Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-10-16
FINANCE and TRADE.


gram:
The markets to-day were generally
inactive but firm on the reported VIC
tory in Natal. Fluctuations, however,
were narrow Americans were partic-
LIarly quiet and featureless. They
closed firm with a slight advance over
New York. Rio tintos steady at 47M.
Utahs weak. Money remained easy,
with no change in rates. Discounts
were steady. Silver was quoted at
26S4, with no feature to the transac-
lions. In the gold market the I'M
portant operations were &21,OO0 in Ger
man coin bought by the Bank OF Eng
land and 100000 sent out to Natal.
NEW YORK, October 14.-Stocks.-
The days stock market reflected moth
ing more than contest of profession
al operators and those not OF very
large calibre There were small buy
ing orders at the opening for London
account on rumors of a reverse for the
Beers at the hands OF the British IN
Natal, which seemed to help prices to
move upwards. The bear campaign
against Brooklyn Transit was success
fully prosecuted and the stock at one
time was forced "a under last night.
Metropolitan and Manhattan seemed to
sympathiZe but recovered their decline
at the final rally Pulled has added
three points TO its price. Gains were
pretty generally wiped out after the
publication Of the bank statement, but
covering by the bears brought some
prices a fraction above last night again.
The decrease of over a million IN cash
reserves of the banks was dlsappolnt-
ment as experts had figured on an IN
crease of about that much. Had it not
been for a larger loan contraction than
had been looked for, the surplus re-
serves would have been wiped out. Ex-
ira. disbursements by the government
during the week account the deficit
of the Postoffice Department and on
account Of pensions, had offset the
drain on account of revenue payments,
so that the banks have lost nothing TO
the sub-treasury On routine operations.
This is not expected to continue next
week and not much confidence is felt
that the government interest to be paid
on Monday in anticipation OF its ma
turity will avail to Offset the drain into
the sub-treasury account OF the surplus
revenues. Neither is there any hope
of duplicating this weeks receipts OF
gold. which amounted to rather over
$3,000,000 with foreign gold, small
amount from Cuba and some from San
Francisco. The outlook is for further
depletion of bank cash and additional
contraction Of loans. The public has
kept aloof from Wall street during the
week, and the professional trading eie-
ment has fretted and fumed over the
dullness of the trading and their inabll-
ity to cause any movement OF prices
sufficient to afford profits for turn.
1t is we'll recognized that speculative
liquidation is all that has afforded
such relaxation in the money rate as
has occurred, and a renewal of money
stringency would be likely to quickly
follow any speculative activity. The
state of war which has developed be-
tween England and the South African
Republic was of very little effect and
seems to have been so thoroughly dis
counted that the markets of the whole
world had adjusted themselves to the
conditions There was a sharp recov-
cry in prices when the announcement
was made that the Treasury Depart
vance the interest for the whole fiscal
year on government bonds, but fur
Their study of the plan brought conyic
ton that it offered no assurance of
actual ease of money, such as Wall
street wants for a speculative cam
paign. The very merit of the plan,
from the standpoint OF its projectors
that is, that it insures general dlstri-
button of the relief through the money
market centers from the whole country
initiates against it from the Wall
street standpoint. Tie money markets
of the rest of the country have had
money to lend in New York thus far
when the call loan rate scared to 20 and
so and 40 per cent. A large part OF the
total customs and internal revenue pay
ments are made through New York
banks, and the direct drain thus made
on their resources will be only indif-
ferently relieved by the anticipated in
terest payments at other points in the
country Besides the large amounts of
government bonds held elsewhere than
New York, and New York itself, will
not give up their bonds and run the
risk of not getting their bonds back.
This is notably true of savings banks,
which are restricted to high grade
bonds for investment, which offer only
a low return. The insurance compa-
mics and the trust companies are also
unlikely to avail themselves of the
privilege. If the general condition Of
the money market in the country than
in New York. it is not likely that the
offer would be taken advantage Of
Bankers in New York view the condi-
lions with equanimity. They are sat
isfied with a good stiff money rate
based on business activity and are not
sorry to be able to discriminate against
the more doubtful class of securities
and thus check unsound speculative in
Election. With the activity and pros
perity in all lines Of business it is not
feared that real values will suffer
against discrimination. The course of
foreign exchanges makes it evident that
relaxation of the money rate here
would be followed by an outgo Of gold.
Credits have BEEN overextended in the
active industrial eXpension in Russia
and Germany and, judging from the
weeks development in that country, in
Italy. Trade is active in Great Brit
ain while the war in the Transvaal
cuts off the source to which London has
looked for regular replenishment of its
gold supply. With a universal scram-