The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-23
FINANCE AND TRADE
The Feuiures OF the Money and Stock
~ TF HtH rt L.

Markets..
NEW YORK. April 22.-Money on
call steady at 29sls per cent; last loan
. per cent. Prime mercantile paper
6G7 per cent. Sterling exchange firm.
with actual business in bankers bills
at 81 Ssha4 S3a for demand. and at
81 1904 79S@4 50 for sixty days; posted
rates 81 sOM@4 81 and 81 S4qi sag.
Commercial bills 81 1901 79H. Silver
certificates 55z956hc. Bar silver
55&c. Mexican dollars ,45c.
When New York operators In securi-
ties got down to Wall street this morn
ing they found cabled reports from
London indicating a somewhat feverisn
activity In the speculation in Ameri-
cans, with a tendency to rebound from
yesterdays depression. Cab!ed inqulr-
les from the other side indicated an
eager anxiety there to know what tack
Wall street would take. This was
sufficient to admonish the bears. who
sold in yesterday afternoons slump TO
cover their contracts. The covering OF
the shorts was coupled with some buy
ing for London account. The result was
very sharp advances all around. This
advance was almost lost at one time
during the morning, but In the late af-
ternoon the buying was renewed, car
rSing prices to the highest OF the day,
with only q slight reaction at the close.
The net result shows, rather more than
half OF yesterdays losses retrieved.
The market was highly speculative all
day, and the favorlte stocks were the
highly volatile specialties, such as To-
bacco, which was exceedingly erTatic
all day and very active, and Sugar.
In the railroad list the Changers and
the 1nternatIonals led In the trading.
\ raid upon Peoples Gas, which car
ried that stock down over 2 points. was
the cause OF the morning reaction.
The stock fully recovered all its decline
before the close. The conditions In the
worlds money markets had a salient
effect on the security markets. The
handspring of the money markets ac-
ton was the decreased demand from
banks In the Interior of.the United
States for funds, Chicago exchange on
New York rising to par. This had the
effect OF relaxing the New York de-
mand on London for gold, and as a
consequence no gold was engaged for
import to-day. Although rates Cor
time money and commercial! paper re-
manned firm, call money was TO be had
on the exchange at . per cent. the
sub-treasurF having made heavy pay
mcntS On account OF the navy. resulting
In n debit balance at the clearing house
OF 81. 25G. 664. Part OF this doubtless went
into the exchange market, and helped
10 maintain Its firm tone, despite the
buying by London Of securities. The
resultant relief OF the London market
from the pressure for gold, accom-
panied by a rise in Berlin exchange on
London gave promise OF easier money
there and relieved the situation In Par
Is as well. The result was a cessation
Of tic heavy liquidation for Paris ac-
count. The selling Of American seuur-
tiles, which had been large for both
Paris and London account, was
checked. These improved conditions
were reflected hack on New York, and
helped the. recovery. There were, be-
sides, sangulne expectations that the
war would be short or Siat tho pope
would prevail upon Spain 10 abandon
Cuba. There was q curious story cur
rent in Wall street that some OF the
operators In American stockE had been.
buying Spanish bonds as Il hedge, on
the theory that II Americans went
down the Spanish bonds would 20 up,
as in the case OF Il Spanish naval VIC
tory. In the expected event OF carly
American SUCCESS, the profit on Amor
leans, It was argued, would more than
wipe out the loss on the Spanish bonds.
The bond market was not rs acCtiyA
as that for stocks, and prices held alb .jt
steady. Total sales, $4,000.
United States new 80 registered de-
clined x per cent; do coupon and tho
old As registered x per cent In the bid
price. Others were unchanged.
The total sales Of stocks to-day were
237 500 shares.
Even ing Posts London financial ca
blegrdm:
The stock markets here opened fiat
to-day on war conditions, and then re-
covered on covering by the hears and n
certain mount OF genuine buying here