The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-14
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N, Feature. o. =iht money AMI Sin,

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6ss ..i.i, Naraei-. II :. y
NEW YORK, June la!--Mdney or
all steady at 1AGls per cent: last,
loan lspcs cent Prime mercantile pa
per a5i per cent. Sterling exchange
weak. with actual business In bankers
ibills Mt "a s51aG4 S5ii for demand an at
~ ssaai 81 for sixty days. Postel rates
~ SSG4 $50 and iisGss0i ST. Conner.
icial bills 81 sag, Silver certificates
S7h95S,sc. rlsIlver S7&c. Mexican
dollars i5Sc. r.
The slump In the stock. market to-day
was a s,e1,rlse 10 most speculative OBJ
servers, who looked for IN advance In
prices after the apparent abandonment
OF last weeks persistent attempt to De-
cure a reaction, The underlying cause
OF to-days violent decline was not very.
clear, and many suggested solutions OF
the puzzle, and all more or. less ingenl-,
Gus, found currency. Specifically,
there was evidently some sympathy.
with the dropping OF the bottom out
of the wheat market. and there were
very heavy sales OF securities on the
New York exchange on telegraphic or
ders from Chicago A decline in the
price OF wheat does not neceaDarljy i'm
ply harm to railroad properly, us was
seen In the notable advance In the
Changers last Friday on n favorable
government report. but SO violent q de-
Cline In wheat as that OF to-day arouses
some question whether the farmers will
find a profit In the sale OF the years
crop. and the railroad companies are OF
course dependent for their prosperity on
tho prosperity OF the population they
serve. Furthermore, such shrinkage
In values as that In grain to-day In
wolves q large liquidation Of collaterals.
and 1t was this that caused the chief
damage TO prices OF stocks. Weakness
permeated pretty much the whole lis.,
but was especially marked In the Gran
! gers. Peoples Gas and some OF the
high priced specialties. This acute SELL
ing pressure from Chicago gave, rise 10
some persistent reports ofEa pending
large failure In Chicago In the grain
trade But there was also an ingenious
suggestion to the effect that largo
speculative combination In Chicago was
manipulating the market with view
to going long Of wheat while going
short OF stocks on the prospect OF the
Inevitable rumors OF crop damage be-.
fore harvest time. Damage to the crop
or even widely credited reports of dam
age would certainly result in bulge
in the wheat market, and In O sharp re-
action in stocks.
Rates for dime money were quotably
higher. Sterling exchange declined "
to Y per cent for both actual and posted
rates. Preparations for the government
bond issue were made manifest in the
money market, and may possibly have
made an impression on the stock specu-
lation. London bought freely Of stocks
here at the morning decline. and thus
helped to weaken the exchange market.
The rally In the last hour Of the stock
market was plainly on covering by pro-
fessional traders.
To-day's activity in the bond market
was at the expense OF values. as was
the case in stocks. Sales, $500, 900.
United States new As coupon advanced
Y per cent, and the registered As, both
old and new, Y per cent in the bid price.
The total sales Of stocks to-day we're
ST. 400 shares.
BONDS AND STOCK QUOTATIONS.