The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-13
FINANCE AND TRADE
The Features ., ,ns slsnsy and Stock
Markets.

| nOmlUully ltIWlf2 pVl NSHt" AAA'N
mercantile paper 3%d4h per cent. ster-
/ ling exchange easy with actual business
In bankers bills at 81 S5XQ4 SO for de-
mand and at 81 S8Iad4 S3A for 60 days,
Posted rates 81 Siq4 S5ls and 81 S6lA0
4 S7h. Commercial bills 81 S2h@4 S2&.
[ Bar silver 55c Mexican dollars 42&c,
! State bonds firm. Railroad bonds easier.
| The general tone OF the market for
stocks was strong to-day and there was
no heavy pressure of realizing sales.
| But there was more or less weakness at
| different points scattered through the
list. The Northern Pacific issues were
heavy ON the continued bad showing OF
earnings, the fourth week In August
| showing decrease and the months de-
grouse in gross earnings amounting 10
$l2Ig4 This showing Is in marked con-
trast to the heavy increases which are
shown by other railroads almost without
exception. Some of the roads In the
southern group were unfayorably affect
ed by fear that the yellow fever quar-
| antine would Interfere with their traf-
fic and also by the government bureaus
report of the unfavorable condition of
the cotton crop The effect was notice.
able In Louisville. Southern preferred,
and Mobile & Ohio. Missouri Pacific
was under more OF less pressure OF profit
taking. The coalers were also weak, the
Reading issues being under pressure to
a marked degree The bulk of to-day's
trading was conferred In the granger and
Kansas g. Texas and these were strong
with the exception of Chicago Great
western and Northwest, which closed at
fraction decline after having risen q
point net Kansas Il Texas preferred
closed at net advance of II. All of
these stocks closed fractionally below
the best, hut mt net advances. The re-
suits In the list generally were some
what mixed. outside gas stocks, es-
peclally Bay State Gas were weak, and
local gas stocks were strong. Brooklyn
Union Gas gained points. Consolida.
ted Gas advanced at one time points,
but closed at fraction decline. Man
haitian ranged freely over two points
and lost fraction net, Toledo & Ohio
Central rose over points and Pullman
points. A feature of the day was the
sharp recovery OF silver OF y penny Ia
25Ik pence in London, and one cent to
soc in New York. This was due to thu
decision OF the Bank OF England au-
thorltles to hold one-ffth OF the bank
reserve in sllve-. To-day's price is two
pence above the lowest In London and
3Mc above the lowest In New York.
The week in Wall street has witnessed
the resumption in force OF the bull
movement, the buying through COM
mission houses being again In full tide.
Evidences are abundant also OF buying
on large scale for individual and cor
porate holdings OF capital. There has
holdings whose owners seemed content
holdings whose owners seemed tontent
| 10 Nuir nd ttthn is
pressed thiat prices In leading stockS
have advanced as far as warranted
There is some ground for n belief that
large blocks OF new securities OF reor-
ganlzed companies which had come into
the hands of large capitalists through
their memberships In underwriting syn
dicates, have been passed to other hands
or are being passed to other hands In
the current boom In Wall street. Offer.
ings have been all well absorbed. what
ever reaction was manifest being usual
ly recovered before the trading day was
finished. The weeks speculation show.
ed renewed activity In railroad securi-
ties while the Industrial specialties were
less prominent. The manipulation
boosting" of an individual stock, which
was feature all last week. has been
absent this week, except on Tuesday,
|
Pacific preferred was thus employed,
The development of new factors OF
strength in the general situation has
done away with the necessity for this
daily bracer or artificial stimulant u
the market one Of the most notable
developments In the general situation
has been the growing interest In Amer
leans on the part OF English and con-
tlnental capital. As the London market
is nearly stripped of American securi-
ties much of this buying has been In the
New York market for foreign account
The supply of Americans In London has
In fact become so small that they are
easily affected by manipulation and the
course OF their prices Is no longer ac-
cepted as a reliable index In New York
That the large sales Of American sc.
curItlcs by foreigners have been melted
by foreign financial authorities ana en-
couragcd and aided by large banking
and financial interests with n view "a
their checking gold exports TO this coun'
try and keeping down the money rate In
London IL now fully admitted. II is
much doubted whether the eXpedlents
adopted by the Bank OF England tC
check the outflow Of gold by contracting
loans and raising the discount rate vii
be much longer successful The bank
IA handicapped by lts own desire tC
keen down the money rate In order 70
facilitate the success Of The indian gov
eminent loan. But the evidence Of con'
timed heavy bank clenrlngs through
out the United states IN that uses ara
being found In business for the coun'
tFy's surplus reserves OF money, rms
In supplemented by to.dny'E statement
Of New York clearing house banks, Tho
decrease of S707S 600 In the stock OF Ice
cal tenders indicates that the contrac'
lion I'm The reserve n now due to the de-
mnpd for currency from the Interior
Meanwhile the exchange market hat
crown weak again and offerings Of spot
grain bills and cotton futures nrc heavy
Probabilities thus point TO an earlJ
hardening of rates for money ana ~
inauguration az gold Imports, The
, nost important event NJ the week. wal
Tho action Of the st. Paul directors II
declaring nm extra dividend Of pei
3 cont bringing the ycnr'a distribution
nm to pcr cent. This carried both 81
: pnnt mud BHFlIHgtnn more than | pot
cont abovo pnr. led TO renewed buylnf
of The grnngprs and strengthened tht
Wboin rnlirond lIni The decision to pnl
4 nor cont. on the adjustment bonds a
3 the Atchlaon company Whh hIsu q
ptrpnuthrntng factor Fh' 'hofunnu'
Increase In August gross chrhlnE
shown by Illinois Central Fbl ,22Sl' mlp
souri, Pacific VlI727O New York Con
trnI tti5G2lW. aud other railroads wa
tho most substantial announcement Il
i'm hnynp fhr Financial CMahlol'
ogtlmnioH the total increase FOR NuEuA
Of ihlrly.olght roads ropuIilnE HnlnH II
rxresp NJ $4,000 NJ tlSGO2sO The hope
thnt tho utrlltp VI soft coal mlnrfH wal