The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-10-14
FINANCE AND TRADE
The Features Of the Money aud stock
Markets.

The Features Of the Money aud Stock
Markets.
NEW YORK. Oct. 1s.-Money on call
easier at 2@2A per cent, last loan 2'1a per
cent. Prime mercantile paper S94 per
cent. Sterling exchange irregular. with
actual business in bankers bills at 81 81
al s4N for demand and at 81 A94 Sly
for sixty days; posted rates - sS4s ana
81 So. Commercial bills ~ SVg4 OWE
Silver certificates 59& Q6O9ac. Bar SUI
yer 59Tc Mexican collars, 461sc.
The advance in prices In to-day sto ~
market was even more signineant oI tne
improved tone OF speculative sentiment
than that of yesterday For one reason
this was true because quite a large
short interest was eliminated from the
market by Yesterdays advance. AN
other factor that might have been utll-
.ized nv the bears was the depression in
forelRn markets, SO marked as to sug-
Cest some knowledge OF pending politi-
cal complications in the deeper financial
CURRENTS Not only was this indicated
nv the hcayinesS Of securities, a tall OF
RIG In British conscls, and OF 10 CEN
times in French rentes, but the excited
condition Of the foreign wheat markets.
The opening in Wall street brought or.
ders 10 sell 5000 shares or upwards OF
stock for London account. The pears
did. in fact, avail themselves OF TINS
npenIng to make drive against Topac-
co. Sugar and Northern Pacific, but the
confident manner in which all offerings,
both for London and the short accounts,
were absorbed, took all the assurance
out Of them, and their only other az
gresslve move during the remainder OF
the day was a drive against Tobacco.
The bears have counted much on the
damaging effects of the war in the SUI
gar refining industry, the conflict over
the Mug tobacco trade and the reported
divergence OF IDEAS among the powers
az the Northern Pacific over the CUES
tion OF a dividend on the common stock
IN check any advance In the market on
account Of very favorable returns Or
railroad earnings and the generally
nrosperous outlook for business. The
movement OF prices In these securities
gave warning OF compromises and adj
iustments and took away the mainstay
Of the bear movement. The process OF
covering OF short contracts therefore
proceeded on a large scale, and large
flnauciaLt interests onered aggressive
support to the prices OF properties IA
which they were interested. a signin-
cant feature Of the days trading was
the investment demand for small lots
Of gilt-edged stocks There were con-
spicuous movements Of this sort in st.
Pa,tl preferred, Pullman, Great North.
ern preferred, Manitoba, Albany and
susuIehannaS st. Paul & Omaha prefer
red and Pennsylvania The advance IN
Puglman, Manitoba and Great Northern
preferred extended from Sh to AZ per
cent, and Manitoba closed with bid Z
ner cent higher than last night. This
buyipR is a natural consequence OF the
growing ease in the money market. Call
loans we're made at per cent to-day
and there is a constant increase In the
supply OF money Offering. both for time
loans and mercantile paper. Short ster-
Nnr was slightly firmer in tone In re-
snonse TO the advance in the Bank OF
EnFland, rate. A small engagement OF
Eold for import was without influence or
Sentiment. The days net gains equal a
point for many stocks
The demand for high grade bonds was
a reflection OF the growing abundance oil
surplus capital Total sales, $1,000 OO
United States SIS, the old ~ reglster-
ed and the new As advanced " per cent