The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-12
Y1EAHCR AND TRADE
Ths Features q ths Mopsy aud Steel
MaFksts,

NEW YORK, Sept. ie.-Ths s,oes
market opened higher to-day under the
impetus Of better prices for Americans
In London. The London advance was
apparently manipulated from this side
for the rise here was met by quite
heavy offerings in continuation of the
liquidation of the last few days. forced
by the calling of loans. The extent Of
this liquidation IS reflected in the con-
traction Of Ss,77S,7OO in loans shown by
the weekly statement OF the clearing
house banks. Northern Pacific pre-
ferred and New York Central showed
the largest gains In the railroad list. the
latter on short covering. The advance
In New York Central was lost but
Northern Pacific preferred held persist
entity firm in the reaction after the open
ing.
The reaction at the opening invited
some buying, especially in ST. Paul.
which rallied nearly point on the ,raf-
&c statement for the FIRST week in Sep
TENDER. showing an Increase over last
years unprecedentedly high level Of
$ss.272. The lndustrlals came more into
notice In the second hour. especially To-
bacco, which showed a violent recovery
from yesterdays weakness, rising ar
extreme seven points on forced covering
: of shorts.
The news which caused the advance
was mot forthcoming, but presumably
had to do with the plug tobacco agree
ment, the alleged failure OF which
caused yesterdays decline. Sugar, Rub.
Der, Steel and Wire and Hawaiian COM
mercIal were also consplcuously strong
The continued shrlnkage of cash re-
serves OF New York banks has been the
prevailing factor in the stock market
during the week. The large demands OF
the treasury on New York banks for
cash in payment of bond subscriptions
are reflected in the heavy decreases in
all items of the bank statement. The
large decrease OF S1s,O3e, 200 in the actual
cash balance is more than accounted for
by the diversion of cash from the banks
to the sub-treasury on bond subscrlp-
lions. There has been besides a net
movement to the Interior during the
weak. The receipts OF gold from Europe
have not been sufficient during the week
to make up the discrepancy The drain
on cash reserves has necessltated a con-
traction In loans of SG,T7S.7oO. bringing
the decrease in deposits to s2O,4S7,-
200, resulting in a decrease in reserve
requirements of S5.l22,O25. There ls
nevertheless a shrlnkage In the surplus
reserve of S7,sO4.T15, cutting down last
weeks surplus more than one-half 1t
can hardly be said that there is any
difficulty in obtaining money for bust
ness purposes or any uneaslness regard
ing the future OF the money market, ex-
cept In purely speculative circles. Not
wlthstandIng the smallnesj OF the sur
plus net deposits and total loans are
unprecedentedly large, and an extraor-
dlnarily large proportion of the loans
are secured by collateral. The meas
ures promised by the treasury In autIc-
lpatIng interest on the per cents and
the redemption of the currency 6s will
release about S2O,OOO,OOO to the money
market. The more rapid distribution OF
the.new bonds also makes them avail
able for circulation and as security for
government deposits. The proportion OF
the bonds already distributed which are
on deposit in Washington for this pur-
pose is surprisingly small and the fact
suggests that bankers are little inclined
to pay the exporting premium on the
bonds to save the tension of the money
market, which brings higher rates in
money
The condition of the money market
has restricted transactions in bonds as
well as in stocks and prices are gener-
ally lower.
U. S. IS. the IS and the old IS regis
tered have advanced Y, the new As Is
and the IS when issued Il per cent in the
bid price.
.,,-, ,>,-, r,roC,, o,,o,r ,rro>,s