The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-25
FINANCE AND TRADE.

ohAS ShSSA4St WV AsAAS
A.
T r. :, FINANCE AND TRADE.
The Features of the Money aud Stock
~, Markets.
NEW YORK. Sept. %, = The
tone OF the trading In stocks was
quiet by comparison with the recent ex-
cited temper on the exchange. But the
local traction stocks continued to re-
fleet a decidedly uncertain frame Of
mind. Brooklyn Transit refused to go
up more than a point and then slipped
below last nights level. Its extreme
decline was 1--WE points, and even with
final rally on covering by shorts, It's net
loss Is three points. Metropolitan Jared
better and has gain over 2. The
other New York city stocks fell on In
sympathy with Brooklyn Transit, and
the stocks in the Flower group were In
clined to weakness all round. There
WIS no marked strength at any time.
The early advance was nominaliy In
sympathy with the hope expressed In
some quarters abroad that the Trans
vaai question would and peaceful So
luton after all.
Earlier gains had been very generally
wiped out when the bank statement
appeared. The first effect OF the state
ment was rally, due to buying by
those who never look further than the
surplus reserve figures. An analysis OF
the statement failed to develop any
very encouraging feature in 1t, and
prices fell away again to the lowest of
the day and closed there, except FOR a
few speciaittes which rallied. The
banks IRE stronger by wider margin
OF surplus reserve known last week.
but the statement shows n decrease IN
cash somewhat less than had been an
tIcIpated. The outgo was greatest to-
wards the end OF the week, so that the
full decrease may not be shown under
the system OF averages by which the
statement is made up. Counting TINS
weeks reduction Of $l7,S6s,5 500 In loans,
the total loan contraction by the clear
Ing house banks since August GO, az
gregates 1874. $50, 200. Much was made
early In the week Of n plan for relief OF
the strIngency by an increase OF Ma
tional bank circulation. 1t will be OBJ
served that the total increase of circu-
latIon, according to the statement,
amounts to but $4,000 for the week.
Furious speculative activity and eX-
element have made heavy dealings IN
the stock exchange all week. The OBJ"
vlous necessity disclosed by last Satur"
days bank statement for contraction
of loans by the banks prepared the
professional stock operators to take
advantage of the forced liquidation OF
speculative holdings Of stocks, which
had been bought on a, margin with
borrowed. money. The professional OPP
| orators were all bears and took the
market away from the longs as quick
ly Ms the pressure of liquidation mani
tested itself In any one spot.
The fact is beginning to emerge that
n contest Is on between some OF the
most powerful financial interests In
the country for the control Of some or
ali of the public utilities ard franchises
OF Greater New York.
The large contraction OF loans was
sufficient to insure u material decrease
in deposit liabilities by the banks, and
the outgo OF money showed falling OF
both TO the interior and the sub-treas-
ury. The purchase Of 100000 In gold IN
the London market for shipment to
New York, though it would not be
vouched for by any one In Wall street,
had an Influence on the stock exchange
sentiment as It was doubtless Intended
II should. The downward course Of
| foreign exchange eNciteS expectation OF
an early import movement of gold,
| though foreign bankers rather dePFe.
cate the expectation. There Is still eX-
listing n short interest In sterling e&.
change which makes the good demand
for belnted cotton bills which are now
| coming, forward more freely. Last Sep
tehbep the surplus reserves Of New
| Y6tIk Banks fell below $5.000,O0O on Sep
a. II.
J QptdatlOn on the stock exchange set In
with n stlffenIng Of the call loan ratio TO
| 6 per cent. BY the end Of the month
cali loans had dropped back 70 below 2
| per cent and surplus reserves had risen
! 10 about Slb000.OOO. But last Septem-
| her the treasury added to Its deposits
with depository banks the sum OF
| ncarIy $4,000, 900 in connection with thu
| payment of subscriptions to the new
| government bond Issue. The large eX-
| cess Of government expenditures over
receipts was adding to the money In
| circulation, while the New York banks
I are now losing weekly to the sub
( treasury. During last September the
I receipts OF gold from Europe nj New
7 York, according to -the custom house
| report, were $ll,73S.2i2. This month
! there hnvc been no receipts " gold and
{ none are likely before the end Of the
month. Lnst September the treasury
not only offered to anticipate October
ist interest on the I per cents OF 1907 Ms
II hns done this year. but also offered
! To anticipate the redemption OF. over
$iI 100000 OF Pacific currency 6s, Mel
| thcr offer was taken advantage OF an
I amy large scale by holders OF bonds,
I National banks were increasing their
/ circulation last September on n larger
scale than this. There differences In
{ the circumstances last ycnr must be
I tnken into account In connection
with the quick recuPerntlop Of
| New York banks last scptcm-
! Der. The loan contraction last yenr be-
tween September 10 and October /,
reached nearly $3OOOOO0O.
I The bond market has moved generally
in sympathy with stocks, but II has
not beer RR active nor chances us Wide.
United states 2s advanced z.
~ g. bonds.
{ u. s. 2s reg ..... .iOrilu. S, old a rcE.lil
/ Il. s. 81 reg.,.,..lS4lU. $, old IA oOu,lls
I u. q. ~ coupon. ,10SNtU, s, IS rcE,,....i2
| u. s. new " Tegl3l u. 3. Us cous'."'uIb
! u. s. new iH cOu 1870
STOCKS.