The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-01
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ms FeataFoi % ~ lloh1y ana Stock
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NEW YORK. Nov so.-Noney on call
steady at 202ss per cent? last loan per
cent Prime mercantile paper sh9Ak
Fer cent. Sterling exchange hrm, Win
actual business IN bankers blllS At
a si5f94 SAY for demand and AZ
81 8i5S7l siq for sixty days; posted
rates s. SS3k8l s. and q s51s94 g.
Commercial bills g s01A. Silver eeftih-
Gates 6O1tt9 61iiksc. Bar silver b91tc. Mex
lean dollars lsl1tc.
The market for stocks IN wan street
hinged very largely to-day on the
financial situation abroad. Berlin was
again evidently the source OF the pres
sure for accommodation and ita urgent
needs resulted in the sympathetic har-
deulng OF the rates for money at Lon
don and Paris, call money at London
rising to 3 pef cent. The price OF gold
bars rose an additional fraction IN Lon
don, but gold TO the amount Of $S,64O.O00
was withdrawn from the Bank Of Eng
land. OF this amount 100000 was
shipped 10 the United States ana prob
ably the rest went TO Germany. The
gagement for the Bnited States was
the outcome OF the recent tendency to-
wards lower rates for money at foreign
centres which left 90 narrow margin
OF profits on the Withholding OF the ex-
change which Is constantly accumulat-
ing at New York as a result OF the
continued heavy exports of merchan-
disc that the movement OF gold y nee
essary to meet the obligations. The rise
IN the money rate In London yesterday
again Qffected margin OF prohts on
loans made abroad and the result was
seen in a Else IN sterling exchange N
New York rejecting renewed demand
for investment In sterling which VIII
necessarily put an end TO the gold
movement for the present.
The Incident may be accepted as an
admonltion to the foreign money mar
ket that they must pay a good rate OF
interest 81 they want the use of the
credits established by this country'S
favorable trade balance. Otherwise the
activity Of business at home and the
needs for financing enormous consoll-
datlons and the formation Of huge new
corporations viii necessltate the CALI
ing home Of these credits. The eject OF
the Tightening money markets abroad
was to throw burden Of liquidation on
the local market, the International
stocks Of course showing greater weak
ness. In view OF the large German
holdings OF Northern Pacific It was per-
haps natural that this stock should be
most acutelH affected. But there rec
mains some feeling Of apprehension
still over the relations between North
ern Pacific and its competitors. The
story reported to account for the
strength Of Union Pacific OF a plan for
the exchange Of Oregon Short Line
stock for Union Pacific common stocks
indicates rather an aggressive strength
ening OF resources than a resignation to
an accomplished agreement as Oregon
Short Line owns a majority OF common
stock Of Oregon Navigation, thus IN
surfing an outlet for Union Pacific to
the Northwest coast. The later
strength In the market radlated from
Union Pacific. Sugar strength was due
TO the rumors OF consolidation with the
glucose company. Rubber stocks made
the usual response to the prevailing
gum shoe weather. General Electric
advanced on belief OF pending dis
bursement Of accumulated dividends on
the preferred stocks. There was
strength also In few OF the obscure
low priced stocks. The rise in Manhat-
tan was unexplained. The declines
were largely recovered, but the days
net changes were decidedly good.
The bond market was irregular in
sympathy with the stocks, but business
was fairly large and well distributed.
Total sales $3,375, 900. United States 20
advanced 4 per cent in the bid price.
Evening Posts London financial ca-
blegram:
Stocks were fiat here to-day on the
sudden rise In money rates. Consols
leading In the fall of prices. Renli1a-
lions on Americans from New York
as much as Germany also sold heavily.
prices were generally fiat, closing at
about the lowest
The total sales OF stocks to-day were
423,70O shares.
BONDS AND STOCK QUOTATIONS.