The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-08-28
FINANCE AND TRADE.
The Features Ortho Money and Stock
Markets.


Markets.
NEW YORK, August T.-The mar
ket opened with yesterdays dropping
tendency stlll in force. and the weak
ness was not entirely overcome during
the short session, although there were
improvements. The London exchange
was closed for holiday. leaving some
uncertainty as to the speculative senti-
ment Of that center, which was de-
pressed yesterday. Added to this was a
weak tone in Sugar on a new crop OF
rumors Of a new phase Of the war In the
Sugar trade. The new stocks of the
Republic Steel Company. dealt in on
the exchange for the time yesterday,
showed an inclination to maintain the
price established for them yesterday,
and Norfolk & Western and Northerh
Pacific in the railroad crop showed
reactionary tendency. Consolidated
Gas dropped an extreme AZ per cent.
Brooklyn Transit was heavy, and there
were other less important points Of
weakness. In the second hour OF the
session the traders manifested a dispo-
sitlon to cover short contracts, appar-
emily in the fear that the unfavornble
character of the bank statement had
been exaggerated, as proved to be the
case.
forced up Consolidated Gas an extreme
az per cent. Mobile & Ohio gained
about 3 per cent and Norfolk & Pacific
rallied over a point. Great Western
preferred gained 3 per cent; Louisville
Chicago & Eastern Illinois, 81. Paul q
Duluth and the Tobacco stocks a point
or over. Sugar advanced an extreme
2K per cent, and became very feyerish,
serving to unsettle the market The re-
coyery in the general list, however,
held for the most part. feature
was the movement In a number Of In
siRnifcant stocks, including Peoria &
Eastern. KanAwhn & Michigan,
Keokuk & Des Moines and Col
orado Coal Development Company.
In view OF the forced liquidation In
Brooklyn Transit early in the week, the
extension Of credits TO the amount OF
s., 056, 900, shown by the bank statement
came as a surprise. The decrease IN
cash proved to be less than million:
whereas the known movements OF
money indicated that 1t would be
| "a 200 600. The decline in the surplus
Is therefore largely due to Increase OF
reserve requirements by reason Of the
loan EXPANSION. Viewed apart from
Inc previous exaggerated estimates, the
return is weak. The changes are I'M
possible Of explanation from any trans
actions known to the public.
The action of the stock market was
very irregular, and somewhat puzzllng
during the week. A number Of the
most prominent speclalties and Indus
trials showed extreme Generalization
early IN the week. Ths raids by the
hears upon these stocks were COM
monty supposed to be a tactical ma
noeuvre with the object Of obstruchng
the disposition OF the general list 10
advance.
| road stocks net changes are small, nor
has there been any marked activity In
these stocks during the week. quite
number Of Southern and Southwest
| ern railroads show reactions from re-
cent high prices on proht-taking, whlch
has been on a very large scale. II mas
been sufficiently obvious that the ten
dency OF the market to advance was
chiefly due 10 operations by pools form
ed by professional spectators. The
buyinR OF 5000 shares Of stocks and
then bidding several points higher for
100 shares Is quite familiar process
on the Wall street, but In a number OF
cases this week the higher bid deVei-
oped nm astonishing amount or stock
| waiting to realize. A good deal OF
this. according TO the opinion Oh spe-
| cIalists, IL stock that was bought at
a higher level last spring by that por-
tion of the population designated IN
Wall street rs the outside public"
Having held through heavy decline:
these owners are eager TO take small
uront or oven 10 get out without loss.
In the high grade railroad stocks, such
ns tho Changers and Trunk lines, prices
we're long ago mnde to discount eN-
nected increases in dividend rates. In
acme cases these increases have not
come. in spite Of large gains In earn
lnRs, but prices have been maintained
al the high level. The return on the
purchnSe Mt present dividend rates OF
many standard railroads Is less thnn
on high grade bonds, Moreover, inc
great activity in all branches OF trade
ana Industry, ana the employment thus
Sound Tor money has made n rate for
money which tempts TO the conversion
~ securities Into floating capital. Last
vear authorities In the financial world
nredirted that the return on capital
wo mi, be permanent at to 81 per
cent and prices OF high grade seenri-
Ties were run up accordingly; win
money In the market yielding per
cent or better In loans, the hold OF
stocks and bonds on the higher level
~ nrlccs becomes somewhat precarlous.
This Is shown in gilt-edEo railroad
bands and In government bonds.
ia likely to continue firm. at
ieast at the present level Of prices. Is
Inc evident expectation OF the worlds
nnancnl authorities, as evidenced ny
thc precautionary and strengthening
pollcy OF the Banks Of England.
France and Germany, which Is con-
tinued even after the considerable nc
emulation Of reserves already aheeted.
The same policy Ia IN force Dy New
York clearing house banks. What
ever present ease IL apparent In the
money market Is obviously due to the
quletncss OF speculation and the con-