The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-18

alleged to be fears of damage by the
drought. but the breaking of the drought
on last Sunday, has not restored conf
dence u buyers,
Much as has been made of the unfav-
orable effect on railroad values, which
would follow with an adverse decision
by the supreme court in the maximum
freight rate case, and the joint tariff as
ISOLATION case. Yet the prevalent belief
in the street is that the right Of the state
OF Nebraska to fix maximum freight
rates viii be denied and there has never
been much doubt felt that the Joint traf-
fic association VIII be declared illegal as
was the trans-Mlssouri freight assocla-
ton, There is more sincerity in the ap-
preheRsIeR expressed that the Cuban
problem will ultimately lead TO a rup-
ture with Spain, The substantial harm
done by the yellow fever outbreak and
the consequent interruption to railroad
traffic Is brought in evidence by the de-
creased earnings shown by the railroads
In the territory affected. The admitted
rate cutting by the railroads Is feared for
its effect on earnings, as Is the falling
off In the grain movement. The returns
OF railroad earnings nevertheless con-
tinue to make large showings, said to be
due to the movement of general mer-
Candise and passengers.
The trade reviews all report continued
expansion in their lines, the improve
ment in the iron industry being especial
ly marked The increase In the output
OF pig Iron and the decrease in the stocks
Indicates that the rate of consumption
has increased about 40 per cent since
July 1. Further engagements of gold
for Import were expected to have been
made this week, but the purchase OF ex-
change bills against last weeks engage
ments have kept the rate of exchange
above the Import point. This point has
also been lowered by the advance In the
price OF gold bullion in London and by
the rise In discount rates at London.
Paris and Berlin. A very heavy move
ment of gold before the season ends is
considered Inevitable. London has
ceased to sell American securities in the
New York market and this week has
been a buyer. The governments trade
statement for September shows a bal
ance of trade for the month In favor OF
this country of over S62 100000 The
movement of cotton, now but just gain
ing tide, Is expected to give heavy halA
ance for october In this country's favor.
IL 10 " De DOlut III IllIu, HOWeNtT, lUhL
the low price Of cotton prevailing will
make great difference In the amount
OF exchange demand to pay for the ex-
ports. To-day's statement Of imports at
New York for the week also show a
striking Increase over last week OF 81
SS3,55l. while the exports from this port
for this week fell off S2,454, 1894. This
must modify the Internal exchange situ-
alton to an appreciable extent.
OF the increase in specie OF 1893 200 as
shown by to-day's bank statement there
is included only 100000 received from
Europe. Yesterday receipts Of 81, 900, 900
and to-day's Of nearly A,40O,OOO In gold
by incoming steamers ure not included
in the return. The return IL a strong
one without this, the increase In surplus
reserve being due largely TO increase In
cash and In less degree to decrease In
deposits than has been the case Of late.
An actual Increase In legal tenders Is n
surprise and is a measure OF the large
dimlnution in the demand for money
from interior points Banks of western
and central cities have been bidding In
the New York market for commercial
paper and the decrease in loans OF 81, Gl4,-
100 may be accounted for in part by this
fact. The weeks declines have been
heaviest IN the specialties, Sugar and
Tobacco leading with Gla and 81 per cent
respectively, Declines In the railroad
list range from to per cent, the gran
gers, southern and southwestern roads
leading. Chicago Gas sold as low as
sly, but recovered to "a.
u, s. bonds have been strong and high
er, the new 4e, selling at 127is, a new high
record.
tr,,ar,t,,,, DAFT. 7 ,,1.,, a,.au.ioI oa,,a
gram:
Stock markets were good to-day. The
feature was the revival In Americans
and Katiirs. In the former Central Pa
cltics were especially good. strong pool
Is said TO be formed In them.
Nothing definite Is yet known IN the
city about the cabinet meeting to frame
the answer to the bimetallic commission.
but at the time of cabling silver is being
sold freely for forward delivery
The Flnancler says a feature OF the
statement Of the associated banks OF
New York city for the week ending Octn-
Der 10, that attracted some attcntlon.was
the shrlnkage In loans. 1t Is rather DIFF
fiCult TO explain the loss, except on the
theory that there has been great deal
OF liquidation In stock exchange business
and an analysts Of the Items of the Indl-
vldual banks shows that the loan
changes In two large nsUtutons-thp
National Union and the National city
banks account for the difference report
ed since the previous week.
The effect Of the gold imports Is shown
In the Incrc0se of specie The gain legal
tcnders-the FIRST expansion In this item
since August 2S-secms to show that the
Interior movement IL nearing an end.
This Is not exactly the case, although the
drain during the week, has been less than
usual. and the treasury demands have
been light All the gold imported laet
week does not figure In the totnls, 80 that
It Is reasonable to suppose that the posi-
ton Of the banks, so far as cash Is con-
ccrnod In stronger than Indicated The
statement polnts to an easier money
market, In the absence Of any marked
activity In speculation, aud the oflltial
statements Of the national banks VI the
United states az published last week.
showing their strong position with refer
cfico 10 reserves, trenEthcn this view,
The rising rates for money abroad, and
the continued case here. fdrcBhaduw
situation such me- prevailed last gen
son, when the United Stntce loaned large
amounts 10 Europe on sterling bills. The
quotations for money IN New York and
London are undergoing changes which
win probably place foreign above dOmcs-
Tie rates FOR some time 10 come
BONDS AND STOCK QUOTATIONS.
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