The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-06
FINANCE AND TRADE

Tho Features OF tho Money aud Stock
Markets.
NEW YORK, June 4.-Aloney on call
steady at IL OH per cent. Sterling ex-
change steady. with actual business In
bankers bills ut 81 S6A84 SG1s for de-
nsand and at 81 s4A@4 S4,s for GO days;
posted rates 81 S594 81; commercial bills
81 1894 S3H. Silver certificates 500
Golsc. Bar silver 5SAc uncertain. Mex
Ian dollars 451kc.
The stock and bond market has been
benefited all week by the evil plight Of
Admiral Cervera, in control OF the chief
destructive forces OF the country's enc
mics, but bottled up and rendered in
nocuious In Santiago farbor. The GER
talnty Of the destruction OF this hostile
force has been freely discounted in the
weeks dealings. Prices started up with
q rush on Tuesday, with the accumula-
ton Of buying orders, during the double
holiday. The high prices dividend pay
Ing stocks, notably the grangers, con-
tinued to lead the advance. But various
factors tended to bring about profit TAX
Ing In these stocks and a halt IN their
advance. One fator was the dividend
adons In Rock Island, which had been
freely discounted by speculative buying.
Another was the collapse In the wheat
market on the closing out OF speculation
on last years crop. This had some
sympathetic effect on The grangers. The
April statements OF st. Paul and Bur-
llnSton showing q large proportion Of
earnings absorbed in operating ex-
penses. also Induced some profit taking.
The realizing was well absorbed and
recesstons IN prices were not notable
until Fridays bear raids. 1t soon be-
came evident that the profits thus resl-
lied, instead OF being withdrawn from
the market. were being diverted into the
middle and lower grade stocks with
prospects of payment of new dividends
or or Increase In existing rates The re-
cent rise IN these securities has been by
no means commensurate with that Of
the leaders and tendency towards equal
ization by advancing them Instead OF by
reaction in the leaders IS significant OF
the strength of the speculative outlook.
The pressure OF accumulated money
seeking employment has also been EVIL
dent In the bond market where business
has been large and prices higher. +. II
Further general gains In prices were
recorded after the opening. c. c. C. &
st. L. was in keen demand and jumped
4 points on extensive buying. The de-
mand for low priced stocks continued,
but there were few exceptions, including
Missouri Pacific and Spirits preferred,
which fell below last nights prices. La
clede gas preferred also declined frac-
ton. The general temper of speculation
was very bullIsh and business was large,
the grangers absorbing generous share
Of the dealings. i5F
There was some decline In prices on
the publication of the bank statement,
but the lower level brought renewed
buying and prices were pushed up to the
best. Realizing reduced the gain in
Cleveland, Cincinnati. Chicago Z st.
Louis, and Peoples gas. Manhattan and
Tobacco showed some 'lheavlness.
Northern Pacific was very. buoynnt on
dividend lrumors and crossed 30. The
closing was active and strong near the
top, net gains ranging between and 2
per cent for must OF the active stocks.
Total sales OF stock were 252, 200 shares.