Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-11-06


cial Advertisers London financial
cablegram:
There was very little business on the
stock exchange here to-day. owing to
the absence of news from the Trans.
wall.
Americans were dull and stationary.
Spanish As were 63ss; Tintos 4634; An
acondas 1916; Utahs IN; Bostons
1916. Money was very plentiful, be-
ing kept in hand for the impending
issue OF G3,0O0,00O of treasury bills,
part of the war vote to be paid on the
18th inst. a.
NEW YORK, November 4.-Stocks.
Since the surplus reserves OF the
New York Banks fell to about a quar-
ter of million dollars in mid-Septem-
Der the professional traders in stocks
has looked for deficit in the required
cash reserves of the banks almost ev-
cry week. The wiping out OF the sur
plus shown to-day was therefore not
a surprise The weeks events maze
the stock market peculiarly vulner-
able in spots and the slump in prices
OF a few stocks gave an appearance
of decentralization to the market.
Leather, especially, which touched Az
at the opening and was above 80 Wnen
the bank statement appeared slumpeu
suddenly to %, the breaks between
transactions reaching as high as
points. Marginal accounts IN TINS
speciality were wiped out right and lett,
and the price was bid up again 10 so
at which it closed Sugar and BrooA-
lyn transit were also looSers to the ex-
tent of over points. A NUMBER OIL
other prominent industrials lost De-
tween | and points, but the general
list reacted only fraction Inefe
were violent recoveries from the low
level and the closing was feverlsh ana
greatly excited at net losses all through
me list. The speculative excitement
was increased by the fact that the
bank statement was withheld until
ten minutes before the close or trad
ing. Efforts to close accounts in the
short time remaining made the mar
ket furiously active. The loss In cash
shown by the statement is somewhat
greater than was expected which IS
doubtless brought over from last
weeks condition by the average sys-
tenn of computations. The trivial con-
traction in loans of less than quar-
ter Of a million dollars can only be
explained on the assumption that the
wholesale calling of loans by the banks
early in the week was offset by SUBJ
seuuent very liberal extension OF CRED
its. The growing ease in the money
market goes to confirm this View.
Sach extension of credits must be
based On a faith of the bankers that
the current drain on their cash re-
sources is soon to be relaxed. The
upward tendency of New York ex-
change at all interior points during
the past week indicates the ground OF
this faith. The weekly bank state
ment OF the New York clearing house
institutions had not shown a deficit
since 1893 For six weeks past, how
ever the surplus has been near the
vanishing point and at least half and
sometimes more of the individual mem
bers of the clearing house have been
below the. legal reserve limit. They
have not sought to build up surplus
in that time but have apparently been
content to discriminate in the calling
of loans against collateral which did
not please them and, with their secur-
ity thus improved, to keep their funds
loaned UP to the limit OF the legal al
lowance The average cash holdings
now fail of the legal requirement by
1898, $50. The amount of loan contrac-
ton necessary to bring the proportion
of reserve back to the legal require
ment would therefore be 1888, 400.
Business in bonds has been on a
large scale especially in some lower
grade speculative issues which have
been sharply advanced.
u. S. Is the IS and new As advanced
", the IS, registered, Ss and do coup.
and old As "A in the bid price.
Atchison ......... NEUTRALITY-SUSPICIOUS.. 225s
Rd DO preferred and ohio .......... SsA
Chesapeake and Ohio .................... 2SA
Chicago Great Western, ....;............ ddas
Chicago, Burlington and Quincy. .l33
Chicago and Eastern Illinois. ......... 95l2
Chicago and Northwestern ............. .1I0l2
Delaware and Hudson .................122
Delaware, Lackawanna and Western. 1907
Do first preferred. ..................... S7A
Great Northern preferred ..............i "a
Lake Erie and Western. ................. IS
Do preferred ..........-....,.........., aa S1s
Lake Shore ................-..lJ o
Louisville and Nashville ............... SIS
Metropolitan Street Railway. 1856
Missouri Pacific NEUTRALITY-SUSPICIOUS.. 1875
New Jersey Central .-..................l 24l2
New York Central .....................l3iA
Northern Pacific Observation-Disclosures. 541s
DO preferred ........... ...........-.... a5d2
Pennsylvania $50. ........ ............. .12g4
Reading 1880. ......-.......-........ IA
Do first preferred ........... .......... CO.'S
Do second preferred ACKNOWLEDGEMENT 1924
IL
Do preferred ......... 171A
southern racine ......... -.-,-.---.-.... 4U24
6outhern Railway OBSERVATION-DISCLOSURES. 1872
DO preferred ........... --....-.-.-.... 81
Texas and Pacific .........-............. ~
Union Pacific ...........A. ............... 47A
DO preferred ...-..-.-.-. .............. to9s
Wheeling and Lake Erie .............. HIS
Do second preferred .................. 505s
EXPRESS COMPANIES.
Audlis ......... 1880 .....-..........- ~
American ...-....... .....,.....-.........l4S
United states OBSERVATION-DISCLOSURES. 90
MISCELLANEOUS
American Cotton ii..........-........ ~
do preferred ........'-............... S5A2
american Mating -....... ...-......... II
Do preferred ..........--........ 45Ie
American Smelling and Refining. 3614
Do preferred ......-.. ...-.............. 81
American Spirits ACKNOWLEDGEMENTS. a.