The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-03
FINANCE AND TRADE
The Features of the Money aud Stock
Markets.

Fhho FehtuFeA OF inc money ana Stock
Markets.
G. NEW, YORK, Feb. c.--aioney on call
easy at 191S per cent; last loan tx per
cent. Prime mercantile paper s1I per
cent. Sterling exchange strong, witt,
actual business in bankers bills OF
81 s4B94 So for demand and at
81 s2RG4 s2s for sixty days. Posted
rates 81 S3kG4 Sc. Commercial bills
81 So. Silver certificates 5sNG57hc.
Bar silver $3.50. Mexican dollars 45Ac.
The stock market was under liquidat-
ing pressure to-day. but the strength
OF some special stocks and manipulated
advances Of others made the market ex-
ceedlngly uneven. There were numer-
GUS halts In the liquidation during the
day and partly successful attempts 10
achieve rallies, so that the day was one
OF constant changes, some stocks
mounting upwards strongly while the
market was tending downward. There
was every evidence OF continued heavi-
ness In selling TO take profits in some of
the most prominent favorites In the re-
cent speculation, notably Northern Pa
citic. Union Pacific and the Vanderbilts.
Quite large element OF the profession
al traders sold the market with good
deal OF vigor and confidence. Never
theless. offerings were very well alb
sorbed and most OF the net losses of the
day are confined to fractions. The early
transactions showed positive strength
under a combination OF influences.
Among these was considerable buying
for London. especially of Ontario and
Western. There was quite large VOL
ume OF buying orders from commission
houses also during the day. The new
securities OF the Union Pacific Company
In the unlisted department OF the ex-
change advanced with something OF
rush over the opening prices and i'm
parted strength, to the whole market,
Baltimore & Ohio advanced IL per
cent over yesterdays high point. With
the execution OF accumulated buying
orders, the bsarIsh tendency OF traders
grew and obtained the ascendancy.
There were various reasons given to
account for the decline. Among them
was the cutting of rates between Min
neapolls and Chicago and the apparent
hopelessness OF agreements 10 rates on
the expected Klondike business. The
granSers showed themselves especially
sensitive and were hurt also by grow-
ing apprehension over the outcome o.
the Nebraska maximum freight rate
case. which is awaiting decision by the
supreme court. Great Northern prefer
red> added six more points to Its ad-
vance OF yesterday and It's subsidiary
company, Manitoba, Minnesota. Iron
and number OF active stocks showed
marked advances. The Reading stocks
were strong on rumors OF the sale II
London OF about $4,000, 900 OF the COM
pany's bonds. Norfolk & Western pre-
ferred gained sharply on the dividend
declaration. Notwithstanding these ex-
ceptlonal elements OF strength. the
general tendency Of the market was to-
wards weakness. Rumors of losses sus-
ta!ned by local bank through Injudi-
cious loans encouraged the reactionists.
The rates for exchange hardened
shade Of Investment demand induced by
the low rates for money. which contin-
ned to work to an easier basis. The
days exchanges at local clearing
houses went to the enormous total OF
500. 22l, 925, rejecting some very heavy
financial operations. The details OF
this could not be ascertaIred.
The bond market continued strong on
q large volume OF dealing. The Kansas
Pacific consols were decidedly unset
tied, first advancing "a fraction, then
rencting to 100 and later recovering to
11oH. aynet loss OF IS per cent. Total
sales s5.0Oo0oo f'
United States new As declined X per
cent bid. but there was an actual sale
OF the coupons at an advance of Y per
cent.