uH
| Tho Sew YORK Financial Rey%cw BHyR
! this NpIL. fhU UiutUuUUt Of tho NrN