Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-09-11
FINANCE and TRADE.

showed some evidence OF uTIHHeSS III
the first hour OF the trading and up to
the time of the publication of the bank
stocks was exceedingly narrow, snd
the late selling movement, though not
very pressing, was sufficient to bring
the general level of prices below those
of last night. Tennessee Coal con-
founded the bears again by soaring an
additional points upward, and after
reacting 31a recovered to within
points of the top. Colorado Fuel con-
tinued to show close sympathy and
was up over points before the late
reaction. Add to these continued
large demand for Manhattan and SYM
pathetic strength in Metropolitan and
Brooklyn Transit, and good gains IN
International Paper, Union Bag and
Paper and Lackawanna, and the points
of extraordinary strength in the mar
ket are about exhausted. The London
exchange was closed for house clean
ing and the recent depression from that
source was lacking. Paris was looked
to for reflection of foreign sentiment
and the view there seemed to be
cheerful one. In view of the pessimis-
tic forecasts that have been heard all
week regarding the bank statement, the
bears had a feeling early in the session
that a poor statement had been more
than discounted and were inclined to
cover. But the statement showed
loss in cash quite 100000 in excess
of the most unfavorable previous esti-
mates. The comparison is the average
total of cash for six days with the
average for the preceding six business
days. AS the totals have been on a
descending scale, the average undes-
states the actual total. The contrac-
tion of $6,016,700 in loans reduced the
reserve requirement by about $780,
900. Otherwise the surplus above legal
requirements would have been below
a million. 1t is believed the treasury
would consent to leave on deposit with
New York banks the payments for
taxes next week, but this would only
partly relieve the drain, as the demand
from the South will continue, and no
increase in cash resources would result
from the measure itself 1t is evident,
therefore, that the process of loan con-
traction is to continue for the immedi-
ate future.
Wall street started the week after
Mondays holiday with a disposition
apparent to contest the depressing in
fluences Of the shrinkage of surplus re-
serves in New York banks and the
gathering war cloud in South Africa.
But the climbing of the money rate
and the selling of stocks for London
account proved efficacious arguments
against an immediate further advance
in prices. General prices refused to
advance at any time, and remained in
different to the wide upward movement
in individual stocks, whether the Van
6erbilts, the volatile specialties led by
Tennessee Coal or st. Paul The move
ment of st. Paul was based on the
publication of the annual report and
was the most influential in its effect on
the general list of the week.
The increase in nearly branch of the
exceedingly varied traffic of this great
system, the extensive improvements
and betterments effected during the
year and the large surplus of earnings
carried forward even after the generous
allotments to cost of improvements
from current earnings made a most
hopeful showing of the conditions of
the transportation industry and had an
inevitable effect on prices of all railroad
securities. The condition in the money
market have caused growing caution
during the past week. The downward
course of the cash reserve item of the
New York Clearing House banks has
been made little of for several weeks
past. 1t has been argued that there
was plenty of money available which
did not show in the weekly clearing
house statement. The many new trust
companies which have been organized
and the insurance companies have
pointed out as sources of supply, which
are not indicated in the clearing house
statement. The fact that banks in
Western cities have been bidding for
mercantile paper in the New York mar
ket was cited as evidence that the in
terror was supplied with money to
move the crops and need not call on
New York. Deposits of Western and
Southern banks in New York banks
have been transferred on large scale
to eastern cities, owing to the recently
enforced rule of New York banks to
charge for collections of outside checks,
and this was expected to shift what
ever demand might come from The
west and south for money upon other
cities. And the conviction has been