The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-08
FINANCE AND TRADE.
The Features OF the Money md Stock
81 .E set Markets,

The Features OF the Money md Stock
Markets. .r-.t
NEW YORK, March 7-Money on call
steady at 1903 per cent; last loan per
cent. Prime mercantile paper 404ls
per cent. Sterling exchange steady.
with actual business in bankers bills at
81 SAN for demand and at 81 Sl1s4
4 SIX for sixty days. Posted rates
81 $685. S5,s. Commercial bills 81 81.
Silver certificates 54G55c. Bar silver
54Ac. Mexican dollars 44Ec.
The relations between Spain and the
United States caused apprehension In
all circles in Wall street to-day. That
there were large sales OF securities by
timid holders for the purpose OF con-
verting them into actual money was
doubtless true, but larger portion OF
the selling was due to the liquidation OF
speculative holdings which have been
strongly held through previous declines,
but which were thrown. over. to-day. to
realize what they would bring. There
was Very palpable .manouevres also by
the bears 10 force the lowest possible
range Of quotations ut the opening and
their offerings to force down prices and
their purchases OF the decline to cover
made up no small portion OF tho days
business. In this connection It Is inter-
eStlng to note that the opening sales OF
Burlington were reported at from 90Is
10 S9h, and this quotation was not cor
rected until the close of the market,
when It was cancelled with the expla-
nation that the sales reported were OF
st. Paul at those quotations and not OF
Burlington, Instead OF break In Bur-
linston OF * at the opening. that
stocks extreme decline from Saturdays
close was y. Louisville was at one time
4 points off, its weakness developing la
ter In the day. New York Central
showed loss of "a at the opening. 9th
erwlsc the extreme declines in the rail-
road list were restricted between and
3 points. Losses In the specialties were
great, Metropolitan Street Railway fall
Ing s points. Sugar 81 and Man.
haitian 81. The shorts were quick to
cover at the decline and rally of to
8 points was almost instantaneous, The
buying to cover short contracts was at
tributed to Washington sources. which
were aggressive sellers In the latter
part OF last week. London was a heavy
sellers of stocks here during the morn
Ing. the sales for that account being es-
timated. at 10000 shares. London.s pes
slmistic view OF values was as much In
fiucnced by the threatening outlook In
China and the dispute in the Niger re-
gion as by the Cuban question. Local
operators were quick to decide that no
damage was threatened TO American Sc
curities by these compiled lions and this
rod fl1n krN It1., 80 7 .,I.N..
offerings.
Later in the day the Introduction o.
Mr. Cannon's bill to appropriate $780,
100000 Tor national defense and the
passage of the Hawley bill providing
for two new artillery regiments renew
ed the early weakness and forced prices
again to the lowest. The later break
was freer from bear manipulation and
represented more liquidation than the
earlier one The decision faVoring the
railroads in the Nebraska maximum
freight rate case was almost ignored.
and the news that Spain had withdrawn
Its request for Consul General Lees re-
call,although somewhat more eiHcacious
In ralying the market. had but q tenn
porary effect. the other threatening as
poets OF the situation being regarded
as more important. Money was marked
up to per cent In the early transac-
tons. an influence In inducing l;Quida-
ton which must not be overlooked. The
furry in money was caused by the call
ing OF loans by number OF banks
whose reserves had fallen below the c5
per cent limit. Closing prices in stocks
were considerably above the lowest. but
net declines In the standard shares are
still from to over . per cent.
Prices Of bonds yielded almost as
sharply as those of stocks. but smaller
liquidation by comparison with stocks
Indicated greater underlying strength.
Total sales. s3,325, 600 United States new
Is as did old Is declined ~ per cent,
old As coupon and the IS ! and 2l5 per
cent bid. The IS coupon old at 11I&.
The total sales of stocks to-day were
COL 800 shares.
Evening Posts London financial ca
blegram:
The stock markets here were fiat and
demoralized to-day. Americans opened
fiat and gave way steadily on home and
continental selling. Prices closed prac-
tically at the lowest.
ROSDS AND STOCK oIToT,TIoNc