The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-09
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

ING Va NAtl A'AO4Na s-A-N
Markets.
NEW YORK, Oct. 1.-THE stock
market was much neglected to-day, the
yacht race proving the greater attrac-
ton. Prices moved narrowly except in
a few industrials, and the small room
traders had the.market all to them
selves. They bid up prices after the
opening in expectation Of favorable
bank. statement. Prices declined when
the statement appeared, but there were
no urgent liquidation and the bidding
up of Louisville to a point over last
night steadIed the market. The closing
was rather irregular, Attempts to
sull further depress Brooklyn transit
met with resistance and the stock
gains a point net Changes generally
are very small and mixed. but the ma
jorlty are gains. The bank statemen.
failed to show the large relief as re-
! suit Of expenditures by visitors to the
Dewey celebration which has been
much harped on by spectators all the
week. Not more than million dollars
Offset to the drain to the interior and
| to the sub-tTeasury can be detected
from the bank return. The reduction
| In the reserve requirement by reducing
loans $3,500.2 200 was not sufficient to on
set the toss In cash and the surplus falls
| to S643, 200. TO-day's clearing house
Abatement shows the sub-treRsury u
debtor to that institution for 1901 $3.50,
! Coupled with the receipt Of gold by
to-dny's incoming steamers this had
the effect Of counternctlng to slight
extent the unfavorabls bank statement.
| Prices OF stocks arrived at condi-
| tIon Of stability during the week as
compared with the violent fluctuations
for some time past. This condition
represents the adjustment of values
| between the conflicting influences OF
stringent money and prosperous busl-
ness. What with unwillingness to sell
nj present prices and unreRdlness TO
| buy the market has been remarkably
| dull. 1t has not been narrow though,
and the number Of different issues dealt
| in has increased and buying OF odd
] lots has indicated the presence of the
bargain hunter. Pressure OF liQuida-
ton has not been heavy, even when
money rates were highest, The
amounts loaned at the high rates,
| which were 20 per cent on one day IS
| per cent on another were small pro-
portion and were caused by enger bid-
ding OF belated borrowers who Ind
been dfsat0ry about supplying their
needs from the earlier offerings, hoping
for break in rates later In the day.
The problem for the future Is how
! much farther the demand for the crop
moving purposes VIII encroach on de-
pOsltS OF interior banks with New
York banks and on call loans Of inter-
Tor banks placed in Wall street. With
the Bank OF England official rate Rd-
vanced to per cent and weak returns
| from the great continental banks no
further hope is entertained Of relief by
| gold imports. Indeed, the conviction Ia
general that any relaxation OF the local
money rate will result In n prompt de-
mnnd upon us by London for gold. The
! movement Of the crops will continue to
absorb money for several weeks to
come and the United States treasury's
surplus OF revenue over expenditure
Will continue to take money from the
open market, unless means are taken to
prevent II,
Bonds have been duh and have
moved in sympathy with stocks. Uni
led States 2s declined q; new 4s Vi;
6s Il. and old Is registered y per cent In
| the hid nrlCe,