Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-09-10
FINANCE and TRADE.


NEW YORK, September S.-Stocks-
With the exception of dabbling specu-
lation in some of the specialties not
ably Peoples Gas, Sugar and Brooklyn
Transit, no particular interest attach
ed to the dealings. The holiday in
London aggravated the dizziness and
the weakness of the active specialties
made the general tone heavy. The
impending strike of anthracite miners
had a depressing influence on senti-
ment generally, though the coalers
themselves were little affected. New
Jersey Central recovered most of its
early decline and Reading first prefer
red was not down more than fraction
at any time. None of the other stocks
OF anthracite carryin groads was dealt
in The comparative firmness OF the
cOalers was partly due TO the recent
large output of coal from the mines
and partly to belief that the strike
might be restricted within narrow lin
its. But the prospect of controversy
affecting SO large a body of workers
and such large investments of capital
being abandoned to hostile mobs for
settlement aroused uneasiness among
holders and operators in securities.
Yesterdays recovery in Brooklyn
Rapid Transit gave place to a relapse
to-day, and Peoples Gas continued
weak in spite of an effort to make it
appear that the Chicago gas war was
covered by an understanding between
the two companies large demand
from the shorts rallied the stock and
practically all the loss was recovered.
The weak bank return failed to effect
the market
The movement of currency to the
interior has evidently been much larg-
er than the preliminary estimates in
dictated. 1t is evident also that the
banks have been obliged to draw On
their legal tenders to meet this demand
1t has been expected that the interior
demand this fall might be met by the
newly issued notes Of the New York
banks which do not figure in the cash
set aside to meet the legal reserve re-
Quirements. The figures of the banks
show that this has not been the case.
The loan increase was made in the
on purchase of commercial paper, in /
stead of on sterling collateral, as has
been the case for some time past. The
net result is decline in the surplus of
little over million dollars
The stock market made late start
again this week, after the three days
OF holiday idieness, and after a brief
furry of activity dropped back into its
lethargy and prices sagged again to
the former level. The general invest
ment or speculative world was not a
participant in the dealings at any time,
but there was some evidence of holder
and sarger operations of a professional
character, which were supposed to be
due to the re-entry of some of the in
fiuential speculative leaders newly re-
turned from vacations abroad. The
board room professionals, who have
attributed the dullness to political
causes, expected that the determination
of the Vermont electoral contest would
lead to some activity.
The London stock market was i'm
pressed with the same view. and
American stocks were pushed I'D
briskly on the London exchange on
Wednesday morning before the OPEN
ing here. But the local market eager
ly availed itself of the London demand
to unload some heavy blocks. Later
in the day stocks were bought again
IN the hope of the demand from Lon
don would be renewed on Thursday.
but that hope was quickly dissipated
Thursday. morning and London clearly
showed its disappointment at New
lork's failure TO cooperate in the buy
ing movement.
The erratic fluctuations in B. R. T.
were specifically attributed to the un-
dercurents of municipal politics, and
other corporations dealing with public
utilities were likewise affected. The
disposition on the part of London to
buy stocks here was increased by the
marked ease of money at that centre
and the general more cheerful view
OF internal politics but the vigorous
measure adopted by the Bank of Eng
land by large borrowing from the open
market checked the downward tend
ency OF money and gave an intimation
of knowledge of some future demands
to be made upon the money markets.
suggestions are heard Of an additional
British loan to be placed, and the pres
ence in France Of the Russian minis
ter Of finance ar0lses discussion Of
measures to meet Russian demands for
funds.