The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-04

eastern and middle states to meet OctO-
her interest and dividend payments,
and by New York requirement for pay
ments of taxes TO-day's net gains In
prices in stocks range from to per
cent, the advance being In full tide
when the market closed. The stock
market has been highly technical and
professional in It's character all week,
and the reaction, which was the feature
Of the week before, continued up to late
on Friday. The bears have been masters
OF the situation, and there has been no
aggressive effort In opposition 10 their
successful attempt to beat down prices
until to-day The large buying interest,
which was so potent force during the
prolonged period OF the rise which cul-
minated two weeks ago, had apparently
ceased operations, and the brokers who
had come to be recognized as the in
strument OF this important interest oc-
cupied u passive attitude, apparently
content to zee the reaction take It's
course Gossip has been busy with the
the question OF the identity OF the pow
erful pool which led the bull market
with so much dash and confidence, and
syndlcates OF bankers and Of powerful
corporations have been mentioned as
being identified with the movement.
But whatever their Identity, the fact Is
now obvious that before any evidence
was allowed to appear they had ceased
to buy, and while the smaller operators
and the speculative public were still fol-
lowing their apparent leadership, they
had liquidated large amount Of their
purchases and realized their profits.
With no change In the general favora-
BILE outlook for business, and with con-
tlnued increase in the earnings for
stocks, this operation left conditions
ripe for n technical reaction. 1t had
not only raised prices above the level
of their legitimate actual value, but It
had passed them into hands that were
weaker and less able to hold them
against a decline. Having iiquidated
their holdings, these important interests
were ready to buy again, and their de-
sire was, for the time being, to see lower
prices. Thus left unprotected, the specu-
lative holders % stocks have had hard
time Of It for two weeks. Prices have de-
cllned simply because more people
wanted to sell than to buy or sellers
were more anxious than buyers. No ia
vorable incident served to check the de-
cline. August statements all showed
enormous increases in net earnings.
The resignation OF conservative Span
ish ministers, and the likelihood OF q
Liberal succession, was accepted as
tending TO ameliorate the relations be-
tween Spain and the United States con-
corning Cuba, But the market sold of
sharply on the announcement Of these
events.
To-day's sharp advances have gone
far to reduce the net declines for the
week, and in some case have wiped
them out entirely. The whole charac-
ter Of the speculation showed marked
changes, the trading on the advance be-
ing animated and eager. and shorts
covering heavily The week has
shown subsistence OF the fears Of
money strlnGency. Notwithstanding
sudden rise In tho call loan rate on
Friday Of per cent. This was
clearly understood 10 be due to tenn
porary demand for the necessities Of
the first OF October settlements. Bank
clearlngs OF all the cities In the United
States show a decrease from last week
OF over 3 per cent, though the Increase
over last year is still "a per cent, but
compared with an increase last week
VI NNfl ~ BNl NflAs llt lllhl htN lil
sterling exchange has steadily declined
since Monday. and gold imports are be.
lleved 10 be again imminent The weak.
ness OF exchange IL due TO offerings Of
cotton bills. In estimating the proba-
BILE dimensions OF bold imports the low
prices for cotton must be considered.
which, compared with last years prices.
will make a difference Of many mill.
lions of dollars In the balance due from
abroad on cotton exports. Imports Of
general merchandise and dry goods ut
New York for the week show an in
crease OF Sl,SS2, 3Gi over last week, while
the increase Of this weeks exports from
New York over last week was only
about 100000 In consequence Of to-
days rally in prices. net declines In very
few standard railroad stocks reached
two points on the week, and some show
gains. Northern Pacific preferred aud
the Pittsburgh. Cleveland Chicago &
SLLouIs stocks are conspicuous in the
latter stocks.
Bonds have been much less active
than Of late, and have resisted the de-
cline better than stocks. net declines
being small, and some issues showing
gains Total sales 5lOO0O,OOO
United States bonds are Il to y per
cent higher
Evening Posts London financial ca,
blcgram:
A further rise In stocks was recorded
to-day. Americans were strong, and
closed at tho best More American
bills were offered and there was rr.
ncwcd talk Of gold exports, but there Is
nothing definite to report,
The Flnnnclrr says!
The statement Of the associated banks
OF New York city for the week ending
October . II proof that there Ia no oc.
Cuslon for the fears entertained earlier
IN the season Of an actual strlngtncy In
the money market Despite the steady
doClln" on the banks by reason Of the In.
tCrlOr demand for crop money, the re-
serves are maintained ut % secure point.
and IN" natural "ffcrt Of conditions
may BE- trusted 10 ubylntc any departure
from this standard IN the future, The
ltmidnttpn I'm iunnH continues, the losses
for the week bringing tho total 10 an
amount OF Na32UODO under that reported
three weeks ago IN the snmo time de-.
poailH havO fallen OF $4,000. 900. while
tho reserve hes decreased about sbBsB..
lO0 Az money has been flowing Ia ihr
interior NJ the rate Of four or hvp mil.
lions weekly during this time II win be-
seen that the banks have stood the
drain very onHlly The demand fat
funds gtlll continues though IN lcaHrncd
volume than reported for several wpuJ
past The decrease IN deposits Tor lhr
lnHt week Of o0ur8o lowered the rosprv,
.nUuirumntH Upprnrlnblu rho 81 bOO
loD gold received from Europe by one NJ
.hn banks does mot seem tu figure I'm the
Iurrnnl statement The deposit changes
IT thnlnrrnr banks have been muunlly |
heavy during the week. the lnultu.
.lnuH hnylug lhv largest number pf cor.
.pfrunluutr reporting lDao1 n4 arilc.aI- |
though ulhmrl which figure m the wlI |
market have been afflicted BY the sen.