The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-17
FINANCE n A
Tbs Feature. Of the Money and sior
Markets..

tbs Features Of tic Money md Stock
MARKETS..
NEW YORK. Feb. lG.-Money on call
easy at l4Gl1a per cent; last loan III
per cent. Prime mercantile paper 1904
per cent. Sterling exchange steady.
with actual business In bankers bills at
81 s5k94 s5S for demand and at SO 500
4 S3k for 80 days. Posted rates 81 SAG
"a S6h. Commercial bills 81 s2hGl4 S2A.
Silver certificates 56hQ57c. AVE- silver
56hc. Mexican dollars i5Ac.
Trading was remarkably feverish on
the stock exchange to-day and all inter-
est centered in the disaster to the Maine
in Havana harbor and in the possible in
ternationci consequences. 1t cannot be
said that the varying phases of the spec
ulation during the day. represented any
change OF opinion as TO the very grave
possibilities OF which the disaster Is
pregnant. The official checks to down
ward course OF prices were rather the
results OF question In the minds OF large
operators as TO their ability to hold the
market or the best way In which TO ef-
feet the liquidation OF their holdings.
Twice during the day very powerful sup
port was forthcoming in the market TO
check the decline. and TO combat the
successful raid OF the bears. That there
was very large short selling during the
day was evident from the strength OF
the rates discussed by the covering
Of shorts when the turning point at the
low level was reached. This was par
tlcularly noticeable In some OF the
greatest favorites OF recent speculation
which have been pushed up to prices
hardly warranted by their Intrinsic value.
The knowledge possessed by the bears
OF very heavy speculative holdings In
those stocks. covered by light margins.
gave them confidence in tiercely selling
them down. The support OF the bulls
no soonc effected a check 70 the decline
than realizing offers began TO come out
again. There was an abundant supply
Of long stock fed Into the market all day
long and 1t was evident that he bulls
had abandoned TN immediate cam
paign for 4 rise as hopeless. How far
the speculative holdings for a rise were
l~iquidated to-day remains to be seen.
1t seems sufficiently evident, however,
that as soon as this liquidation can be
concluded, prices OF securities will be
left for the time being to. their natural
level. Stocks which have been free
ACNCiI manipulation lOI - llSN "tIt
comparatively firm to-day and the So
called klondike group. notably Oregon
Short Line. was even aSgressive!y
strong. rising at one time six< points.
This was On reports OF the large traffic
opening up for Alaska. Great Northern
preferred gained . points and Denver
preferred showed comparative firTnness.
Kansas & Texas preferred also rallied
to last nights level before the close.
Otherwise the weakness Of stocks was
only 4 question of degree. The local
traction stocks were all severely han
died, Metropolitan Street Railway fall
ing at one time 9ls points and c!oeinG at
4 loss OF 6 points. Norfolk e Western
preferred was raided down nearly S
points at one time, but closed at 4 re-
covery OF over 2 points. Northern Pa
cltic preferred also yielded a; one time
81 per cent, out recovered sharply. Net
declines OF . points and upwards are
very numerous all through the list.
Bonds were heavy In sympathy with
stocks, but declines were not 90 severe
and the marke: was not * active as
that for stocks. Total sales 81, 100, 900.
United States old Is regular. new As
regular and the SIS were \ per cent low
er bid to-day and the new As coupon Z
per cent lower.
The total sales OF stocks to-day were
y n -