The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-11
FINANCE AND TRADE
The Features of the Money and stock
Markets.

call nominal at 213Q3 per cent? prime
mercantile paper, 4Hq5 per cent; ster-
ling exchange steady, with actual bus
mess in bankers bills at 81 SAN for de-
maud and 81 S2Is for sixty days; posted
rates, $i,SSd4 S3A and 81 S5IS; CONNER
cial bills, 81 81. Silver certificates, $40
57lsc, Bar silver, 5S%c. Mexican dol
lars, 4Slac. Bonds quiet.
The bears renewed their raid on the
market 60 such good account that few
stocks have escaped with less than u
point net loss. The course OF the mar
ket yesterday, in the face OF eXtraor-
binary dullness, had led many to be-
lleve that the bear campaign had come
10 an end and that the market would
probably sink into inanimation for a
time. The usual end-week covering OF
short contracts was expected to stiffen
prices slightly. quite the contrary &C.
Cured. Prices did improve fraction
In the fiFst hour on very light volume
OF dealings, but the weakness devel-
oped in Chicago Gas checked the rise.
The room traders soon afterwards de-
tected selling by houses with Washing
ton connections. and bears seized upon
this as proof OF inside information of
mysterious something impending in
Washington that might play havoc
whit values when 1t becomes known.
What the mysterious something was,
was not disclosed. The stock market
is peculiarly sensitive to intimatlons
from Washington at this time owing
TO conviction In many minds that Il
Is only question of time when the Gu
hot oh 10 n
with Spain. Much stress Is laid also by
traders In stocks upon the pending de-
clslon OF the supreme court upon the
Nebraska maximum freight rates case
and the case against the Joint Traffic
association, The market was evidently
unprotected by supporting orders and
the aggressive short selling by the
bears led to u rapid decline in light
transactions. Only two stocks in the
list show sales as high as 10000 shares.
These are Chicago Gas and Burlington.
Chicago Gas, Omaha, Manhattan, Miss
our Pacific and Burlington were con-
splcuous In the decline. Consolidated
Gas huctuated in Its characteristic way
breaking 9h points Mt one time, but
ending with recovery of points
There were slight recoverles In some
stocks just at the close, but most stocks
closed at the lowest, the prevailing tone
being very weak. Probably super
ilcial view of the weekly statement OF
the New York clearing houses banks
had something to do with to-day's SELL
ing movement OF stocks. The profess
lonai trader usually accepts decrease
In the surplus reserve as specified ad-
monition to sell. To-day's decrease OF
81, l65, 800 In that item was In fact some
thing OF a surprise, In view of the
rather strenuous efforts by the banks In
the last two weeks to prevent a further
shrinkage In the surplus. But the small
decrease in loans reported this week.
1852. 3O0-indicates that the banking au-
thOrlties view with equanlmity the de-
cline In their reserve surplus confident
in the strengthening force OF the $780,
SIS in gold now in transit to New York
from England and France. The gold
arrivals of the week reflected In an in
crease in specie Of Si,jS3,i 400, but are
more than offset by the decrease in
legal tenders OF 1902. 900. The demand
for legal tenders is very keen and the
best efforts of the banks and the United
States treasury are not equal to fully
providing a supply. The New York sub
treasury has been obliged TO refuse to
supply legal tenders In return for gold
exchange for telegraphlo transfer Of
currency to other sub-treasury points.
The New York banks have been set
Ting their balances at the clearing
house during the week In gold to a
large extent and the prediction is made
that the payments of customs duties
will soon be made In gold. Chicago
banks are reported also to be presenting
gold at the sub-trensury there with a
request for legal tenders, and the treas
ury at Washington is beginning to find
itself embarrassed to supply all these
demands upon II. Since September II
the decrease In legal tender In the New
York banks reserve has amounted to
SCI ,35t 800. and the specie has Increased
nearly 81. 500. 900 In the same time. not
withstandinq large exchanges OF specie
for legal tenders at the sub-treasury.
The ample proportions of the country's
gold reserve has doubtless had much to
do in dcferrlng tho import movement OF
gold. which ives lnaugurnted yesterday
and the day before, the total amount Of
II now In the treasury amount TO
SG3jO,O00. The stlffening OF exchange
rates, consequent upon the purchase Of
bills against these imports, Is believed
to be but temporary and the movement
Of gold Is expected to continue stead
lly for some time to come The effect
on the money market OF the gold en-
gagements has been to impnrt n dis-
tlnctly easier tone, time money declIn-
ing to Q per cent for 60 days aud up to
4 per cent. for four months and. longer
periods outside buyers Of commercial
paper have been In the New York mar
kct during the week and though the
supply of paper has been increasing
In volume rates have been easier, and
mt Ih to per cent, for prime grades
The stock market has been alngulnrlg
unaffected BY the beginning OF the gold
movement which almost always has a
marked sentimental effect on prlccs.
The resistance Of the market 10 thc
heavy slump IN Chicago Gas on Thuts-
dnv ana the hardening tendency on FRI
day on the large shipments ut gold am
nounccd on that day led to the suppOEl-
llon that the reaction was Mt an end and
that a rally would cnsuo liut lo-dny'H
market has completely bcllod this TX.
pcclalIon The market has been dun
and professional all week, sensational
movements Of specific stocks falling to
have any marked effect on Che general
market THESE Included n lump Of
points IN Manhattan on Monday on n
squeeze Of shorts, the slump IN Chicago
GnH an the purchase VI competing com.
plnloH by The grcnt gas syndicate nn1
the u8url mcrcutlnl course NJ ConHlll.
dated, ana on different rumora regard
ing che adjustment between the rCort
mnizntion committee nnd thr govern
mcnt Tho unprecedented gross onrn-
lnpg " the rnllrondH FOR September aud
the handsome net rctulnB for August,