The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-01-31
J I'M; r1saNo i, AND ii .rRAps. !.
The Features OF the Money and stock
z it NJi sttl Markets.. 49, y ~ y sf y

Hf'fSN'I .
still out OF proportion TO the offerings
which are heavy In amount and tempt.
ing in rates. Rates, ~ per cent for
sixty days TO ninety days; 3per, cent
for four TO seven months. b
Mercantile paper offers attractive OPP
portunltles for Investment. in SO far as
quality Is concerned, but 50 excellent
Is the demand that the natural result
10 q basis OF rates which Is somewhat
deplored bR Investors. The demand
Is from out OF town, MS well as from
cal institutions. Rates, 3tper cent for
60 to 90 days Endorsements 3l94 per
cent for. choice four to six months sim
Gle names, 4G5 per cent for others.
Discount rates nj interior points I'M.
changed, Quotations at the four I'M
portant domestic centers are reported
by telegraph as follows: ~
% Boston-Call, sd2h per cent; time.
2%Gl per cent. Chicago-Call. 3H94
per cent: time, 4G6 per cent. Phlladel-
phla--call, 2ha3 per cent; time, S!a84
per cent. Bnltlmoye-Call, 3I4 per
cent: time. voc per cent. 49,
Bar silver at London 1-iGd higher al
&c 5-l6d per ounce. New York price
for commercial bars &c higher, at 579
IS c per ounce; government assay bnrs
&c higher at 57isc; Mexican dollars Nc
higher bid at t5Isc, asking price un-
changed at 46nc.
At the opening OF the stock market
to-day Il looked as though the orders
accumulated by commission houses
over night were to sell In order 10 take
profits. First sales were very general
ut fraction below last nights price,
and 1000 shares OF New York Central
thrown on the market drove the price
OF that stock down " per cent. The
market steadied almost Immediately
and recovered graduallysto above las.
level. net gains being, however very
unequal. Lake Shore was most con-
sp!cuous In Its movements, rising 6Ii
points TO 1915 on the reported plan 10
exchange 5000 OF New York Central.
,3h per cent debentures bonds for each
Central ultimately tended strongly up.
ward, after waverins somewhat. There
was also some taking OF profits on the
advances due to doubts as to how far
the stock would be allowed to benefit
from Lake Shore surplus earnings.
which, II was runorcd, would be ap-
piled to q sinking fund for the bonds
issued In payment. Another strong ele-
ment In the market was Louisville,
which advanced over point on reports
that q plan for refunding obligations
at lower rate OF interest was under
consideration. This stock was leader Of
the market In point of activity. North
ern Pacific preferred continued to ad-
vance on well defined rumors that an
additional dividend is In prospect.
Denver and Rio Grande y preferred,
Northwest and number Of less promi-
nent stocks showed notable gains.
These elements OF strength served to
sustain the market, and to counterfeit
some tendency 10 sluggishness and
heaviness in the general list. so that
net gains were achieved In most stocks,
though they were small outside the spe-
cial cases mentioned. Quotations from
London this morning showed some de-
preston in the market for Americans
there, which was attributed to the APP
prehension awakened in the British
mind on yesterdays vote on the Teller
resolution In the senate. The week
opened with continued tendency to-
wards a reaction, and the hesltating
tone in the early dealings on Monday
gave way TO very positive weakness
upon the announcement that the Maine
had been ordered TO Havana. This
sharp decline seemed to clear the spec
ulative situation BY giving the shorts
an opportunity to cover, and by shak-
ing out the weaker narrow margined
holders, who were regarded as q mem
ace to the success of any movement
for an advance. The character OF the
buying at the decline made 1t very evil
dent that powerful interests were taxi
ing up heavy lines OF stock with conf
dence. and their aggressive manipula-
tion for an advance during the remain
der of the week. The most effective factor
In their favor was the strong upward
tendency OF New York Central, at first
unexplained, but made clearer later by
Information OF plan In contemplation
for absorbing the Lake Shore. How
much the general strength OF the mar
ket was due to the influence OF this
special movement and the sympathetic
strength In the widely extended Van
derbilt group was made evident on Fri
day, when a realizing movement in
New York Central left the market with
out support. and a reaction resulted.
Rock Island was another sustaining
force on the announcement OF Its re-
funding plan, and on the very large in
crease In net earnings for the fiscal
year thus FAR shown by the presidents
statement. Rock Island helped an adj
vance in the whole OF the granger
group until the publication OF the De-
cember earnings Of the Burlington &
St. Paul, which, on account OF the
small increase In net and the large in
crease IN operating expenses, were
viewed unfavora bly, by the traders. The
weeks statement OF railroad earnings
have been. as rule, very favorable,
notably Northern Pacific and Pensyl-
vania, enthusiastically. the latter being
regarded as an especially reliable index
OF the country's railroad business. All
OF the securities of the Kansas s: Texas
company have been very strong during
the week on the improved financial
condition shonw by reports for the year
thus far.
s. The bull operators made use OF re-
ports In anticipation Of, the Presidents
speech on Thursday night. and some OF
Fridays selling was due to realizing
upon the delivery OF the speech. The
markets advance was helped very ma
terIa!ly by the very large buying for
London account on Tuesday and We'd
nesday, but the almost equally, heavy
selling on the succeeding days from
the same source made It evident that
the speculation was only for short
turn. The tone OF the mony market
has worked easier, Notwithstanding
the withdrawal from the banks Of the
first ten per cent installment OF the
governments deposit Of Union Pacific
payments. 1t Is evident also that the
Increasing abundance of money and
ease of rates'is all that prevents larger
Imports of gold as the supply of ex-