The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-30
FINANCE AND TRADE.
The Features OF the Money and Stock
Markets.

The Features of the Money and Stock
Markets.
NEW YORK, Oct. 2s.-The favorable
showing made by the bank statemen!
was a complete surprise to Wall street
and venturesome bears were caught
short. The result was seen in some VIC
lent price changes. The expectation Of
an unfavorable statement was so uni
yersal that the bears were very active
in the first hour and the bulls were 1T
lie disposed to push their ventures. The
early advance on buying by London and
light demand from outsiders through
commission houses was Completel|
wiped out and the Industrial spectaltles
yielded easily in sympathy with the
weakness manifest in steel and wire,
which dropped to Asa on continued IL
uuidatlOn and unCovering. OF stop loss
orders. Petty much all the stocks OF
companies in the metal Industries were
specially vulnerable and there was pro-
III taking in the Leather stocks. The
latter were supported by the recently
active pool and prices bid up sharply.
This prompted some covering by the
bears In other Industri1ls before the
hpUGtlIuIIEG Vi LIlE pAllN 0kANNAANlh' ASNN
the scramble for stocks Immediately
upon the publication Of the statement
showed that large bear contracts re-
manned uncovered. The bulls helped on
the advance and bid prices up easily
and by wide jumps In the effort to take
the market away from the bears. The
closing was feverish but strong and
showed higher level OF prices on the
day. The southern and southwestern
railroad stocks made the best showing
as on previous days Of the week. The
bank statement Is completely mystify-
ing.
A loss in cash by the banks was ia.
ken for granted. None of the prellml-
nary estimates placed It under 81, 900. 600
and most OF them put It Mt over $4,000.
OO0 Instead 1t is $4,000. The increased
activity In the stock market indicated
that the process OF loan contraction had
been stopped. Instead there is n loan
decrease Of $i,7G6,9O0. Bear traders were
confident that cash In the banks would
fail below the legal reserve require
ments Instead, the surplus is more
than doubled by reason OF the reduction
in requirements by loan contraction.
No satisfactory explanation is avail
able of the surprising recuperutiOn Of =
fected by the banks during the week.
Dealings in stocks have been on n
greatly Increased scale during the
week. the total sales running to nenr
three-quRrters OF million shares on
several days NgHinHt prevailing daily
average for some time past Of less than
half n million.
The most influential factor In the
weeks advance WINS the announced de-
termination OF the railroads to advance
their rntes for transportation. This ac-
tlon promises very substantial benefits
directly to stockholders in railroad
companies ns the traffic OF railroads has
grown to such enormous proportions
that very slight change In the rate per
ton for freight would make n vast in
crease In the aggregate return to the
railroads. But the incident has been
significant in It's wider bearings Com.
petition for railroHd business has been
20 keen In the last few years that no
cut IN rates has been too severe for
rnIlroud managers to make In order 10
secure buglucDs The advance In rail-
road freight rates In evidence TINT the
traMe has reached such proportions
that there Is enough to keep the COM
petlng companies nll protitably om-
ploycd. II IL conclusive confirmation OF
the Significance Of intelligence received
from all quarters Of the country OF
congested freight, freight cur fnmlnes
and eager dcmnnd for new railroad
equipment.
Tho announcement Of the New York
Ccnuul'B intention to devote the pro-