The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-04
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

Markets.
NEW YoRK-To-days' stock market
was sluggish and drifting throughout.
Professional traders were inclined to
buy stocks at the opening with the idea
OF discountlng favorable bank state
ment. The appearance of the state
ment on the tape was the signal for
llsht realizing movement, and as there
was no outside demand 10 absorb 1t,
prices fell away. The closing was dull
but distinctly easy, the downward drift
having established a liberal sprinkling
Of net losses, where the level had been
higher throughout In the early dealings.
Sugar and Glucose were strong on the
reported plan for consolidation and abb
sorption OF competitors. There were
evidences OF strength In Union Pacihc,
Northern Pacific. Burlington and Ches-
apeake & Ohio and in one or two OF the
less prominent industrials. None 'ot
the gains were well maintained, the
whole list being affected by the easier
tone In the final dealings
The bank statement was fully as IA
vorRble as had been expected, though
the liberal expansion In the loan account
was unlocked for. The high rates for
money and the satisfactory security Of
Fered are attractive In Inducing the
banks TO keep their loans close 10 the
legal allowance. Liberal response to
the bank statement was due TO the un-
derstandInE Of the recuperation in re-
serves as wholly due 10 bond redemp-
ton operations with the sub-treasury.
THE fact that the movement OF currency
Is still In favor OF the interior on bal
ance and the progress OF the sterling
exchange rate towards the gold export
point. further step OF which was MADE
To-day. leaves the future OF the money
market stu unpromisInG from the STOCK
operators point Of view.
Activity in stocks during the week
has been restricted to few Individual
securities, and the general list has been
rather ncleCted The dropping ten
dency Of prices was partly offset by the
heavy absorption OF the great trunk line
stocks and the sharp upward move
ment in the prices of those properties.
The REPORTS put in circulation TO ex-
plain these movements are mostly
anonymous, md are far from being eN-
pIlclt. They range from allegations OF
consolidation of ownership TO mIldcr
lntlmatIons OF friendly and mutually
advantageous corporations.
Though lacking explicit knowledge,
the Wall street public finds coniirma'
ton from the stock tape OF Its convIc-
ton that policies have been inaugur-
ate1 which promise substantial Inn
Droyement OF the trunk line situation.
The special field OF the benefits TO accrue
ia Indicated by the way come other
raIiroad stocks have suffered on account
az shlftlngs OF holdings into trunk line
stocks Besides the great trunk line
stocks there has been movement IN
numbered extremely low priced stocks,
selling under $50 and q few even under
$40 per share. The strength ob these
stocks was attributed almost entirely
TO Individual causes. but the general
tendency toward consolidation, either
Of small fines with each other or small
lines with powerful existing companies.
was n conspicuous element In the ex-
pInnatIOus offered OF these movements,
such movements have resulted In fair
snrlnkiing OF net gains through the list.
mt the majority Of stocks are slightly
lower. disappointment over the ALLURE
OF the money market TO work easier. In
spite OF last Saturdays Improved show
ing OF the banks was the principal mo-
five OF the indiFp0sisioH 10 embark on
sneruIatluu. II Is the custom for the
siock brokers TO charge their customers
Air per cent for funds employed In car
ryIng stocks, no matter how low the
omen market rate for call loanS may
go. .,... IT,
remuneration Of resources disclosed by
inst, weeks bnnk statement has not led
ia any appreclable increase In offerings
for loans. Neither has the addition to
resources during this week by reason
Of sub-treasury operations In eonnec-
tIon with the bond redemptlonE. The
strength Of last Saturdays bank state
ment wac due TO the operations OF only
one bank, but very influential ana
powcrfuI ono. These operations dis
closed a change from the recent policy
OF calling In no more Of outstanding