The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-01-17
rtsANcgiAlvDrI TRADE.
The Fe.iafFt,l. &c 7,he None, aud s,oel

II i Vi
Tbs Features ot the Money aud Stock
| SSIsrkst,.5 X +
NEW YORK. Jan. 49, Money on call
atssS per cent; nominal. Time money
has been literally offered throughout
the week. the local output being en-.
larged by the volume 81 money now
coming 10 this center from the interior
for the purpose OF temporary invest
ment. a fair stock commission busi-.
ness naturally produces some demand
for time accommodate but no. In
correetjproportlon. to the valume OF OF.
ferlnsss Rates, 3 per cent fortsixty to
ninety days; $685. for four to seven
month"; Mercantile paper has been
sold In largo amounts this week In this
market, q number OF choice names
having made their appearance. The
demand from out OF town Is also excel
lent. Rates. 3A per cent for sixty to
ninety days Endorsed bills receivable
and .:h(l4 per cent for choice four to
six ,months single names; 4I6 per cent
for others. Interior discount rates gen.
orally Unchanged; easier at Phlladel-
phia. Quotations at the four important
domestic centers are reported by telc-
graph as follows: Boston. call, 2S03H
per cent; time, 2S "a per cent. Chlca-
go. call, 513h; time. 4G6 per cent. Phil
adelphia. call, 2,sG3: time. 3A04 per
cent Baltimore, call. 394 per cent:
time, 4G6 per, cent. K, E h ,stG, ,i VI
The stock market was subjected to q
rather. drastic liquidation ( OF spccula-
tive Nholdings to-day In continuation OF
tho movement OF yesterday. The selling
was due to a feeling that Il was safer
to take profits at the present level than
to retain holdings over Sunday. The
situation at Havana was the motive OF
the selling. There Is no assurance felt
that there may not be a sudden devel-
opment OF a dangerous situation there.
which would necessitate immediate
measure by the United States naval
forces to protect the interests OF the
citizens OF the United States resident
in Havana. Fears on this score were
somewhat aggravated by. the persistent
selling OF houses with Washington con-
nections, This was taken to reflect q
feeling OF apprehension In Official cir,
cles as to the outcome OF the situation
or course the professional traders were
ready to turn sellers without further
inducement on the general principle
that prices 60 down much more easily
and quickly than they go UP. The bear
attack was vigorous and effective, and
margins being wiped out In many cases
largest holdings were thrown over 10
save losses. thus adding to the weak
ness Of the market. The sharp rally at
the close on the covering OF short lines
put out earlier. indicated that the bear
selling made up q considerable proper
tion of the whole. Manhattan exercised
a very effective influence in the list and
there's was very heavy profit taking IN
this stock on the strength of the weeks
large gains. The price was at one time
rs per. cent below last nights close.
Sugar also showed early extreme weak
ness In continuation of the liquidation.
which has been going on all week In
the stock. 1t fell az per cent aud rail-
lied but feebly. Third avenue dropped
seven points to 175, wiplns out all OF
yesterdays gain In price, but rallied
~ per cent. Nearly every active stock
on the list was at one time q point or
over below last nights close, but the
covering movement reduced net de-.
clines In some cases to fractions.
days and yesterdays reactions In
| tL4C sloSh iiIdA MT .'bI al Gliu " Il pClOu
OF strength and activity earlier In the
week, which was regarded as giving
| good promise OF the usually expected
January boom In prices. Only those
stocks which scored extreme advances
early in the week have anything left
TO show for 1t. the general level OF the
market being decidedly lower than at
last Saturdays. close The flrmness
with which the market withstood the
effect OF the first news OF the Havana
rioting on Thursday, led TO a hope In
| the minds OF the bulls that the power
for evil OF the Cuban question had been
tested to the full. But the market was
| sustained on Thursday only: by the
| striking strength displayed by the
! Vanderbilts, New York Central and
Lake Shore rising about four points
each on reports that new plans were In
contemplation for operations looking to
reduced cost and increased dividends on
| the stocks. The amount OF ,the trading
on practically stationary market on
Thursday might have servedas warn
ing of what would have happened had
this sustaining force been withdrawn.
1t was an obvious fact that heavy rea-
LIKING was In progress all the week
side by side with the active strength
OF special stocks.
The special points OF vantage or
which the strength Of the market held
| early In the week were the Northern
| Pacific stocks and Union Pacific and
Its various affiliated and connecting
lines, the source OF this strength being
| the assurance OF the continuance OF
Union Paclhc's old outlet TO the Pacific
coast. Northern Pacific and the I'm
ion Pacific group also enjoyed the bcne-.
fit OF anticipations OF a large kloHdike
business In the spring. Another source
OF strength TO Northern Pacific was
the decision of the Interstate commit
tee to continue the suspension of the
long and short haul clause In cases
where rates were In competition with
Canadian lines. Mania ttan was anoth-
er point OF strength in the market with
a ten point rise. half of which has been
lost In the taking OF profits. Sugar was
| persistently. weak. It's decline has been
/ attributed to the declared purpose OF
/ the directors 10 retain the surplus for
| contingencies and professional traders
| have taken gloomy, but uniformed
view of what these contingencies might
be. 55a.e ~, III -
I The tendency of the Hawaiian an
nexation treaty In the senate has been
unfavorable to. sugar. as annexation
| would allow Hawaiian refined sugar 70
/ come In free. The industrial list gener-
I ally las been heavy during the week. A
! feature has been the large buying for
\ Investment account OF silt-edgcd
/ stocks. To-dav's bank statement indl-
i Gates that the expected replenlshment
4 OF the money market has been accom-
1 plished and significant weakening OF
foreign exchange indicates that the sea-
sonable outgo OF gold Is likely not to
occur on account OF the heavy trade