The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-04
r1sAscE AND TRADE.
Tho Features % die Money and stosl
sf..E

Markets.
NEW YORK. May mooney on cali.
firm at ?H93h per cent: last loan 23iki
per cent. Prime mercantile paper COT.
per cent. Sterling exchange Arm. with
actual business In bankers bills at
81 SiAdi Si,i for demand and at AsiG.
"A SlA for BIxty days: posted rates
81 Sihd4lS2 and 81 S594 ssh. CONNER
cial bills 81 SoG4 sou. Silver certificates
55H95okc, Bar silver 552c: Mexican
dollars i5Ac.
After yesterdays violent advance In
prices OF stocks, some, reaction was to
be expected to-day. The market opened
as was the case yesterday. with heavy
selling orders by large operators. who
were DESTROYS OF taking profits. The re-
sumption OF trading after the holiday
In London brought In an element which
made It more difficult to manipulate
tho marketNfor q rise. London refused
TO ACCEPT TO the full extent the an
gulne view taken yesterday by Wall
street OF the benefits to accrue from
Commodore Dewey's victory at Manila.
American securities. with one or two
exceptions, showed declines or the Lon
don exchange before the opening here.
Yesterdays events In Wall street had
so for awakened outside interest In the
market that commission houses found.
their books filled with buying orders.
The h~eaviness In London affected OPEN
Ing quotations, butfthcy were not down
to the London parity. and they vera
sustained by very heavy commission
house buying during the first hour.
This Invited arb!trage selling, and the
shares of different stocks sold for Lon
don account here was estimated at as
high as 10000 shares. The market
showed remarkable resistance to the
pressure OF this selling. us well as to
the heavy realizing by large operators,
who believed that the rapid advance OF
the last two or three days had gone as
far as was safe. The failure OF the mar
ket TO advance served to discourage the
outside Interest, and buying orders were
withdrawn, the market gradually sag
ging to u lower level. There was rather
an inviting field presented for a bear
raid. But the fact that tomorrow will
be a holiday made he'Ngprofessionals
timid about putting out shotr con-
tracts, Just as 1t influenced those OF
them who were long OF the market to
take their profits. The firmness OF the
market and the strength shown by some
specials turned the professional senti-
ment In the final hour 10 the bull side.
There was quite a heavy buying move
ment, which carried the prices OF the
market leaders nearly back to last
nights level, and established numerous
noteworthy net gains through the list.
"A feature Of the day was the lifting OF
a lumber OF inactive stocks to the
higher market level established by the
rise OF the last few days. The scope Of
the trading vas broad, and embraced
4 large number OF stocks. The money
market showed some tendency to har-
den In the commercial paper depart
ment and for call loans. A further en-
gagement Of $1,000, 900 of gold for i'm
port was a result. The rise OF Il per
cent In the actual rate for sterling ex-,
change in face OF these developments
was unexplained.
The bond market was active and
strong In the early dealings. but there
were later real!zations in the specula-
I've Issues which carried their prices
below last nights level. Total sales,
81. $50. 900.
United States new As registered ad-
Vanced Ia per cent: do coupon 1s per
cent, the old as l per cent and the SIS
~ per cent in the bid price.
Total sales of stocks to-day were s55.-
700 shares.
Evening Posts London financial ca
blegram:
the stock markets here opened good
to-day on the American war news.
Americans naturally lead, but the sup.
port here was entirely bnnr re- coyarI,r