The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-03
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NEW YORK. Sept. 2--aioney on cal;
arm at gas per cent; last loan ? pc
cent, Prime mercantile paper 5R6tl5
per cent Sterling exchange steady,
With actual business In bankers' bills at
$500 50 for demand and at 81 s1KG
1 50 for sixty days. Posted rates
a sSlA94 81 and q S. Commercial
bills q 50. Silver certificates 5s3i gsolfc,
Bar silver 60Ae. Mexican dollars 46kc.
There was 4 brief period OF activity
on the stock. exchange this morning and
brisk demand manifested for few
stocks, but the dealing became more
and more perfunctory as the day pro-
ceeded. The market was under the
combined influence Of the exhaustln5
heat, the Tightening money market and
the approach Of the Labor Day holiday.
It had fallen into complete lethargy by
noon and the governing committee were
Induced 10 reconsider their refusal TO
close the exchange on Saturday and de-
cided 70 suspend trading from o'clock
to-day until 10 O'Clock next Tuesday
morning. The announcement OF this
decision demonstrated that the weak
ness OF some stocks earlier In the day
had been due to speculative short SELL
ing, shown by the demand to cover
shorts. Manhattan scored an extreme
improvement after marked early weak
ness OF 2& per cent, and Tobacco after
a loss OF nearly points recovered IL
per cent. The early activity conferred in
the Pacifics, the preferred stocks show
Ing special strength on the decision OF
the Northern Pacific directors an
nounced later in the day to put aside a
reserve fund OF $3,OO0.OO0 to insure the
continuity OF preferred dividends. The
common stock fell on a point on SELL
Ing by holders disappointed In expecta-
ton that the surplus would be distrl-
buted as a dividend on the commend
stocks. The common stock rallied only
ieebly on the Presidents statement that
consideration OF dividend on the COM
mon would be in order II business con-
tinued at its present level. Generai
Electric continued to show strength'and
closed at the best at a net gain OF 1&
per cent. Baltimore & Ohio also renew
cd its advance. The market generally
drifted to lower level IN the later
dealings due to taking OF traders pro-
fts in anticipation OF the three days In
terval Of trading. The money market
hardened further, call loans generally
being marked up to per cent on the
expectation that to-morrow's bank
statement would show a still further
decline in cash holdings and surplus re-
serve. The higher money rate was not
reflected in the exchange market, which
was slightly hrmer in tone.
Bonds were very dull, but prices were
al Nal
sales. $2,3i5,000. The reaction tendency
in the stock market during the, week
has apparently turned on the conditions
In the money market, though the fact
that the large combined interests have
weaker holders also has a bearing on
the weakness. Rates for money have
advanced and predictions are freely
made of further advance. The contin-
ued diversion of cash into the treasury
on account of bond subscriptions is
what had curtailed the supply of idle
money available for speculative pur-
pose and prospects of continuance of
this diversion and of growing needs
from the interior 10 move the crops
have admonlshed spectators to con-
tract ventures. There has been large
liquidation and following that, dizziness.
Sterling exchange has fallen and mo-
neg rates In London have risen, but are
still below the New York level. Still
only little over 100000 in gold has
come from London, although London
has bought stocks freely In New York.
Aside from the hardening OF money and
some renewed anxiety on account OF the
corn crop. conditions have continued IA
vorable to higher values and a large
number OF stocks have responded to
special causes and advanced, especially
among the industrials and a few ofthe
railroads, the preferred Pacific stocks
being conspicuous.
The bond market has fallen in dull
ness during the week and the higher
rates for money have been reflected In
lower prices.
United States old As registered and
the IS are X per cent iower, the former
ex-interest, the new Is are u per cent
lower. and the s. u per cent lower In
the bid price.
The total sales OF stocks to-day, were
$4,000 shares.