The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-08

lOflty OF cases, Inc decrease IN SURPLUS
reserves shown by the bank statement
probably induced some selling. though
the change was due in greater part TO
the heavy increase In deposits and the
consequent raising Of the legal reserve
limit than to the actual decrease in
each. The large increase In loans in
face of the heavy speculative account
that have been closed out on the stock
exchange during the week probably has
to do with the Union Pacific sale,
The week has seen total loss OF
confidence on the part of bull operators
who have been looking hopefully for
the turn In the tide of reaction on the
stock exchange. On Friday there was
heavy liquidation OF long holdings and
sharp declines IN prices, and, so far as
appearances so, no buying support for
stocks at any concession, however vio-
lent. The ostensible motive was fear
of war with Spain on account OF Cuba,
intensified by the call from the chamber
of commerce for increased force to
man our coast defences and by the ma
ture of public utterances OF the United
States ex-minister to Spain. The de-
preston took on rather an artificial and
feverish tone before the day was over
and absucdiy sensa ttonai rumors were
put In circulation to keep prices down
while shorts covered. These Incidents,
coupled with to-day's recovery are sig
niflcant technical Indications of a cul-
mination of market movement just
as heavy buying circulation Of roseate
views, sharp rises In prices and the
stirring up of dead stocks are the tech
meal concomitants OF the elimination
of sustained rise. The declines on
the week have reached ten points in
sugar. 5N In New Jersey Central and
three points or over all through the ac-
tive list OF railroad and industrial
stocks. Sugars special weakness has
been due to the serious illness of the
president of the company. The decline
OF prices has continued now practically
without interruption OF any Importance
since the second week In September,
when the elimination of the rise was
reached. on September 10 the average
price OF twenty active railroad stocks
was about SOS 80 a share. and last night
the average price OF the same stocks
was $57 20.
on September 10 the average price o.
twelve leading Industrial stocks was
It Is an invarlable rnle that an upward
course of prices in the market does not
terminate until 1t has apparently eX-
ceeded Itself and reaction is certain
ty corroborated by abundant historical
precedent, even in face of continuing
favorable conditions. The rise which
eliminated IN the second week in Sep
TENDER can he traced to It's source in
No In at ~ TYtIfr Tbnrn hoI ham
Improvement before then and specula-
ton on the prospect OF business reviv-
al. But the final passage of the tariff
bill was accepted as clearing the In
dustrial situation and giving settled
conditions to work on.
There was some reaction in the prices
OF stocks afterwards on profit taking,
but for the most part the course was
steadily upward from that time to the
elimination, The growth OF the con-
Vlcton of bountlful harvest and of an
urgent demand for our products from
abroad were reflected In the bull mar
ket of that period A comparison Of
prices of leading stocks rutinu to-day
with those ruling on July "a last, shows
interesting results. The average price
on that date of twenty active railroads
stocks was S57 2S share, compared
with S57 90 last night for the same
stocks The price for twelve industrial
stocks on July "a wns W ~ share as
compared with A5 73 last night, Elk
cept for the grangers only three stocks
In this railroad list vary as much as
three points as between the two dates
named. The exceptions are: Cleveland
Cincinnati, Chicago & st. Louis, Missou-
..t
gers are from 3 to 10 points higher. In
the list Of twelve industrial stocks on
ly three show a variation OF MS much as
three points as between the two dates
named. Some few stocks, notably the
coalers. sugar leather preferred Pncihc
Mall and Kansas and Texas preferred
have gone little lower than they were
on July a.
Generally speaking. It may be said
that prices have about retraced their
courses to where they were before the
late marvellous Increase In traffic and
earnings during that period
Bonds have been less affected by de-
preston during tho week than stocks,
but prices have shown sympathetic de-
cllnes.
United states old As registered have
declined Y per cent on the week. The
new As are up X and Y per cent
Evening Posts London financial ca
blegram:
The stock markets were idle to-day IN
view Of the settlement In mines which
is to commence on Monday next. Amer
leans were about Mt the parity
There Il no initiative here whore The
speculative position IL quite small, and
s.HIW. N.N. l.ty
carried for New York
Trade returns from October are I'M
patsrnctory Imports decreased G3l 900
pounds and exports 100000 pounds, tho
inttcr chiofiv due to n falling of In cK.
ports 10 the United states.
The Financial says
The bank abatement for the current
week M of favorable character, no
less than thrty-rlFht " the alXty-1vo
clearing hauae Institutions hHViHg pqr-
S3j. 200 reported II IN true TINT the
changes Of three of the larger bnnlta
account FOR HSOO.OOO NJ tho total In.
crcnac, but the smaller commercial In
alllUil0nh ngUro more prominently IN
the aggregate than FOR some time part,
This OF itself II nm oncouriKlng sign.
The week was characterized hv The rn-
vlvnl " currency transfer to tho south,
Now Orleans cnlllru FOR n large por
tlon Of the shipments ON account of
tho cotton and sugar movement 81
Louis has been handling groat dcnl
NJ The money TINT usually gooa to the
former cl'v and tho rovlvnl of business
ut New Orleans ana NJ the conlorH trlh-
utnrY to n ~ regarded on encouraging
on Mt sttoa. II IN noteworthy that the
nntIonnl park bnnlt one ~ the lnBtlin-
tons most prominently connected with
southern Interested, made largo In.
crease In ita loans last week, The trend