The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-08-28
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

The Features of the Money and STOCK
Markets.
NEW YORK, August H.-The mar
ket opened with yesterdays dropping
tendency still in force, and the weak
ness was not entirely overcome during
the short session. although there were
improvements. The London exchange
was closed for holiday. leaving some
uncertainty as to the speculative senti-
ment of that center which was de-
pressed yesterday. Added to this was a
weak tone in Sugar on a new crop Of
rumors of a new phase of the war in the
Sugar trade. The new stocks Of the
Republic Steel Company dealt in on
the exchange for the time yesterday,
showed an inclination to maintain the
price established for them yesterday,
and Norfolk & Western and Northern
Pacific in the railroad crop showed a
reactlonary tendency. Consolidated
Gas dropped an extreme ~ per cent.
Brooklyn Transit was heavy, and there
were other less important points OF
weakness. In the second hour Of the
session the traders manifested dispo-
sltion to cover short contracts, appar-
emily in the fear that the unfavorable
character Of the bank statement had
been exaggerated, as proved to be the
case.
forced up Consolidated Gas an extreme
~ per cent. Mobile & Ohio gained
about per cent and Norfolk & Pacific
rallied over a point Great western
preferred gained per cent; Louisville,
Chicago & Eastern Illinois, st. Paul q
Duluth and the Tobacco stocks point
or over. Sugar advanced an extreme
2X per cent, and became very feverish'
serving to unsettle the market. The re-
covery in the general list, however,
held for the most part. feature
was the movement In a number OF IN
significant stocks. including Peoria &
Eastern, KanAwhn & Michigan,
Reokuk & Des Moines and Col
orado Coal Development Company.
In view Of the forced liquidation In
Brooklyn Transit early In the week, the
extension OF credits to the amount OF
50, 056, 900, shown by the bank statement
came as a surprise. The decrease IN
cash proved to be less than million:
whereas the known movements OF
money indicated that II would DC
81. 500. 900, The decline In the surplus
is therefore largely due to increase OF
reserve requirements by reason OF the
loan expansion. Viewed apart from
the previous exaggerated estimates, the
return is weak. The changes are I'M
possible of explanation from any trans
actions known to the public.
The action of the stock market was
vary Irregular. and somewhat puzElinB
during the week. A number OF the
most prominent specIalties and Indus
trials showed extreme disqualification
early in the week. TIE raids by the
hears upon these stocks were COM
monty supposed to be tactical ma
noeuvre with the object Of obstrucung
the disposition Of the general list 10
In the majority OF the standard rail-
road stocks net changes are small. nor
has there been any marked activity IN
these stocks during the week quite
a number OF Southern and southwest
eFh railroads show reactions from re-
cent high prices on proht-taking' whlcn
has been on n very large scale II mas
been sufficientiy obvious that the ten
dency OF the market to advance was
chiefly due to operations by pools form
ed by professional spectators me
buyIng OF 5000 shares OF stocks ana
then bidding several points higher for
iO0 shares Ia quite familiar process
ON the Wall street. but In a NUMBER or
cnseg this week the higher bid devel-
oped an astonishing amount OF stock
eating 10 realize. A good deal OF
this. according to the opinion OF spe-
claIlsts. il stock that was bought at
a higher level last spring by that por-
tion OF the population designated IN
Wall street MS the "Outside public
Having held through a heavy decline:
these owners nre ehger to take smnll
profit. or oven 10 get out without loss
; In the high grade raiiroad stocks sucn
as the Grnngers and Trunk lines, prices
were long ago made 20 discount eN-
pected increases In DIVIDEND rates III
some cases these increases have not
come. In Eplte OF large gains In enrn-
Jngs hut prices have been maintained
M tho high level. The return on the
purchase AZ present dividend rates OF
many standard railroads is less than
an high grade bonds. Moreover, the
great activity in oil branches OF trade
md Industry, and the employment thus
found for money has made n rate TOT
,noney which tempts TO the conversion
~ securities into floating capital. Last
wear, authorities in the financial world
nredlcted that the return on capital
,gotild be permanent at to 81 per
cont cent and prices OF high grade seGgri-
ties were run up accordingly WIN
money in the market yielding ! per yer
cent or better in loans, the hold OF
stockS and bonds on the higher level
Of prices becomes somewhat precaTlouS,
1hIs is shown in slt;SasS railroad bnSSs
s putiSu' aro and abroad. That money
iS V likely to continue firm, at
least nj the present level Of prices, Is
the evident expectation OF me woriu i. .
lnnncni authorities. as evidenced 10y
tho precautionary and STRENGTHENING
policy OF the Banks Of England
France and Germany which Il con-
tlnued even after the considerable nc
cumuIatIon of reserves already affected.
The same policy Ia In force by New
York clearing house banks. What
ever present ease Is apparent IN the
money market Ii obviously due TO the
quietneBs OF speculation and the con-