The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-01
FINANCE MI TRADE
Thu Features OF ths Money and stosll
Markets.

The Features OF the Money and Stock
Marketn
NEW YORK. Oct. 3O.-Money on call
nominally 2 per cent; prime mercantile
paper SR94h per cent; sterling ex-
change steady, with actual business in
bankers bills at 81 s5AQ4 S5S for de-
mand and 81 S2h@ "a s2% for sixty days;
posted rates 81 $500 say and 81 $50
4 S6h; commercial bills 81 S194 SIN; sill
yer certificates 5Sa96Oc; bar silver
5SNc; Mexican dollars 45c.
There was little active and small vari-
| alton In prices on the stock exchange to-
day, except In q few special cases. Con-
| solldated Gas wac the conspicuous fea-
ture with a break OF s points to l9+. The
stock fell several points between on deal
lngs on single lots Of a hundred shares.
| The last sale was at n rally Of 3 points.
| Consolidated Gas at 1874 shows q fall OF
AN, points from the price of September
16, on which day 1t sold for 24lh. To
days slump was effected by the bears
with the purpose OF %uncovering stop loss
orders. They argued that the result OF
Tuesdays municipal election might be
an organized agitation for dollar gas"
| Union Pacific n heavy throughout on
rumors that the foreclosure sale OF the
property might be enJoined. The stock
was over a point off at n time, but rail-
lied u per cent. Burlington alone Of the
| list was traded to the extent of more
than 10000 shares. II was strong on IA
vorable crop reports from along Its lines.
The total sales of all stocks were little
more than 100, 900 shares. The strength
OF the market generally was due to the
| closing up of contracts for the interview
ing holidays, which virtually extend
over to next Wednesday, as Mondays
transactions are expected to be inslg-
%nihcant, pending the result of the cleo
lions, and on account of Monday being a
bank holiday in London.
The substantial increase in loans Of
s ,025. 1875 shown In to-day's bank
statement Is the first increase shown
since the statement of September IS. The
contraction in loans from that date up
to October 20 vas $l7,63S 300. made nee
sary by the sharp demand from the In
terror for money. Although there has
been an active movement OF currency
from this centre to st. Louis during the
week to move the cotton crop, the net
movement has been this way, and that
interior banks have more money than Is
needed Is shown in the items Of depos-
It's, which have increased 1854, 900, rep
resentlng in part the surplus fund of In
terror banks. The bidding for mercantile
paper has continued very active all
week, interior banks continuing to offer
funds in this department of the local
money market. The increase In leans
in the bank statement. while partly due
10 pVtrNtannC Of yNnrNo pti1n yopar tu
probably due for the most part to opera
lions on account of the pending Union
Pacific foreclosure sale. The Union Pa
ciflc has also been the overshadowing in
huence in the stock market, which was
otherwise exceedingly narrow and en-
| tirely professional. Some confusion has
seemed to exist in the minds Of holders
of Union Pacific securities 1t times as
to the effect OF the developments at
Washington on their interests. But the
weeks net result shows that they con-
slider themselves substantially worse Off
than they were last Saturday. The
stock fell AZ per cent on Monday on the
governments announced intention 20
postpone the foreclosure sale, 1t being
feared that the whole plan of reorgani-
zation was threatened. The ~reorEanlza-
ton committee announced that It
would bid the full amount of the govern
ment's claim on the main line, and that
| allotments made under the plan to Kan
sas Pacific holders security holders
would remain reserved for the reorgani-
zation OF the Kansas line. and that no
| change In the plan of the reorganization
was involved in this, This. coupled with
the announcement OF the government
that It would accept this bid on the main
line rallied the stock. limitations that
the reorganization syndicate would be
loser by the increased bid. which had in
creased some Sl3.000,0 900 uver that CON
templated for the whole system when the
plan was made, seemed to cause lrflta-
ton. and explanations were offered that
the Increased outlay by the syndicate
was to be compensated by allotment Of
first mortgage and preferred stock, The
syndicate. II is announced, receives par
In the new 4 per cent bonds and 30 per
cent in the preferred stock for the money
furnished by II. This, II 10 explained.
would not necessltate the absorption Of
securities that would otherwise have ac-
crued to the treasury OF the new COM
pany. but the lBaue Of additional bonds
to the par value Of at least $751; 900, 900. II
further developed that the Increased bid
made no provision for the subsidized
portion OF the Kansas Pacific, the bid
for that portion being c1nGldered as
withdrawn. and the reorganization In
teresta relying on their control Of lines
and n connecting link which can be built
10 parallel that portion, and complete the
Bystom II they were unable to secure the
| Knnsad Pacific on their own terms, The
stocks net loss on the week vas ~
points, the price being about what II was