The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-20
FINANCE AND TRADE
The Features of the Money and Stock
MarketI.


The Features of the Money and Stock
Markets.
NEW YORK, Sept. lS.-Money on call
easy at 1%a2 per cent, Prime mercan-
tile paper IL per cent, Sterling ex-
change duh and steady with actual
business in bankers bills at 81 s4%9
A So for demand and al 81 SShG4 s3Is
Cor sixty days; posted rates 81 SAN and
81 S5la@4 S61A. Commercial bills
81 SlIs@S4 So. Bar silver 57Ac, Mexican
dollars 43lEc,
The feature OF the dealings at to-
days brief session Of the stock eX-
change was the extraordinary actions
of the Consolidated Gas stock. The
stock had been comparatively steady, at
about 80 since Its jump of 20 points
early In the week. But 1t took a violent
fall to-day OF over ten points from the
opening. and jumped up and down on
the recovery like boiling water in n
tube. The variations in price on the
down grade were three points between
consecutive sales and upon recovery
the fluctuations jumped over several
points at a time IN the most erratic and
unstable manner. The stock closed at
233, a net decline OF six. Its eccentric
movement served to unsettle the whole
market and discouraged the market
generally.
There was an undertone OF heaVlness
of speculation all day, while strength
was in spots, though not always with
special causes to account for 1t. The in
dlcations supplied by the bank state
ment that rates for money would rise
further in the near future served as a
check on speculation, and helped the
decline In the final hour. Manhattan
suffered sharp decline Of 2I on the
authoritative denial of any projected
transfer to surface railway interests
and OF any projected change in mo-
tive power.
The coalers reacted somewhat from
Yesterdays advance. Delaware & Hud-
son rose ~ per cent, but lost practical
" all the gain. Chicago Great Western
manifested strength In Its August
statement, and Burlington was carried
above St Paul, but closed a fraction
below. Union Pacific was under pres
sure, on London selling, to realize after
yesterdays heavy buying. Baltimore &
Ohio rose a point, and reacted, and
Ohio Southwestern preferred rose over .
points and retained all the gain.
Pittsburgh, Cincinnati. Chicago & St.
Louis preferred advanced two points.
and Lake Erie & Western preferred ~,
Wheeling & Lake Erie preferred, after
declining nearly point, rallied 10
above last nights close. The Northern
Pacific stocks were heavy throughout
the day. The close showed prices gener-
ally below last nights close.
The confidence of the bears that the
long expected reaction was due has
been augmented from time to time this
week, and short interest has shown
itself In a somewhat aggressive mood
several times. The bears were not much
encouraged by their efforts Monday,and
on Tuesday they were disappointed, as
n result OF the sharp decline In ex-
change. and the expectation that gold
movement would set In.
For the rest OF the week the market
was extremely irregular, and sharp adj
vances occurred in different stocks
through dhc list, while other leading
stocks remained at an unchanged level.
There was heavy liquidation In pro-
aress. and the steadincss with which
the offerings to realize were absorbed Is
a striking testimony to the continued
breadth and strength OF the support
Some OF the most remarkable OF the
advances have been well retained. and
the level OF the market is decidedly
higher than week ago Consolidated
Gas Is the only one OF the stocks ad-
vanced that has had a serious setback.
The high prices Of many stocks are
based on expectations Of Increased divl-
dends. but In no case ls the prospective
Increase In dividends anything In like
proportion Ia the increase which has
taken place in the prices.
There Is good ground for tho argu-
ment that prices have advanced to a
higher level than Is warranted. The
argument Is made on the other hand,
that the rate Of return on investment
has reached permanently lower ba-
sis, The long continued stlgnatiOn In
the money market has tended to the
same conviction. To-day's bank state
ment, however, gives Evidence Of the
rapid absorption OF Idle money by the
growing ncedsof commerce and Indus
try,
n is evident, also. from the action Of
the cxchanue market that the expand
Ing balance ~ trade In favor OF this
country stands as safeguard against
any gtrngcnCy In our money market.
Not changes for the week In the ma
lorlty Of lending stocks are small, hut a
few stocks show large gains. quite a
number Of usually neglected and low
priced stocks have been carried 60 a
higher level
The business In bonds has been
heavy, but advances were not 20
marked as during recent periods, some
Of tho speculative issues showing slight
reactions on profit iaklngs
Dealings IN government bonds have
bepn dull. and prices nro unchnngod,cx
cent for tho new A. which are " per
cent lower
rho Evcnlng Posts London financial
clbogrnm'
Tho sloc markets were quiet, but
GOOD To-day, aud the outlook IA firm,
barring any disturbance from political
| notyp Americans were active, al
lbnuph nine ont Of every ten men can
not ioll how rar the buying here N On
] Now ulh VT lAWElHN N''NhllN 'NH''.''
| o1lv operations hero arc mainly on New
York account although English rcnll'
aatlon on hIghprlcod shares continues
and cheap shares are Htlll bought hero
] Those who arc most Rnngulnc nhpu'
! Americans apparently base iholt view
mainly on the idea that New YORK " To
run London out NJ FtocltH. Hence the
beat koy to tho position IN furnished at
each settlement, The discount market