The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-06

considerable pressure after the opening
on offerings to realize and declines were
general throughout the list extending to
point in Northwest and Canada
Southern and Is per cent in Missouri
Pacific. The market was rallied by the
advance In the Northern Pacific issues,
Sugar and Missouri Pacific, Sugar rose
1% per cent. after a heavy opening.
Missouri Pacific advanced l% per cent
from the low point on the report OF it's
earnings for the fourth week IN August,
which showed gain OF $4,000 over the
corresponding week last year. The eX-
treme rise In Northern Pacific prefer
red was rs per cent on sales OF $4,000
shares leading the list, st, Paul moved
narrowly and below last nights close
all day. Wabash common and prefer
red were strong on the August state
ment showing gain Of 1854 $40 In gross
earnings. Statements OF railroad earn
ings published during the day were I'M
iformly favorable and the excellent
bank statement also sustained the list.
The closing showed net changes mixed,
Omaha and st. Paul of the grangers be-
ing fractionally lower The coalers as
group displayed strength, Lackawanna,
NtN JtlENN .NNAiNAaAt dhA DNAhNeAI -
Hudson all rising over point and the
Reading issues a fraction. Norfolk d
Western preferred gained sharply.
The week has witnessed the lIqulda-
ton of some very heavy holdings of
stocks to realize profits on the rise,
which commenced in the grangers on
Monday. 1t has progressed steadily
since then and has kept the price Of re-
cent favorltes in the speculation more
or less depressed. The market has been
saved from large reaction in face of this
heavy liquidation by the sustaining
fopce OF individual stocks, the prices of
which have been rushed forward In a
sensational manner under manipula-
ton. Each day of the week since Mon
day has seen a new stock brought for
ward and put through the operation.
on Tuesday It was Sugar which was
forced up eight points on new interpre-
tatlon of old facts regarding the prob
able exclusion Of Dutch refined sugars.
on Wednesday sugar was made to
serve the same purpose through the
morning hour with jump OF three
points, but It was eclipsed In interest
before the close by n bound upward of
lO& points In Omaha on talk that the
stock was to he put on regular guar
antee four per cent dividend basis un-
der lease by Northwest. on the next
day Il appeared that the busy specula-
tors had over-estimated the advantage
OF the indefinitely rumored arrange
ment to Omaha and had under-estima-
ted the benefit to Northwest, The Oma-
ha stock reacted three points and
Northwest was brought forward for n
rise of six points, the whole Vanderbilt:
group being brought into the move
ment. Canada Southern rose ~ per
cent: Cleveland, Cincinnati Chicago &
st. Louis 2ls and Michigan Central New
York Central and the New York, Chica-
go & st. Louis stocks less amounts on
Friday st. Paul came to the front and
on purchases of no less than 100000
shares rose 2& points to point below
par. The heavy increase in earnings OF
the road and OF all the grangers and ru-
mors OF an Intended increase In the
dividend rate were the impelllng
causes. These successive upward
bounds OF different stocks and the con-
tiuuous liquidation which attended
them have made n sensational and eN-
tremely irregular market all week. The
greater part Of the advances have been
well maintained and the volume OF
dealings has shown a constantly broad
ening demand, the sales on Friday ap-
preaching the maximum for the year
and those to-day the maximum for a
Saturday. That This tremendous spec
ulatlon has absorbed n vast sum OF mo-
ney IL evident from the clearing house
statements, and still more evident from
hardening OF exchange rates during the
week, the purchase OF securities abroad
having apparently offset the heavy for
eign purchases of our bread stuffs. The
absorption OF funds has made no APP
probable effect on the rates for money,
which stlll remain nprecedentedly
cheap The movement Of currency to
the Interior has been larger than last
week, but Is stlll small considering the
large expansion Of business indicated
bv clearing house statements Of inter-
Tor points and the heavy crop movement
shown by the traffic reports of the rail-
WAYS. The interior roads have thus far
been largely supplied from interior
sources, contrary to the rule heretofore.
The fact thai exchange remains above
the gold import point IL due In part to
the heavy purchases OF securities by
Americans In London, each incoming
steamer bringing large constituents.
But while these large purchases are alb
sOrbcd without any effect OF the local
money market the rates for money In
London continue to harden In spite of
large sales of securities, the Bank OF
England IN to last week continued TO
contract its loans and there Is n margin
OF profit In the London money rates
sufficient To induce drawers OF exchange
TO leave their funds nj interest there,
thus tlcferrIng the gold Import move
mcnt. How much longer the chcapncss
OF money win continue In New York In
fncc Of all this expression Of demand Is
n question In which an answer Is per-
hnpR indicated by io-dny'H bank state
mont, showing n decrease Of 6i03,b6O In
the surplus reserve. The ChcapncFs of
money IA IN Incentive TO rise IN prices
pepoclnlly In view Of the recent placing
Of large issues Of rnilrood bonds for
long purlodB Mt nm interest rate Of 3lh
nor cent, which bonds command pre-
nlum In the market The reduction In
rate Of Interest ana return on invest
ed money naturally tends to raise tho
prlncpnl value of securities on which
the dividend rate N unchanged
Recent prlCoH uf government bonds
are nj hrh records THAT lho plethora
NJ money aud its resulting chcapncaB
are M Influence IN this way In the rise
In prices Of securities, nA wen no The
Increased earnings shown by The pro-
portion, ~ evident The oKlrcmc gains
in tho stool, market have been lndl.
cnlod, hut tho whole Hat " materially
higher especially the lndualrlna
Tho total anloH FOR the week woro o.
$1,000 BhnfoH
rho bond market has shown great no.
tvity during the week aud prlcoa nro
generally higher. Notable advances are