The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-29
FINANCE n TRADE
The Features OF ths Money and stock
Mark.tr.

~ HNelS uuslneSS IN the Sec
ond hour Of the Saturday short session.
The volume OF the dealings and the
general movement OF prices were great
er than have been seen for several
weeks past The on the
board room floor OF one OF the principal
operators during the summer rise In
prices and the distribution OF large or
GERS Tor his account were undoubtedly
the principal causes Of the rise. The
resistance OF the market during the
week 90 pressure and gradual harden
Ing OF prices in spite Of the dullness
had laid the foundations for an adj
vance IN prices under any confident
leadership. The strength alarmed
shorts and they FASTENED TO cover, thus
helping along the rise, II was notice
able that the strength and activity OF
the market were transferred from the
specialtles and industrials to which
they have been largely confined Of late,
TO the standard railroad shares, Gains
of about a point or over were register
ed In the grangers shares, the coalers
and in a number OF the trunk lines.
The southern lines Jagged IN a rather
conspicuous manner, Notwithstanding
the strong statement OF the Atchlson
company for October, showing an In
e In net earnings of SfS5, 700. No
small part of the strength In the rail-
way list was due to the anticipation
that the supreme court upon reassem-
bling on Monday after Its autumn re-
cess will hand down a decision in the
Nebraska maximum freight rate favor
able to the railroads, This decision
has long been looked forward to to
give an upward impetus to prices and
prices have intact been several times
advanced IN the assumption that II
would be favorable and have subse-
quentiy reacted. Sugar was strong and
easily led the list with an advance Of
1% per cent on reports that a decision
from the treasury department would
be forthcoming, applying the
countervalllng duty clause to Dutch
refined sugars.
The bank statement was about what
was expected, Although there was an
actual increase in cash reserves OF 3d.
3SS, 700, the legal reserve vas raised by
more than that amount owing to the
tremendous increase of SIG, 744, 100 In the
deposits. The surplus reserve In conse-
quence, has fallen Off by SS47, S25. The
excess of the increase In deposits over
that in loans reflects the movement of
currency from the interior to this CEN
tire. The large proportions OF the in
creases In loans and deposits are OF
course, reflections of the Union Pacific
payment on Monday, The condition of
the money market, present and pros
pective, has been Of greater interest all
week than the stock market, The heavy
Union Pacific payment made not the
slightest impression on the market. or
course the fact that the government
left the whole amount on deposit after
its payment obViated It's actual with
drawal from the market, but the fact
remains that the raising OF an enor-
nous amount OF cash was effected and
an extensive shifting of loans and
credits accomplished that would inevl-
tably have a stiffenlng rate for money
somewhat had the market not been In n
plethorlc conditions. Even the re-
sumption of business activity In the
south with the removal of yellow fever
ouarantines has failed to result In n
notable demand for money from that
nuarter, The west is sending money to
New York bank vaults, that region be
ing plentifully supplied rs the result of
paving off OF long standing obligations,
Chicago banks are reported to ave
several million dollars loaned in Ger
many as the result OF grain bills pur-
chased Mt that centre. which have not
vet been drawn against by exchange
bills. This operation involves the pur-
chase of long exchange to hold until
maturity and the New York banks have
loaned money abroad by a similar oper-
alton. This doubtless accounts in part
for the Hrmness of the foreign eX-
change rates in face OF the continued
heavy exports OF food stuffs, There has
been some buying OF long sterling for
Investment during the week, based on
the supposition that the balance OF
trade MAY have shifted by the time 1t
natures, and so have raised the rates
for exchange. 1t is worthy Of special
notice in that connection that the i'm
ports of dry goods and general mer-
chandise for the week at New York
show an increase OF $2,573,475, or
w &c per cent owe those of
last week, and they exceed those of the
corresponding period OF last year by
over s 1000, 900. II this Indicates q set
tied tendency OF foreign trade, It will
not only mark the beginning of a set
tlement Of the heavy trade balance in
favor, which is a potential factor In
the case OF the domestic market. but It
marks an Increase IN the governments
on imports and consequent
decrease In the deficit which Ia con-
stautly running from the treasury into
the channels OF the money market. The
foreign exchange market has probably
felt the effect OF the weeks sales OF
American securities for London account
in this market. London has sold quite
steadily OF the stocks which make UP
the bulk of ordinary arbitrage opera
But there have also been large
sales of hiah grade investment bonds by
That center, owing 10 the high range OF
prices prevailing here. Remlttances to
nav for those have helped TO keep the
exchange market firm. The stock mar
has offered almost no feature OF In
tersst during the week. As q result Of
Ia. day's strength the list generally
shows small net gains. Stocks of New
York corporations were notably active
md strong. Metropolitan street rail-
way and Manhattan have risen AZ per
cent each. Consolidated Gas has nuc-
more than twelve points and
closed oyer FIVE points lower. The
Northern Pacific stocks Nhave been
strong ON talk OF n dividend for the pre-
rcrred and the preferred IL 3A per cent
higher. Sugar Is up three points on the
week
The feature Of the bond market has
bccn the large demand and the meagre
offerings OF hiuh ? ,1c bonds. The
has not been notably active.
hut prices are generally slightly high
err. Total sales, SG,GOO,0 0
United States old n registered arc
y per cent higher bid. the old Is cou-
non aud the new n 4 per cent higher
bid and the rs n per cent lower bid,
The Financial SAYS: