The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-07
FINANCE AND TRADE
The Features OF the Money and stock

Va TIC uluuey unu-fStOck
Markets.
NEW YORK-Money on call firm at
2h92& per cent; last loan 2ls per cent.
Prime .mercantlle paper 6a7 per cent,
Sterling exchange, steady, with actual
business In bankers bills at 81 $40
4'S4A for demand and at 81 SOY al 81 for
60 days. Posted rates "a Slk al 50 and
"a, So94 ssh. Commercial bills 81 500
4 SoA. Silver certificates 56656Xc. Bar
silver SEC. Mexican dollars 45c.
There were striking elements OF
strength In to-day's stock marker, NOT
withstanding the fact that most Of the
days changes are on the side Of losses.
The bull sentiment has several severe
drawbacks to contend with, and the SELL
Ing pressure on the market was at times
very heavy. Again and again the buy
inSEdemand was, sufficient to overcome
all obstacles and to absorb all offerings,
carrying prices upwards on a large vol
m Of business. 1t was not until the
final hour that the market succumbed
to the burden Of liquidation and yielded
practically all earlier gains and estab-
lished losses ranging up to 2 per cent In
some specialtIes. American stocks were
heavy In London beforethe opening here
in sympathy with q general depression
In that market. Although prices OF In
ternational stocks had declined to in
same cases nearly a point below last
nights closing, there was sufficient de-
mand here at the opening to overcome
the greater part OF London's declines.
By establishing a range OF prices here
above the London parity a%rbltrage SELL
Ing was made profitable and Inviting.
The selling for London account was the
heaviest for many weeks and was esti-
mated at $1,000 shares at least. The
dragging tendency OF this selling was
easily perceptible in the international
stocks during the morning. Blu, the
balance of the list showed an inclina-
tion to forge ahead on Its own account.
Rock Island, Omaha, Northwest, New
York Central and the Southwestern
stocks were conspicuously strong, the
latter on the excellent prospects for the
winter wheat crop In the southwest. The
international stocks themselves we're
pretty well sustained, the foreign offer
lngs being largely absorbed. Some OF
the speclalties were ~conspicuously
strong. notably Tobacco. The market
showed a tendency on quite late In the
day after the London offerings had been
absorbed. TO rally strongly on a report
that cable Communications had been es-
tablished with Manila and Commodore
Dewey.
The capture of the steamer Lafayette
under the French flag assumed, growing
Importance in the eyes OF traders during
the last hour and induced selling to
realize and the putting out Of shorts by
the bears which carried prices to the
lowest of the day at the close, when the
selling movement was still actively in
force. The resumption Of the gold i'm
port movement has been cited as a bull
argument, but the Withdrawals Of gold
from London and Europe have resulted
in a renewal OF stringent money condl-
lions there. This in turn has weakened
the speculative market and has induced
large selling OF Americans because of
the good market for them existing here
and more particularly the purpose OF re-
lievlng the demand for exchange. The
Indications were that the New York
market would have successfully absorb
ed these offerings had 1t no. been for the
development Of the Lafayette episode
which caused some timldlty amongst
buyers.
The bond market showed the effect of
sailing for London account in some OF
the speculative Issues as did the stock
market. Otherwise the tone vas strong
and prices arc generally higher. Total
sales 2,450, 900. United States new Is
registered and the old As coupon ad-
vanced u per cent and the new As cou-
pom, the old Is registered and the IS u
per cent IN the bid price. There were
sales OF the old As registered at an adj
vance OF! TX per cen over the last sale.
The total sales OF stocks to-day were
400, 800 shares.
Evening Posts London financial ca
blegram:
The stock markets here were quiet and
dull to-day. Americans were good and
were bought speculatively. They closed
steady.
-RONDs AMI STorTS oIT0rArroNc