The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-16
FINANCE AND TRADE.
Tn Features Of the Money and Stock
Markets.

NEW YORK, Oct. 14.-Tho days
stock market reflected nothing more
than contest of professional opera
tors, and those not Of very large cali
bre. There were small buying orders
at the opening for London account on
rumors of a reverse for the Beers 1t
the hands OF the British in Natal. which
seemed to help prices to move upward
The bear campaign against Brooklyn
Transit was successfully prosecuted,
and the stock at one time was forced 2A
per cent. under last night Metropoli-
tan and Manhattan seemed to syrnpa-
thize. but recovered their decline at the
final rally. Pullman has added points
to Its price.
Gains were pretty generally wiped out
after the publication OF the bank state
ment. but covering by the bears brought
some prices fraction above last night
again. The decrease of over a million
in cash reserves OF the banks was
disappointment, as experts had figured
on an increase Of about that much. Had
II not been for larger loan contraction
than had been looked for the surplus
reserves would have been wiped out.
Extra disbursements by the govern
ment during the week account for the
deficit OF the postofflce department, and
on account OF pensions had Offset the
drain on account OF revenue payments,
so that the banks have lost nothing to
the sub-treasury on routine operations.
This Is not expected TO continue next
week, and not much confidence Is felt
that the government interest to be paid
on Monday In anticipation of its ma
turity will avail to offset the drain into
the sub-treasuTy on account OF the sur
plus OF revenues. Neither is there any
hope Of duplicating this weeks receipts
Of gold which amounted to rather over
100000 with foreign gold, small
amount from Cuba and some from San
Francisco. The outlook Is for further
depletion Of bank cash and additional
contraction OF loans. The public has
kept aloOf from Wall street during the
week and the professional trading ele-
ment has fretted and fumed over the
dullness Of the trading and their Ina
billty to cause any movement OF prices
sufficient TO AFFORD profits for turn.
II is well recognized that speculative
liquidation Is all that has afforded sucn
relaxation in the money rate as has &C.
CURED, and renewal Of money string
ency would be likely TO follow quickly
any speculative activity. The state OF
war which has developed between Eng
land and the South African republic
was OF very little effect and seems to
have been 80 thoroughly discounted
that the markets OF the whole world
had adjusted themselves to the condl-
lions. There was a sharp recovery In
prices when the announcement WINS
made that the treasury department had
decided TO offer to pay In advance the
interest for the whole fiscal year on
government bonds, but further study
OF the plan brought conviction that It
offered no assurance Of actual ease OF
money, such as Wall street wants for
speculative campaign.
The very merit Of the pinn from the
standpoint OF It's proJectors-that is.
that II lnsures n general distribution
OF the relief through the money mar
ket centres from the whole country
initiates against It from the Wall street
standpoint The money markets OF the
rest OF the country have had money 10
lend In New York thus far when the
call loan rate scared to 20 and 30 and 40
per cent.
4 large part Of the total customs and
internal TtNtnut phymeulh hTe ludue
through New York banks, and the d.
rect drain thus made on their resources
VIII be only indlfferently relieved by the
anticipated interest payments ut other
points in the country. Besides the large
nmounts OF BoveTnmGlt bonds held
elsewhere than New York, and New
York Itself will not give up their bonds
and run the risk Of not getting their
bonds back.
This is notably true OF savings banks,
which are restricted to high-grade
bonds for Investment. which offer only
n low return. The insurance companies
aud the trust companies are also I'M
likely to avail themselves OF the priv
llege II the general condition Of the
money market In the country was lower
than in New York II Is not likely that
the OFFER would he taken advantage OF.
Bankers in New York view the con-
dltlons with equnnimity. They ARE snt-
lsiied with n good stlff money rate.
based on healthy business activity, ana
IRE not sorry 20 be able 30 discriminate