The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-13
FINANCE AND TRADE
Tbs Features or lhs Money and stoel
Markets.

week has shown no features Of novel in
terest. The business has consisted main
ly in renewals OF maturing obligations
and the creation of a moderate amount
OF new loans 1t IS hardly necessary 10
say, in View of the present status Of
many OF the banks, that where cOnces-
sions have TO be made as 10 price aud
collateral, IL is the lender that makes
them. Rates, 2ls per cent for thirty to
sixty days; sd3h for ninety days to six
months.
The stock market reflected the tenden-
cy or professional traders TO close up
contracts at the end of week rather
than keep them over Sunday, and also
a natural ractlon towards a higher level
after yesterdays revival In prices, There
was some bear pressure against prices at
the opening, Manhattan being driven
down ~ points, and Sugar yielding q
point after small gain. But this lead
failed 10 induce any large following and
It became apparent that yesterdays
liquidation had not run It's course for the
present, The bull contingent was pre-
pared TO OFFER vigorous support 10 weak
spots, and large buying orders for their
account turned the tide, Sugar was the
centre Of the markets strength, and the
firm resistance Of prices drove the bears
to cover. There was a noticeable slug
gishness OF price movement in some OF the
most prominent stocks IN the market on
the rise. Sugar was quite baoyant, and
rose to within about two points OF the
highest Of the week, closing with net
gain Of l& points. Its range for the day
was 3 points. Manhattan showed good
Feeuperative power, and ratified within a
fraction OF last nights close. Besides
the technical causes for the rise, the
market was aided by the recurring pos
sibillty that decision may be handed
down by the supreme court on Monday
In the Nebraska maximum freight rate
case, Wall street traders In railroad Sc
curltles maintain an abiding faith that
when this decision does come 1t will be in
favor OF the railroads, and the fact that
Monday Is decision day with the supreme
court has made Saturday day Of tim
idlty with shorts ever since the decision
has been pending with the court In ses-
sion. Assertions were also given consid-
Grafton that there is possibility OF IA
vorabie action by Congress on bills TO
authorize pooling and against ticket
aNhlplllk4 illNl LUIS 0hllCh ~ INV
strength Of the railroads, Northern Pa
clilc enjoyed the benefit of the first dlyl-
dend declared yesterday by the dlrec-
tors, since the reorganization Of the COM
pany, and OF the favorable statement OF
earnings, given out at the same time.
The slight recesslOns from the best OF the
close was probably induced by the bank
statement. The large shrinkage In the
10 al "a tho FatHtnqe nf
the legal reserve limit by the heavy In
crease In deposits, but by an actual de-
crease in cash OF l.Ol2. 200. The items of
loans and deposits. with the large In
crease shown, are affected by the fur
Their payments on account OF the Union
Pacific sale. There has been a move
ment OF currency to st. Louis and New
Orleans during the week, which probably
accounts for the decrease in cash.
The price OF the United States new As
was bid up TO q per cent, and Of the old
As registered Il per cent.
The weeks net gains have been re-
duced, as was the case last week, by the
proiit-taking OF professional operators
on Friday. The manipulation Of the
market by the large interests which have
embarked on bull campaign was very
obvious during the week, and strenuous
efforts were made to keep the course Of
prices upwards by vigorous support at
weak points. and by melting sharp rises
| In Individual stocks to sustain the genral
| list.
Some Of the reports set afioat TO effect
this latter purose contradlcted them
selves In the course Of the week, and
nothing could then prevent a decline in
the price of the particular stock, with a
consequent unsettllng effect on the mar
ket. Thus sugar was pushed up to 1853
on reports that an extra dividend on the
stock was certainly forthcoming. and the
declaration OF only the regular dividend
drove the price down below 40
| All of the local traction companleS'
| stocks were rushed up on reports that
the underground rapid transit plan was
| TO be declared against by the court, ac-
| companed by the assertion that fall
ure to approve the plan this week would
| be equal to dsapproval, since 1t would
| not leave time to put the plan Into opera
| ton. Thesp stocks came down on Friday,
| and helped to break the market. North
| ern Pacific preferred was forced down
| l& points on reports that action on the
| dividend would be postponed. These de-
cllne5 uncovered stop loss orders all
through the list. and broke the market,
and served materially to reduce the net
gains on the week. Union Pacific
was pereistently weak on account
or the Presidents order that The govern
| ment should qualify as a bidder Mt the
Kansas Pacific sale. and the subsequcn.
request for the postponement Of the sale.
| The weeks returns for railroad earnings
have made remarkably favorable
showing. the November statement of the
| New York Central being notablee Ncep-
| ton. Roads IN the south and southwest
have shown especially heavy increases,
and their stocks have shown che largest
| gains in price.
Money has continued cheap and easily
ebtalhable, and there has been offerings
Of Chicago money on time loans In this
market. Notwithstanding the ease OF
| local money rates. and In spite OF sharp
| stlnenlng OF discount rates In London
and Berlin. the foreign exchange market
| has shown increased weakness. Actual
rates for sterling exchange have fallen
y Der cent during the week, due to tine
offerings OF bills against grain and cot
! ton, and to an abatement Of the invest
mcnt demand for sterling. Chicago cred-
| ltl are reported to be loaned In Berlin
at Az per cent TO the extent or several
million dollars. The abundance Of grain
| bills. which has served TO weaken cX-
change. Is said 90 be due 10 the opera
lions Of the bull clique In pushing eS-
ports OF wheat
The strength and activity Of the bond
market have been even more remarkable
| than In the stock market High grade
bonds have been thoroughly gone over
and lifted almost 10 prOmbldvc prices,
| the government bonds ris!ng with the
others The demand has Chlftcd TO mid
die grade bonds. which have shown ma
tcriai advances. Speculative Issues have