The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-05-29

"
few days interval OF lnaction and Its
possibilities OF important developments.
The heavy decline In value OF merchan-
disc exports compared with the cores
pondlng period OF last year. the rise in
value of imports and the persistent
rise In the rate of sterling exchange
were all Incidents to reinforce the ar
gument that our credit lines abroad had
| been exhausted and that an early move
| ment outwards OF gold was likely.
The languid tone Of the securities OF
numerous industrial corporations was n
| striking Illustration OF the saturated
condition of the public demand for them
and were taken to foreshow the danger
OF break In prices Of those which were
inflated in value and In weak hands,
which might demoralize prices gener-
ally. There were evidences not lost
sight of by the bears OF a desire to
realize on some Of the heavy holdings
taken over by the powerful interests to
check the panic due to Mr.. Flowers
death.
Much was made. Also Of the impair
ment to values OF an important group
Of stocks that would result from the
enactment Of n public franchise tax bill
by the New York legislature. On these
various assumptions the bears sold
stocks quite assidiously during the early
part OF the week. A number of things
during the week checked the confidence
In coming reaction In prices. Most i'm
portant was the excellent traffic re-
turns Of railroads for the third week In
May. Beginning with st. Paul on We'd
nesday. with an Increase of $4,000 on
gross earnings over last year, there was
practically no exception TO the favorn-
Bile returns. AS the comparison Is with
an unprecedented period last year 1t
could not fail to have force.
Reports of damage to European crops
during the week suggested 4 future
price for wheat that would attract n
| movement Of the reserve in farmers
hands constituting the invisible supply.
the amount OF which 1t Is believed to
be large in spite of the large move
| ment last year. 1t was sufficiently OBJ
vious that the declines in prices of
stocks induced by the short selling did
not bring out any large offerings of
| stocks. arguing confidence in the hold
| ers In the future value. There has been
a pretty steady demand from abroad
for the standard railroad stocks. and
| outgoing steamers carry large ship
A'thhS " oCShiihico. bAo"ihb thu-
| ton of the public towards Issues of new
| Industrial combinations and falling
off Of the furore OF speculation in such
issues is unquestionably healthy SYM
| tom and makes for financial safety.
The detailed statement OF the April for
eign trade showed number of favora-
Bile features, especially the large pro-
portion Of the increase In imports in
cluded In articles In crude condition
for domestic industry" OF the total net
| Increase in imports Of s9.l4S.077 this item
| absorbed s5.3l6,417. The prevailing ease
in money and the activity reported by
| specialists in the departments of trade
and business were all reassuring fac
| tors.
| There has been very notable demand
for all available Issues of railroad mort
cages during the whole week. There
was moderate absorption of gilt-edgc
and government bonds. But the favor
ties are now Issues for refunding and
| reorganization purposes in course of
disposal by reorganization sypdicates,
and which may presumably hope for a
stable higher level OF prices after this
floating supply has been absorbed by
investors.
U. S. new As, old As coupon and the IS
advanced a. and old Is registered and
the 5s. u in the bid price. The Is reg
istered declined x.