The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-11
FINANCE AND TRADE.
The Features of the Money and Stock
Alnrkafa.

mArketa.
NEW YORK, Sept. s.4stoclks showed
some evidence OF firmnaSn In the firBt
hour Of the trading and up to the time
OF the publication OF the bank state
ment. The movement In railroad stocks
was exceedingly narrow and the late SELL
Ing movement, though not very press
ing, was sufHcient to bring the general
level Of prices below those OF last night.
Tennessee Coal confounded the bears
again by scoring an additional seven
points. and after reacting 81. recovered
TO within two points Of the top. Col
orado Fuel continued to show close SYM
patty and was up over four points be.
fore the late reaction. Add 70 these q
continued large demand for Manhattan
and sympathetic strength in Metropoli.
tan and Brooklyn Transit, and good
gains in International Ppaer, Union Bag
and Paper and LackaWanna, and the
points OF extraordinary strength In the
market are about exhausted. The Lon
don exchange was closed for a house,
cleaning, and the recent depression from
that source was lacking. Paris was
looked to for q reflection Of foreign sem
tIment, and the view there seemed to be
a cheerful one. In view Of the pessimls-
tic forecasts that have been heard all
week regarding the bank statement the
bears had feeling early In the session
that q poor statement had been more
than discounted and were Inclined 10
cover. But the statement showed loss
In cash quite 100000 In excess OF the
most unfavorabie previous estimates.
The comparison is the average total Of
cash for six days with the average for
the preceding six business days. AS the
q Astounding
the average undertakes the actual
total. The contraction OF $6,Ol6,7OO In
loans reduced the reserve requirement
by about $l,500000. Otherwise the sur
plus above legal requirements would
have been below O million. 1t Is be-
lIeyed 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 con-
tinue and no increase in cash resources
would result from the measure Itself
It Is evident. therefore, that the pro-
cess OF loss contraction is to continue Tor
the immediate future.
Wall street started the week after
Mondays holiday with disposition ap-
parent to contest the depressing infiu'
ences of the shrinkage OF surplus re-
gathering war cloud in South Africa.
But the climbing Of the money rate and
the selling Of stocks for. London nc!
count proved efflcaclous arguments
against an immediate further advance
in prices General prices refused TO adj
vance at any time. and remained indif-
ferent to the wide upward movement IN
individual stocks, whether the Wander
bllts the volatile speclalties, led by Ten
nessee Coal, or st. Paul. The move
ment OF st. Paul was based on the pub
lieatIcn of the annual report ana was
the most Influential In Its effect on the
general list Of the week.
Large increases in nearly every
branch Of the exceedingly varied traffic
Of this great system, the extensive linz
provements and ;betterments eIected
during the year, and the large surplus Of
earnings carried forward even after the
generous allotments to cost OF improve
ments from current earnings. made d
most hopeful showing OF the conditions
of the transportation industry and lad
an Inevitable effect on prices OF all rail-
road securities. The conditions in the
money market have caused growing
caution during tho past week. The
downward course rof the cash reserve
item OF the New York clearing house
banks had been made little Of for sew
eral weeks past. It has been argued that
there was plenty of money available
which did not show in the. weekly clear
Ing house statement. The many new
trust companies which have been organ
ICED and the insurance companies, have
been rted out as sources OF supply
which = e 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
Ike. was cited as evidence that the In
terlor was supplied with money to move
the crops and need not call on New
York Deposits OF western and south
ern banks In New York banks have
been transferred on a large scale
to other eastern cities, owing 10 the re-
Gently enforced rule Of New York banks
to charge for collections Of outside
checks. and this was expected to shift
whatever demand might come from the
west and south for money upon other
cities. And the conviction has been gen
eral that gold imports were an avail
able means OF relief whenever It was
desired to call home our foreign credits.
There is ground for the prevalent bn-
lief on all these points, but nevertheless
New York exchange at interior points
has continued downwards, and the ship
mpnts OF currency to New ORLEANS have
commenced this week. as usually at this
period OF the year. The balance Of the
currency movement has been largely In
favor of the interior, and the sub-treas
ury is still making large inroads on the
cash resources OF New York banks on
account OF payments of taxes The
banks surplus reserves. already low,
ARE thus tending fast towards the van
lshlng point The sterling exchange rate
showed no disposition to yield until late
In the week, in spite OF the hardness
of money here, NJ the London market
was prenarlng Itself for the increasing
probability Of war. II gold Imports
should be forced under these circum-
stances. It II certain that American So
curitleR would be sent home to market
on n large scale. II will be remembered
that the treasury came 10 the rcllef of
the money market last September hy
anticipating the redemption Of matur-
Ing bonds and accruing Interest, and by
Increasing deposits with depository
banks. It is the hope Of financial circles
that some such measures OF relief will
now be adopted by the treasury. Other
wise the increasing demands on the New
York banks will call for considerable
contraction Of liabilities on account OF
loans.
The bond market has only been mod
crately active during the week, and
prices have not yielded az sharply as
In stocks
tko Ets dnnIIphd q nor rant In the hid