The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-04
FINANCE AND TRADE,
The Features of the Money and Stock
NInrkets.

Markets.
NEW YORK, Sept. S.-The stock
market was extremely dull throughout
the days short session, and net changes
extended beyond fractions only in rare
Instances. As the bears had sold the
market short In anticipation of the
bank statement the evening up Of their
contracts when 1t appeared closely
conforming to estimates, created de-
mand which rallied the market from
earlier depression. and brought prices
In most cases above yesterdays level.
The fact that Monday is a holiday had
an effect in keeping stock exchange
operations at q minimum. The report
OF death from yellow fever in New
orleans and the Texas guarantees
caused weakness In the railroad stocks
In the south, notably Illinois Central.
Brooklyn Transit, Tennessee Coal, the
Republic Steel stocks and American
Tobacco led rise before the bank
statement came out. In contrast to
the sudden outbreak yesterday Of ac-
tlvity In the Vanderhll,s there was only
single sale in the first hour Of North
western and Omaha, the latter at
gaia of point. New York
central did not appear on the tape
at all until the second hour. Kansas
& Texas seconds became nctive In the
late dealings, and advanced per cent.
The stock market has shown the eff
fects this week OF proiit-takinB by the
organized pools, which were active last
week in advancing the prices o. GER
tain railroad stocks. Those stocks
have suffered most acutely, but the
whole list has shown an increasing dis
position to sag. Early In the week
the pools were sharply manipulating
the Industrial BpeclaltIes TO sustain
prices and cover the realizing going on.
The short Interest In some Of the In
dustrInls was sensitive to the upward
movement, and was inclined to cover,
helping the strength. The various
professional manoeuvres were the sur
face Indications OF the elimination OF
the recent bull movement, and the mar
ket iapsed into dullnesB and neglect az
ter they had been concluded. There
WINS no heavy liquidation In evidence
outside the speculative profit taking,
and the market took on the condition
OF lethargy and sluggiShness which In
dicntes the contentment OF the mass or
holders OF securities and the unwilling
ness Of buyers to raise their bids. This
has not prevented the rise OF rail-
road stock here, and there from indi-
yIdunl causes. Earnings OF railroads
continue to show unprecedented results
But there Is no change in the cautious
and conservative policy heretofore
shown by railway managers. They
have continued to make extraordinary
outlnys for hetterments. and In many
Instances are inclined to pile up sur
MUS against future contingencies, or to
put the surplus earnings into perma-
nent improvements designed TO cheaper
the cost Of transportation. Present
high prices of railroad stocks have thus
anticipated increased dividend dis
burscmcnts which In many cases have
not come. The persistent increase OF
railroad earnings makes the higher
dividends Increasingly probable But
the actual declaration has been IN many
cases more than discounted. The stocks
OF iron and steel companies on the eX-
change very obstinately refuse 10 ad-
vance, owing to a feeling that the pres
ont conditions In iron and steel are alb
normal, and necessarily trnnsltory.
Fyen the buOynnt tone OF one stock In
this group elected little response else.
where The evidence OF uneasiness, II
not of actual distress In foreign Imam
cial centers, on account OF heavy bllls
they must pay in this country, are &C.
ccpted by the bears as n symtom that
easier means will be- sought In future
to satisfy their needs.
So FAR as the Immediate outlook Is
concerned, money conditions are favor-
able to the decline In prices Of secnrl-
ties. The surplus reserves OF New
York banks are uprccedcntcdiy low for
this period Of the year Even II inter.
- ,,,,,.,, ,,orkotg nre nble to supply
funds TO move the crops that VIII In
volve curtallmcnt or supply at
source to which New York has applied
quite freely Of late for relief. The
constant recupcrntive process OF the
banks Of England. France ana Ger
many for many weeks has put those
great centres Of finance In much better
position to meet an imperative demand
from New York for gold. But u IL
still quite obvious that only higher