The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-08
FINANCE AND TRADE.
The Features of the Money and Stock
Markets,

NEW YORK, Jan. 6,---The stock mar
ket suffered to-day from a continue
tion Of the liquidation for Berlin ac-
count. The volume of this selling in
New York was not formidable. but the
sentimental effect Of 1t was decisive
in driving prices downwards through
out the list and discouraging buying of
stocks. The further sharp decline in
interest rates in Berlin and London
precluded the explanation Of money
strlngency, to account for the selling
and made It appear that Its motive was
political. The friction between Ger
many and Great Britain over seizures
Of German mail steamers was not left
alone as an explanation, the reported
movements OF Russian troops toward
the frontiers Of AfghanIstan arouslng
the apprehension Of further embarass-
meHts for Great Britain. a leading
authority on the sterling exchange
market recorded his opinion that as
long as the Transvaal war continued
gold would continue to go out from New
York. The board OF trades returns OF
Great Britafn's foreign trade for De-
cember showing decrease OF over $685.
100000 in imports and an increase Of
81, 600 In exports, taken in connec-
ton with the heavy selling OF securi-
| ties in New York for London account,
goes to explain LondOn's continued con-
troll over the international exchanges,
and ability to draw gold at will. The
lIghtness OF the outward movement Of
cotton from this country also keeps up
the rate Of sterling exchange. While
fnRa1orT,
! being executed, there was no dispose
ton to keep prices above the London
parity, and pressure against some lead
ing lndustrials, especially Sugar, was
| added.
with the cessation OF the London SELL
Ing and .he appearance OF the bank
statement there was an improvement
| in sentiment. Losses were partly re-
covered and the closing was firm on
a good volume Of business. The. fact
that the surplus reserve was main
| talned and even slightly Increased in
face OF the gold export movement and
loan expansion OF St.1O7. 400, Afforded
much encouragemeT8.o over the domestic
money situation.
The stock market moved In AMIR
regular manner all week and the mo-
| lives of the operations have not, been,
BY any means, clear. The confusion
IS largely due TO the fact that profess
slonal operators were closing up con-
tracts to which they had committed
Themselves in expectation Of the weeks
events. Such n movement naturally
tends to nullify the influence Of the
actual event when II occurs Thus,
one Of the rules in stock exchange
speculatIona is to buy In anticipation
OF the early January demand caused
BY released dividends and Interest
money seeking investment.
Last weeks strength in stocks was
due very largely to this antlclpatory
buying, and the corrollary Of this buy
Ing would be selling to take prohts this
week, when the dividend money began
TO be dlsbursed. But while one set Of
professional spectators is seeking to
profit by the buying Of what Wall
street nffectlonately regards as the
outside public, there Is always another
set aiming to make profit out Of the
HFHt get themselves,
The bond market has been less active
than stocks. the level Of prices on
present returns offering fewer attrnc-
lions than In stocks. u. 8. IS, old q.
new IS and 5s advanced 10 in the bid
price.