The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-01-10
HIGHEST KNOWN SINCE 1898.
! sp,e I. Correspondence .,,e,

NEW YORK, Jan. S.--ordinarily. The
opening OF the year is attended With
4 buoyancy In the stock market, owing
Z tosthe REIMBURSEMENT Of interest and
i dividends then distributed or to their
employment In speculative purchases.
This year, the amount OF those dis.
gbursements in January is estimated to,
be so. 2oo, 900. which Is the highest sum
ever reached, except in 1898, when tho
total was about 100000 higher. Yet
\ the usual rise In prices has not been
prompt in appearing; and, during the
1 first half OF tho week, the market was
dull and prices somewhat unsettled.
This lack OF response TO the general ex-
\ pectatlon seems to have arisen from
the; fact that the buying during the last
half OF December was largely In nntici.
&patlon OF the expected January rise and
Z that consequently there has been some
4 tlmid selling because this buying was
delayed. Another explanation may be
found In the fact that the investment
demand has &C, far run almost entirely
upon bonds, with consequent large
advance In their market value. 1t Is to
( be kept in mind, however, that the ef-
4 feet OF these disbursements has not yet
been fully felt: as the payments are
usually distributed over the whole
\ month. and the rise in the prices OF
bonds Is likely, judging from common
Sexperience. torIromote q subsequent
advance In stocks In order to equalize
values between the two. The condition
y OF the bank reserves has also had some
influence In producing the temporarily
depressed tone OF the stock market,
I; The surplus, on Friday last, was only
S15. 100000 which is the lowest figure.
since 1893 the sum for the first week, OF
Z 1897 having been 49, millions: OF 1896.
1913 millions: Of 1895. 35S millions: 'of
1884. S3,S millions; and Of 1893, 8.9 mil
flions. tlf5rl..
s This comparatively low condition OF
4 the reserves, for this season : OF the
year, Is largely due to the settlements
connected with the Union Pacific debt,
and may be expected to gradually dis:
appear within comparatively short
b period The last payment OF the COM
! mtitee on these settlements, amount
! Ing 10 round figures to IS. 900 900, was
made on Tuesday last, and the amount
- IiIOiCS llGlo ny Lie view
4 York banksTon this account Is estimn-
ted to be from $751; 900 to SIS. 600, 900,
\ which involves a reduction In the sur
plus reserves to the extent OF % per
4 cent OF that Item. There are also some
other Important unusual elements in
"a the banking situation which tend to
Sstiffen the money market. 1t Is estin,a-
y ted that the amount OF foreign ex-
4 change held back for temporary Invest
i@ment now reaches 5000 600.
The amount OF IL foreign bal
ances due New York on open
accounts. but allowed to rest in
London and Berlin, Is supposed by
those best situated to know, TO be. not
&less than 100000; and besides this
4 the bankers and banks OF this city are
Z under. advances to Europe, against
i pond collaterals. to sum probably not
Il less than 100000. Putting together
n these three items, they show that New
Z York; Is now virtually lending some $780,
Y O,C00 to the European money centres,
Z which, but for these defcrments OF set
elements. would have brought us an
equal amount of gold. Sc long as these
e accounts remain Outstanding. It is, not
TO be expected that we shall soon wit
Z ness any notable ease in the local mo-
ney market. The position OF the loan
Z market is. however, = strong and
healthy one: for these advances to for
Il eign5 countries represent a resource
L which can be transferred for home use
J; at the convenience OF our local demand.
For the time being, however this stu
Z alton has tendency to hold In check
any large operations in speculative un-
q dcrtakinss. q.
- Nevertheless. during the last two
days of the week, there was distinct
! improvement In speculative transac-
4 tons. Some OF the lately-absent lar
3 ger. operators became active buyers, and
z the increased orders to the commission
Z houses. showed. that outsiders were be-
/ ginning to employ their Interest and
&divldcnd receipts In purchases Cor high
er prices. How far these operations may
run, it:reaains to be seen. 1t Is certain.
3thowever. that the, general situation Is
virtually in every sway favorable to a
hlgher5ranse OF values FOR stocks.
siiFls The railroads keep UP their late eI-
n Extraordinary rate OF increase In busi-
ssness. The gross earnings OF eighty
flour roads fo- the second wccl, Of De-
\ eember show an average gain over last
year OF II per cent. Estimates OF the
N lNOseulCut Gul tiIt = Ieul C.Op ,ltulcIle
an unusually large stock In the hands
Fof5 farmers on the LIST OF January;
which remains as n future contribution
Z to the business OF the roads There Is
q every probability that, when the spring
trade Gets In. there will be an unprece-
: dcnted amount OF merchandise treigh,
i golnG to the interior, which Is the most
3fprotltable kind OF traffic. Thus It seems
TO assume that the great
increase OF earnings during the last six
4 months will be continued through 1898.
5s!$ IN business circles generally, the
! feeling is much more confident than 1t
: has been at any time since the recovery
r4ot last year set in. We have had sew
ERA! months experience OF this recuper.
gation9 and are therefore in fair POSI-
4; tIonSto Judge of Its quality and further
y DEVELOPMENT: and the opinion seems to
e be uniform thatit rests upon ~ sound
94ond permanent basls and may be OK
\ peeteda to expand into an era OF great
J national prosperity. In mercantile cir
9cles. the feeling Is conservative. but
full OF confidence. Credit is In whole
A True Maxim.
Nothing succeeds like success. is a