The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-23
FINANCE AND TRADE.
Tho Features of tho Money and Stock
Markets.

Markets.
NEW YORK, Oct. 2t.-The traders In
stocks were unable to induce any no.
tlceable movement in prices during the
two hours of trading. The bears were
Inclined to attack the Industrial spe-
cIalties when 1t became evident that
the bulls were not in aggressive mood.
Sales for short account were in evil
dence In the specialties, some Of which
dropped of point or over Realizing
was also manifest In Pullman and New
York Central. but the decline in prices
brought out no large offerings Of stocks
and the bears had generally covered
their contracts before the bank state
ment appeared bringing prices back to
about last nights, level. A nominal in
crease In the surplus reserves was SELF
ed upon by the bulls to rush up the
price OF sugar in an attempt to induce
following. They We're as IL'uccessful
an the bears, and realizing caused n
reactioRAry tendency In the Who'll list,
which was very narrow in It's activity.
The closing, therefore, was easy at
trivial net changes either way
The main features OF the bank state
ment were repetition Of those Of last
WEEhs 4uNIE 10 IluAAllUk III ~ " GllGIul
age an expectation Of easier money, but
as last weeks similar statement led to
no renewal OF money strlngency to the
stock market was inclined to the view
that this weeks. showing might lead to
no worse result. 1t Is puzZlInE to ac-
! count for the greater ease which has
developed in money during the past
week In face OF the loan contraction re-
ported by the bank Of $55S5, 900. The
stock market borrowers hope that mo-
ney will cease to how to Interior points
during the coming week. There are
limitations OF some large holdings Of
government bonds by hducInry Institu-
lions. the anticipated interest upon
which Will be applied for next week ana
so be made available for the money
market.
The uneasy and undecided movements
of professional stock operators have
caused u confused Nnd Irregular move
ment of prices during the week. As the
professionals were still largely commit
ted to the short side the closing up OF
accounts has resulted In higher prices.
That the short interest has been largely
reduced as a result Of the weeks oper-
ntlons and the strength Of stocks thus
technically weakened is safe Gssump-
ton. The bears have had their princi-
pay opponents to meet who were quick
to bid up prices where they detected Il
demand from a short interest. The
bears have sought to facilitate their
covering movement by rnIding individ-
ual stocks and spreading alarmIst re-
ports In the hope OF inducing holders to
sell. The growing determination OF
holders not to sell at the lower level,
which prices had reached. was the
source of uneaslness In the minds Of the
bears.
In the money market lenders have
shown some eaEerness to get funds
placed on time ut existing rates. This
desire has led to concessions for some
periods. The Central Pacific adjust
ment made very large demands on the
money market on Monday md the fact
that the demands were met without
creating furry added to the dsposl-
ton Of bears to cover contracts In
stocks II was argued, also. that the
insignificant volume Of applications for
the government interest. offered In an
tiCipatlon OF maturity, Indicated that
the appearance Of money strlngency
was somewhat exaggerated. The OFF,
Cial compilation OF the September re.
ports of the National banks Of the
Whole country, shows that the loans
which had been called in by New York
banks had been put out again by other
banks In the progress Of the course Of
business expansion, New York contrac-
ton from June 20 to September Z, OF
$40, 100000 represented speculative lIqul-
dalton in the stock market. while the
Increase In loans OF outside banks OF
$50 100000 Indicated Industrial cxpan-
sion. The exhibit cannot be called I'M
favorable even from stock market
standpoint II intrinsic values are con-
sldered rather than speculative boom
values That New York loan cnntrnr-
tIon since that date, which amounts to
over 100000 GOO. has been diverted into
the same healthy channels there Is no
room to question.
The Incidental throwing out Rs col,
lateral security OF millions of doubtful
Industrial stocks has materially les
sened their possible power for mischief
In case Of price collapse with nm nc,
tive demand for credits in business and
with sterling exchange lowering near
the gold export point there seems no
likelihood Of money declining to point
to invite active speculation In stocks.
II would be n striking anomaly for gold
IN move outwards nt this season, which
is the casual period for Imports. IN face
Of the most prosperous year In the his.
tory OF our foreign commerce. For.
while the excess OF our merchandise ex-