The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-25
FINANCE AND TRADE.


Tbs Features OF the Money aud Stack
Markets.
: NEW YORK, Feb. ol-Money on call
firmer at 2,k@3 per cent; last loan %.
per cent, Prime mercantile paper sG4
per cent. Sterling exchange weak with
actual business in bankers bills at
81 ,s4ssG4 SAX for demand and at 81 SEX
for 60 days: posted rates 81 iS3ls4+ "a
| and 81 S6G4t S6is: commercial bills 81 81.
Silver certificates. 1000 ounces at 561sc:
closed at 5skG56c Bar silver 55Sc.
Mexican dollars 45kc.
The slump In the. stock market this
morning was so sudden and so violent
that the trading almost took on panic
conditions, but the avalanche OF liqui-
dalton was practically over In less than
half an hour and then there were some
quick recoveries. TIE dizziness and the
recuperative tendency that followed
showed that the determination to let go
at whatever sacrifice had been quickly
abandoned and late drive by the bears
found prices by no means so unreslst-
ing as in the morning. The covering
OF shorts worked O substantial rally be-
fore the close. The early slump ranged
from l TO nearly 5 points in the Stand
ard shares and from that up to an ea-
IRENE decline in Metropolitan Street
Railway, In the specialites. Recoveries.
though sharp In some shares, were at
no time complete In any stock. The lat
ter tone Of the market suggested that
the early break was at least encouraged
by manipulation and the substantial
character OF the buying at the extreme
decline corroborated the view that there
were waiting purchasers anxious to Sc
F,ttr k-tnN n "a M nf nj
But the fact was obvious, nevertheless,
that apprehension over-the Cuban stu
alton was more acute than at any time
heretofore. There was evidently mass
OF orders to sell at the market, when
trading opened, and commission houses
reported that these came from many
sections Of the country, indicating an
uneasy desire on the port of holders 10
realize on their securities. The char
acters OF the buying Is evidence that
there are owners OF large capital who
believe that the situation has been fully
discounted in the declines which have
been made. London was also large
buyer during the day, its total pur-
chases being estimated at 10000 shares,
or 100000 shares in two days. Govern
ments bonds were strlkingly weak. the
declines in the bio price being A@l. per
cent Money was higher, calfloans be-
Ing made from 2h to 3 per cent. and time
loans for sixty days were made at per
cent, with quite an advance demand.
The calling OF loans released quite an
amount OF sterling exchange which
was held as collateral In the exchange
market. demand sterling being quoted
at z of a cent below yesterdays price
at 81 SAN. This Is near the gold i'm
port point and suggested an avail
able source OF relief for any threat
ened stringency In the money market
Quite heavy movement OF currency TO
the interior Is still in progress. but 1t
does not appear that this Is due to any
other cause than the expanding needs
OF business. Money is going Into loans
ard thus into the active course OF trade.
= In the stock market those securities
which suffered the heaviest declines,
notably the Srangers with Burlington
leading, and the international stocks
with Union Pacific preferred the most
acute sufferer, enjoyed sharp rallies, so
that the days net declines are brought
within a range OF l to 4 points outside
the specialtles. Metropolitan Street
Railway dropped Il points but closed 3
points above that, and Manhattan,
though IL fell at one time OK. shows a
net decline OF {, points. The movement
In the bond market was In sympathy
with that In stocks, declines ranging
between l and 2 points. Prices closed
somewhat above the lowest. Total
sales 81, O25, 900.
u. s. new. As coupon fell III per cent.
and sold at the bid price. 1854. The reg
!stered bond OF the same Issue fell "
per cent. but sold per cent. above the
bid price at the asked price. The old As
coupon fell per cent. bid. the SIS Y per