The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-20
FINANCE AND TRADE.
The Features OF the Money and Stock
Markets.

MhrhetA'
NEW YORK, Dec, 1S.-AIonay on call
2la per cent nominal. Time money dur
Ing The weel; has ruled closer than Of
late, This has been rather the result o!
some temporary restriction In the output
incidental to the Union Pacific transac-
tons than of an Increased demand, The
demand is as Il has been, fair, but by no
means pressing Rates 3 per cent for GO
to 80 days, 3ls per cent for four months,
ShU4 per cent FOR ave 10 six months,
Mercantile paper has been In the main IN
good demand, with the exception OF the
closing days Of the week,when the causes
above noted have curtalled the demand
and caused some rise in prices, A fair
amount OF attractive material Is offered.
Rates 49, per cent for indorsed bills re-
celvnble, 3lsg4ls pei! cent for choice, four
10 six months, single names; 4laq5ls per
cent for less well-known single names,
Rates at interior points are little changed
from yesterday. Quotations at the four
important domestic centers are reported
by telegraph to-day as follows: Boston
Call, gas per cent; time 2ls@4 per cent,
Chicaso-Call 3isGi per cent; time +isQ6
per cent. Philadelphia-Cal 2hqS per
cent: time id5 per cent. Baltimore
Call SG4 per cent time, 4dl6 per cent,
The rise of prices was pra tlcally unin-
terupted during the short session OF the
stock exchange to-day. SomePery sharp
net gains are the result, exceeding per
cent In some Of the specialtIes, over a
point in q large number Of leading active
stocks and sharp fraction all through
the list The rise was almost wholly the
result of professional buying, outside In
terest In the market being at a standstill,
Bull operators extended their lines ag-
gressively and the bears covered heavily.
Prices of Americans were higher In Lon
don this morning that centre having be-
come quite perslstently bullish on the
outlook FOR values In this country on a
long turn This melted an advance in
the International stocks from the OPEN
ing. The speclaties were next to show
strength. Manhattan becoming buoyant
on belief that conditions imposed upon
the underground rapid transit project by
the appellate court would be, in effect
prohlbltory. Local gas stocks enjoyed
the benefit OF rumor that differences
had been adjusted between the interests
seeking an amalgamatlon OF the gas
companies. New Jersey led further
advance IN coalerS In the prevalent belief
that an effective agreement has been ar
rived at for restriction Of production and
maintenance OF prices OF product. Sugar
was also quite buOyant on covering or
shorts. This combination of strength In
individual stocks due TO special causes
would have been powerful sustaining
factor In Itself, But the incident that de-
termined the tone OF the general specula-
tInn and awakened general buying
movement all through the list was the
report from London; afterwards shown
to he erroneous that over half million
dollars In gold had been Withdrawn from
the Bank OF England for shipment 10 the
United States. Taken IN connection with
the easing OF the call loan rate yesterday
afternoon to per cent and the quantity
OF funds offered at that rate, this report
had the effect OF dissipatlng some OF the
fears Of traders in securities as TO the
future OF the money market and agrees
slvc buying ensued, The weekly bank
statement with the large decrease shown
In surplus reserve gave only momen-
tary pause to the upward movement:
which was then renewed and continued
with buoyant tone to the close Of the
market.
Up to Friday of this week 1t looked
very much as though the expected reaC-
ton In the stock market had set In which
Is as much expected In the natural course
OF things as the December rise" But
to-day's developments leave the future
course of the market very much OF
problem. II H. certain that there wag
large profit taking during the week In ex-
pectation OF q decline and realizing TO
close out speculative lines on account OF
the stffenlng In the rates for money
Owing TO the condition OF the money
market 1t was not expected that there
would be much ease IN rates again be-
fore the FIRST OF the year Besides the
usual accumulation OF funds preparatory
to the disbursement Of January Interest
there has been Withdrawn from the mar
ket this week over IS 900 600 which was
paid into the United states treasury on
account OF the Union Pacific sale. An
other similar payment Is to be made on
December q and the last on January ..
The reason given that these later pay
ments are being paid into the treasury
Instead OF being left on deposit IN New
payments. IL that the price of United
States bonds has risen 10 50 high pom:
that 4 high premium would have TO be
paid to 6cCure q sufficient number to So
cure these deposits, Much stress has
been laid upon the governments an.
nounCement that u would begin the re-
demptlon OF the currency skies which ma
turc on January /, on December y, as
promising offset 10 the Withdrawals from
the money marlSa, on accoun, OF Union
Pacific payments II TO- however, point-
cd out that n considerable portion "
these currency G'g are now IN tho treas
ury 40 n basis for circulation and a Sc
CURLY for government deposits In banks,
it Ia not likely that these would he offer
Ell fjf redemption before maturity, and
Il They were they would not relieve the
situation. There has been IN addition an
outflow Of currency from New York 20
tho south In the last three week which N
Unusual at this time OF the year aud
which promises to aoccntuatc the tcm.
porary scarcity OF money here
FOREIGN exchange bankers express
some sceplsm regarding the gold en-
In view Of the prices OF cX-
change sim ruling The governments
trndo statement for Nov issued this
week shows this balance increased etlll
further IN our favor by over $4,000 900,
witch nnkHe thc balance In our favor
from tho beginning Of the fiscal year to
December L. $3.50 i5G,ODO The ruling
price OF exchange Ia Known to br highly
due to the lcayluE IN England
and Germany at Interest OF millions at
dollars due on balance TO this country
Under tho influence OF the higher rate 'or
money exchange rates have declined dur.
Ink the week and there has been a ccssn.
ton ~ the Investment demand for long
sterling THAT there arc great sums of
money In Europe available IN case of
need In this country conHlbutee one NJ
the strongest fact0S In the money T,uN.
ilon. Net changes In prices NJ stOclW are
wldns. IN the cUllars, the gnlnl extend.
a.. IA la L..