The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-19
r1HlNcE 40 TRApE
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NaFksts.
NEW YORK. sept. is.- London
started prices downward this morn
ing, and there were general de-
clines after the opening on ae-
count OF uneasiness over the effect
Of an unfavorable bank statement
There was evidently profit taking on
heavy speculative line OF some of the
leading stocks, the efFect being most
pronounced in the Northern Paeitis and
ST. Paul, the former running OH
point. Al the same time there were
points Of strength IN the market. no
tably Baltimore & Ohio and chicago
Greatwestern on reports OF passing 70
the control of Great Northern interests
looking TO the formation OF a great
transcontlnental trunk line. One or TWO
OF the speclaltleS also moved briskly up
wards. There was a covering OF
shorts in sugar, thus eliminating tne
leading factor OF weakness from tue
market. AS a consequence liberal
demand sprRng up at the low level ana
there was quite a notable absorption
Of stocks. Prices Of the coaleFs were
bid up sharply in the second hour on
the strength Of the Reading statement
showing an Increase for the hseal year
Of over a million dollars in net earnings
and balance OF almost per cent AFTER
nil prior requirement., applicable TO dlv-
ldends on the first preferred STOCKS
The completion Of the large speculative
selling In st. Paul brought that Stock
Up again on buying invited by the
~ he WwnnIF
September, showing an increase In
earnings Of sos, 81 over last years hign
level The bank statement also proved
stronger than expected with surplus
remaining Of $i,240,I00 and preclpitated
a general buying movement sugar
was suddenly raIded down points In
the final transactions and caused sym
pathetic reactions in some OF the spe-
ciaIties, but the general market held
pretty firm at net gains throughout
New York Air Brake rose ~ points,
but reacted q point. Wabash preferred
advanced ~ per cent. Reading and
Wisconsin Central bonds we're active
and strong and Wabash debenture Bs
continued to advance.
To-day's bank statement Is expected
TO show the low water mark OF the New
York banks surplus reserve. The
weeks decline was only $2,SS6,3I5. But
this was after the government had In
creased It's deposits with New York
banks some $5,O00,0OO during the week
and the loan account OF the banks was
contracted Sl2,l3O,bOO. The stock mar
ket liquidation in the early part of the
week was due 10 some calling of loans
on collateral not OF the higher grade.
But there was no such contraction OF
loans on stock exchange account as that
reflected in the bank returns. The item
more probably Indicates the beginning
of the liquidation OF loans made by
New York banks to other banks all over
the country for the purpose of tfnanc-
ing subscriptions to the government
loan. The distribution OF the new bonds
has been a slow and tedious process. es-
pecially those for $500 and under which
went to Individual subscribers all over
the country. The distribution OF bonds
OF larger amounts has now commenced,
and their distribution Will work the
liquidation OF loans made for subscribe
ing to them. Moreover the supply OF
bonds available to the banks for clrcu-
laIon and as security for government
deposits Is materially increased. 1t was
these conditions that led 10 the subsi-
dence OF apprehension of a money
stringency during the week and to the
sharp recovery In the prices OF stocks
and bonds. The immediate future OF
the New York money market is prom
ised relief by the RatlclpatoFy dis
bursement next Tuesday OF the October
first Interest on the United States Per
cents. registered OF 1907, which Will
amount to nearly $5,0000O0.
Railroad bonds have moved sharply
upward 10 the latter part Of the week
on increased volume OF business.
United States Ends have advanced IS,
the Rs when issued u, and other govern
neat Issues Y per cent In the bid price.
RONDs AND STOCK QUOTATIONS.