Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-09-26
FINANCE AND TRADE.

NEW YORK, September 25.-Com-
mercial Advertisers London financial
cablegram:
The market here to-day stagnant and
dropping, in view CT the political out
loko and the settlements tomorrow
Americans were dull till the afternoon,
when they fell away in the absence of
New York support, finishing at the
lowest Spanish is were 611s; Tintos,
1875; Anacondas, 1914. Forty-seven
thousand pounds in French coin was
bought by the bank. The bank did
little business at 31a. Silver hardened
On the French tender of 10000 kilos to
be lodged On Thursday.
Stocks-Students of stock market
cycles have observed that a violent
movement in either direction is certain
to overrun itself. Thus the forced Ii
quotation Of the last few weeks has in
vited a horde Of bear followers. When
the liquidation had spent itself the con-
tracts of the bears were left uncovered
and the demand from that source work
ed sharp rally. In the normal course
Of things period of dullness was then
due, and it arrived on time to-day.
With money still tight, no news specu-
iatiye demand is to be expected immed1-
ately. On the other hand speculative
accounts on the long side have been
pretty we'll shaken out and the bears
are rather chary of making venture
some incursions into grounds that do
not premise large returns. But stagna-
ton of demand means declining prices,
though the progress fay be but slow.
The conviction is not strong that the
process of loan contraction is complet-
ed entirely. A study of the detailed
statement of the clearing house banks
reveals the fact that the surplus is made
up from the holdings of a few clearing
house institutions, while the majority
of them are still below their legal re-
serves. There was a sharp reminder of
this condition of affairs in the trading
in the last hour. when money was
marked up to Is per cent.
The quickness with which they re-
ceded, however, to six per cent again
gave the higher rate the appearance of
being manipulated. Borrowers some
times hold off till late in the day in
hopes of getting better terms and then
find offerings largely eurtailed while
their necessities are still unsatisfied.
The rate was down to 51a per cent ear
lier in the day. Tie furry in the last
hour caused the most active selling of
sticks of the day. Those who reason
that the point has been turned towards
easier money found little in the days
occurrences to encourage them. New
York exchange was heavy at practi-
caly all interior points and shipments
to the interior continues. The sub
treasury also continues to absorb funds
from the banks. The large supply of
gold certificates now available is far
from improving conditions in New
York rates, as it simply facilitates the
movement to the interior A firmeh
tone of sterling exchange precluded
hopes of an early gold movement. Dis
counts in Berlin stiffened sharply and
sterling exchange there fell a fraction.
. Discounts in London responded with a
rise of fraction. No marked strength
was manifest in stocks at any time
during the day in spite of the bidding
up of Brooklyn Transit and Leatheh
preferred. The specialties show the
sharpest losses, reaching between 2 and
4 points in number of instances. In
the railroads the grangers were most
affected, but a number of other rail-
road stocks are down as mTeh as a
point. Bonds not as weak as stocks
as there are ;lsnumber of firm spots In
the market Total sales par value
$1,240,000. United States. IS declined
Il and the old registered advanced 4
in the bid price.
Quotations closed bid:
u. s. Is registered 100ts
~ :. Ss reelstefed --..-.--.-.---.-.-.-.- JOSS
y. D. IS coupons. ACKNOWLEDGEMENTS. .1QSss