The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-06-11
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

markets..
NEW YoRK-Those who expected
that the bears who sold stocks short in
large volume during the final dealings
yesterday would scamper to cover
their shorts to-day, and work sharp
rally to close the week, were disap-
pointed. The depressed condition of
foreign stock markets continued to-
day, in spite OF the rather more assur-
ing opinions for peaceful outcome TO
affairs in China, so far as the interests
of European powers are concerned.
Selling for London account was on u
liberal scale here. Rumors nre dis
semInated to the effect that this for
eign selling is really for account OF some
large New York operators ut present in
Europe, and who have long been promi-
sneut on the bear side OF the market.
THE fact is lhat yesterdays sudden
weakness OF stocks is not clearly I'M
derstood as to fts motives or Its course.
and current rumors represent the sur
misses OF those cropping for light more
than any authentic knowledge. wall
street is, in reality, rather skeptical
about reports OF crop fnilure at this
stage Neither, is the foreign selling In
tRufllcient volume to account for the
weakness. The news Of the day, while
incffning towards depression, Is Of
about the same character as for some
time past, while the market has been
sluggishly Indifferent. Spectators are
therefore inclined to fear that some I'M
favorable factor not yet known to the
public Is inducing liquidation. The
.fuoney-fffRFket outlook, beyond the I'm
mediate future, Is not altogether salts
factory.
The weeks additional loan expansion
of 81. 4s3, 600 must clearly be attributed
to renewed foreign demands upon our
credits. Estimates OF the future ease
OF the local money market have been
predlcated upon cessation OF the Tor
eign demand. 49,.
in berlin seems to he the cnusc Of the
new demand. II the loan extension to
foreign borrowers should continue in
Ia he period when New York banks
are called upon to finance the crop
movement, now not far distant, d rapid
dissolution OF the surplus, which was
reduced to-day to SiS.3i4,250, would
necessarily result. Yesterdays nddi-
tIonal cali for $j.OOO,O00 or government
deposits VIII be followed by three other
calls OF tho same amount, thus linking
nm The whole of the $25,OOO0OO necessary
10 redeem the government 2's. which
nre chilled for August IS. These bonds
nrc in the names Of the banks, and are
an depogIt as security for circulation.
n ia optionnl with the banks when they
shall be presented for redemption. un-
III they are redeemed the calling OF the
government deposits from the banks
VIII continue to act as a drain OF the
money market. The market closed
stendy on u covering movement by
room shorts.
Prices OF stocks are considerably
lower for the week. and the speculative
mood continues depressed and depend
ont over the uncertainties In the out
look, and the fear OF decreased profits
in business and industry and resulting
decline in values. II Is to be conSld-
cred that n this fear were bached by
conviction there would be liquidation
In force and nctive speculation on me
bear side. on the contrary, liquidation
has been restricted to appreclablo
dribblIngs for the most part. ana the