The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-21
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NArhsis
NEW YORK. Sept. 2o.-@oney on call
hrm at 1906 per cent; last loan 8 per
cent. Prime mercantile paper 495 per
cent. Sterling exchange heavy. with
actual business In bankeru' bills at
a SSN04 81 for demand. and q slKa
( g foF sIxty days; posted rates q sac
Z ssh and 81 S594 Ssh; commercial bills
q SOM6i 81. Silver certificates 6iG6lc;
bar silver Gle; Mexican dollars 41hc.
The stock market to-day presented AL
the characteristics Of genuine reaction:
Last weeks sharp recovery eliminated
the short interests very largely and the
forced liquidation OF prodts had been
mostly completed during the previous
continued decline. The market was
thus freed to q great extent from tech
nical influences and In condition TO re-
Spond to the prospects for general bus-
iness IN the country. Its failure to DO
20 yesterday was attributed to the un-
settling influence Of the slump In SUI
gar. The bearB were evidently dinid
about continuing their campaign lur-
ther against Sugar and were inclined 70
cover, 20 that this influence toward re-
action was removed. Nevertheless tne
market dropped heavily towards q lower
basis. with one or two exceptions, in
the list, and closed only barely steady at
a level generally ! per cent or more be-
low last nights level. The action OF
the market was not different in charac-
ter from that which prevails at a time
when the business outlook presents
general encouragement, contraction OK
activity and declining profits. The de-
mand for stocks was very small all day
and prices went down easily under COM
peratlv6iy light Offerings. weakness
was particlanly manifest In Tobacco,
the grangers and Pacifics. The action
Of these stocks indicated the liquidation
Of a heavy Individual speculation on
the long side. The sharpest break In
the market was coincident OF the marx
ing up Of call loans to 6 per cent; This
furry IN the money market was disap-
pointment 10 bull operators, especially
In view Of the engagement OF over ~
00Q,0QQ In gold for import and mailing
from THE treasury department yesterday
OF checks for interest on registered
per cent bonds due October l, amounts
Ing to 1870 900, which are payable i'm
medIately, The sub-treasury's debit
balance at the clearing house also ran
up to-day to 81, 261, 45S, rejecting a large
increase in government expenditures.
The siuEEfshness Of the gold movement
is somewhat remarkable In face OF con-
dltloRs. Call money In London is y
per cent, against 6 per cent here to-day
London discount Is TX to TX per cent.
against per cent here. Last months
trade balance in tlFSS country's favor
was $s5,OOO,0 900, on top of the favorable
balance for every month In the preced-
Ing year. In addition London has re-
Gently bought securities In this market.
It is a fact that part of to-day.s gold
enNagements were made by bullion
dealers here, who are shipping silver II
response to the existing activity attrlb-
uted 70 Spanish account, There Is not
sufficient demand for the exchange
against the silver shipment to make
market and there is n better proht I'M
porting gold. Exchange is thus clearly
demonstrated to be at the gold import
and the question arises, what has been
done with the country's credits abroad.
that they do not bring a larger gold
movement? The immediate future OF
the local market IL, however, clearly
towards greater ease.
Dealings In bonds were not on large
scale to-day and prices were towards
lower level. Total sales $l,sl0,OOO.
United States 4s old and new were 4
per cent lower In the bid price to-day.
The total sales OF stocks to-day,452, 100
shares