The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-05-25
FINANCE AND TRADE
Ths Features OF the Money aud Stock
Markets.


Markets.
NEW YORK, May 2A-Money on call
easy at lKdlis per cent; last loan ~
per cent; closed at iitalE per cent;
prime mercantile paper 3hg4 per cent.
Sterling exchange easy. with actunl
business in bankers bills at 81 s7g
1 s7E for demand and at 81 s6di s64
for 60 days. Posted rates 81 S7al ssh.
Commercial bills = So. Silver certih-
Gates 6OM96OSc; Mexican dollars 4ISc.
To-day's rally on the stock, market
was attributable TO the decision OF the
supreme court In the Interstate COM
merce case. The market had derived
strength last week on rumOrs regarding
this decision. but IL sold on again this
morning before the decision was an
nOunced on account OF doubt being
thrown upon the reliability OF last
weeks information. In the early deal
ings the hand OF the professional trader
was plainly evident The morning was
given over to depression on account OF
a report that the Nebraska maximum
freight rate case would not be decided
By the supreme court until fall. the de-
CIsiOn In the Interstate commerce De-
ing also In doubt. II Is an Illustration
of the Inconsistency and OF the profess
sional traders working for short turn
in the market that In the upward move.
ment that resulted upon the decision OF
the Interstate commerce case the post
ponement OF the Nebraska case was Of
fered as a bull argument on the ground
that the lower courts Injunction stands
and will stand until the decision OF the
court In October.
II is also pointed out that the special
session Of the Nebraska Legislature TO
correct the law, which was in contem-
pla.tOn in the even. Of its validity being
denied, will now be avoided.
The gold shipments announced for to-
morrow, amounting 10 2,GO0,OOO. also
had u depressing influence in the early
trading. as the amount exceeded CON-
slderabiy what had been anticipated
There was also news OF further ship
ments in contemplation for later In the
week The sensitlveness was shown by
the exchange market 10 the offer OF bills
against the gold Offset TO some extent
the bal effect OF the export. Lower
prices In London also had It's influence
on the early heaviness. and the renew
cd attack on New Jersey Central anect-
ed the market to some extent.
Quite an unwonted degree OF buoynn-
cy and animation was impaired to the
market by the supreme courts inter
state commerce declGior. This IL re.
garted as the most important decision
in It's eject on railroad values since the
trans Missouri decision.
Part Of the strength impaired TO rail-
road stocks by this decision is due to
belief that Il will serve to hasten the
enactment OF Law by Congress to au-
Nfs1N hn "A n.
proVnl OF the Interstate commerce.
commission OF any such agreement to
make Il binding. The early heaviness
had carried down pretty much the
whole market. the decline extending to
IL per cent in Burlington, which was
the leader Of the market in point OF &C.
tiyity. This stock also derived the
greatest benefit from the rally. the gain
being sis per cent. The following
stocks rose a point or more from the
earlier low prices: Atchison preferred,
Cleveland. Cincinnati, Chicago & st.
Louis. st. Paul. Rock Island. Omaha,
Lake Shore, Louisville & Nashville,
Manhattan, Northern Pacific preferred,
Norfolk & Western preferred, Western
Union, Leather preferred, Sugar. To,
bacco and General Electric, New Jer-
sey Central declined ~ per cent in the
early depression, but gained 3h per
cent on a covering movement. Delaware
& Hudson rising ~ per cent In sympa-
thy. American Spirits lost ~ per cent
on the day. Chicago Gas was quite err
ratio, but gained sharp net fraction.
The closing was strong and buOyant
and generally at top prices The bond
market ruled moderately active. with
tendency towards higher prices, which
became quite marked In the closing
dealings among wspeculativei issues
The gains generally did not exceed
fractional limits. with AtchIsOn ADJUST
ment fOurs conspicuous for gain OF
per cent Tho sales were $4,000
Government bonds were dull. but
showed decided strength In the late
dealings.
BONDS AND STOCK QUOTATIONS..