The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-06
FINANCE AND TRADE
rhs Features OF die Money aud stoel,
MARIAN.

Ivy "fN" eNHSA
aIarkstl.
NEW YORK. Dec. 4.--Money on cali
lN@ 2 per cent Time money during
the week has been freely offered on or.
binary mixed collateral. meeting with
iair demand. Rates 2Ha per cent. for 30
10 % days; per cent for 80 days to I'VE
months; SM per cent. for six months.
Mercantile paper continues in excellent
ueihanq' \ fair quantity OF attractive
PAPER ID offered and taken quite rapidly,
There are no new features on interest,
tue general tone being. as lately noted,
ready appreciation OF hlgh-grade ma.
terlal, and some attention also given 70
soou paper OF the second grade Rates
SWSA per cent for so to 80 days; in
dorsed illsreceivable 3iaG4h per cent.
TOT hlsh-grade single names, four to six
months TO rum 4ls@5h per cent Tor sin
gle names of lesser financial strength.
Boston rates for both call and time
money We're lower to-day Quotations
AT the four important domestic centers
are reported by telegraph to-day as fol-
lows: Boston, 2q3 and 2hQ3h per
cent Chicago, 3g4 and 4hd6 per cent;
Philadelphia, 2ls@3 and 4lD5 per cent;
Baltimore, Sqi and 4d6 per cent,
To-day's stock market was left al
most entirely to the room traders and
they seemed disposed to lepress prices
entirely during the early part OF the
session by short sales Their efforts
met with little response and they re-
covered before the close, bringing prices
IN most cases slightly above yesterdays
close, The movement OF prices was,
however, trivial throughout the day, ex-
ceptins In few special cases, Manhat-
tan reflected the anxiety of those who
had bought yesterday under the mis-
taken Impression that the underground
rapid transit plan had been declared
unconstitutional
Heavy offerings at the opening sold
the stock down point, the lowest OF
the day, The close was near the low
point after full recovery in the mean
time, All sorts of rumors We're ailoat
regarding the stock and the dealings in
1t We're at times quite feverlsh. Sugar
was traded in for the most part ut u
level below yesterdays close, the sup
ply of stocks being apparently large on
any advance, Chicago Great Western
showed degree of strength on account
Of Its large percentage Of Increase of
earningN for the fourth week in Novem-
ber Slsquehanna & Western con-
tinued to rise in price and Delaware &
Hudson of the coal group sympath!zed,
but New Jersey Central and the Rend-
ings stocks, on the other hand We're
heavy The days news so far as It was
regarded was favorable, statements Of
fourth week earnings that were pub
lished showing large earnings and
handsome increases,
lao tt,. To- !. ,tn1
Client to cover the increased require
RieRts of the legal reserve caused by the
heavy increase In deposits, and the con-
sequence Is still further decline In the
surplus reserve.
There has been nothing In the gen
eral requirements or the money market
during the week to account for the eX-
,pansion OF S3,476, 500 In the loans, and 1t
Is probably due to borrowing on eX-
change This is q part Of the some
what complicated operation, the SIM
pie result OF which Is to leave at inter-
est abroad money which has accumula-
ted there on credit instead of drawing
an II by exchange bills. II Is estimated
that over 100000 OF foreign exchange
has been allowed to accumulate In this
city durng the week. and the fact that
prices of exchange have not been ma
teriniiy lowered shows TINT it is with
hciG and the money loaned abroad.
There Is a continuance, also, OF invest
ment buying of long exchange In an
ticipation of the usual yturn move
NEXT of trade after the first OF the year.
Although the imports Of general mer-
chandise at this port for the week shows
sharp falling OFF the receipts at the
custom house indicate a growth of the
NnNsnpN Nnts
which buyers OF long exchange expect
are worked off which were imported in
anticipation Of the tariff laws, Unless
the import movement Of general mer-
chandise shall become very heavy In
the next few months. long exchange
must prove poor Investment in view
Of the enormous outgo OF merchandise
of the last few months. London ad-
vices during the week have reported,
very heavy American demand in the
market for high grade American rail-
road bonds The same demand had eX-
is.ed In the New York market With n
very limited supply, which was largely
furnished for foreign account as well
as in London. This would indicate
further heavy transfer to this side OF
the water Of the highest priced railroad
securities in sufficient volume to have
quite an Improbable effect on the eS-
change balance. The activity Of The
bond market has been feature OF the
stock exchange here all week and the
total dealings In bonds on Thursday
were of par value Of nearly A,7O0OO0.
The activity OF the stock market has
been spasmodlc The week opened
with evidences OF an awakened outside
interest In the market, due to the sharp
advances of Friday and Saturday pre-
vlous. But the buyers OF that period
took occasion to realize on Monday and
turned prices backward again, Tues
day and Wednesday the bulls loaded up
again and prices slowly hardened,
Thursday opened with great animation
and rising prices. but while the ANNA
ton continued the rise soon came 10 u
stop and soon prices were falling quick
~ and sharply. This second realizing
movement by the powerful operators,
whose resources enable them to ma
nlpuate the prices, threw the market
into semi-stagnation. from which 1t
showed no sign Of recovery either FRI
day or to-day. The reactions have not.
however. wiped out all gains and the
week shows net gains between ! and 2
points in many leading shares and eX-
ceeding points In some, notably Sugar
(IiD. Pennsylvania. Chicago Great
Western, Missouri Pacific and Union
Pacific. The rise Of Tuesday and
Wednesday was duo primarily TO the
aggressive and confident buying of In
fuentlal combined interests. But the
fnctors which Induced large following
were the favorable rallro0d statements,
notnbiy the October statements Of
Pennsylvania and Burlington and the
IN general OF gross earnings
for the fourth week Of November and
the announcement Of the Rock Island
refundlnE scheme and the sale of S52,-
100000 OF the rcfunding bonds The
free offerings OF stocks on tho advance