The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-27
rIEANc,:z; lsp TRADE


b. b !. l. .aHI
NEW YORK. June .5.--Mpney on cal
steady at iiplM per ceat; lasi loan i!
per cent Prime mercantile paper. Sapi
per cent. Sterling exchange arm. viii
actual business In bankers bills al
"a S5h for demand and at aISla4 So,
FOR 90 days; posted rates 81 S5dli s5i!!
and 81 issts04 81; commercial Diils 81 S.
Silver certificates 5oatoe; bar silver
bsAe; Mexican dollars i5sc, "
The regrettable loss ot.sSme American
soldiers in cuba had a ssntlmentally de.
pressing influence at the opening OF the
stock market to-day. Prices continual
sluggish. but without real weakness
during the first hour. The question OF
dlfterentlals 10 the Canadian Pacific was
said to still block q settlement OF the
rate war and this contributed to the
heavlness; IN Northern Pacific. The
speelaltes on manipulation improved
substantially.
Various industriais. Including Spirits
and Tobacco. received effective support
thus checking the earlier easinessin The
general railway list and ranging traders
on the long side. The grangers, how
ever, failed TO quite reach last nights
closing. The general list closed firm In
anticipation Of successful elimination
soon Of the land and sea operations
about Santiago. The weekly bank state
ment reflected more satisfactory situa-
tlon, surplus reserves increasing almost
50, 100000. bringing the amount held by
the banks above legal requirements up
to S62, 20s, $50. b
The action OF the administration in
recommending the issue OF bonds OF $500
and under has been strongly commend
cd by prominent financiers. who argue
that the wide distribution which the loan
Will receive among small investors will
preclude any marked disturbance In the
money market. The expected with
drawal Of this immnese sum from the
loanable funds presents very different
aspects TO the rank and file in Wall
street. Large financial interests. while
apparently confident that no embarrass-
ment will ensue 20 borrowers, are never
theless loath to operate with freedom
until this and several other potent fac
tors overshadowing the securities mar
ket are dissipated. Expenditures on
account OF the war are 100000 a day
and naturally have given decided
stimulus to certain channels OF trade,
although commercial conditions In some
other directions are not altogether. salts
factory.
The stimulus given to pending 1nan-
clal ventures by the satisfactory re-
Spouse to the governments call for bids
on the new bond issue has been respon-
s!ble for the launching Of further ,prl-
yate enterprises which had been held in
allegiance pending the reception OF the
governments call. General business in
itself has found ENCOURAGEMENT, owing
TO the less timouous attitude OF capital.
and although operations In commercial
lines are not attended with a. striking
manifestation OF confldnce, still the re-
cent hesitancy has given place to more
vigorous policy Of expansion. Z
The aspect Of the wheat market con-
tinues a somewhat disturbing feature,
as the continued drop in the value of
cereals will tend 10 deter the farmer
from parting with his holdings, and
thereby reduce the tonnage of the rail-
WaSo tAis cisiilS .lllts NItdl ptll. i ne
collapse OF the Letter operations, In
volying as It did the liquidation Of enor-
nous holdings OF cereals and railway
securities. has given disquieting tone
to the trading In speculative markets
which may survive for some time.
Il Uncertainties regarding the new reve-
nue. law In It's bearing on finance deter
red the outside public from entering the
market and encouraged the bears to ex-
tend their lines. The consensus Of opin-
ion. however. seemed to be that the law
would ultimately adjust itself satisfac-
torily. although temporary embarrass-
ments might be expected. The expect
ed successes of our army OF invasion,
coupled with the continued ease In none
tary conditions, the growing foreign
trade balance In our favor and the tn-
pected heavy Investment demand for Sc
curltes, owing to the July dividend and
interest payments. rendered the vigor-
GUS efforts by the bears to create lIQui-
dalton futile.
The bond marke: gave striking EVIL
dence Of the plethora OF mocey seeking
investment. Prices of the gilt-edsed
Issues improved Substantially and heavy
purchases occurred of the reorganiza-
tlon issues which promise n fair return
on capital Invested. In government
bonds gains occurred OF 4 per cent in
the old Is registered and y per cent each
In tho new IS. Others were unchanged.
BONDS AND STOCK QUOTATIONS. Z