The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-11-01
71HAHCE AND Trade

,rhs Features Of the Money aud stoet
sIarsets
NEW YORK. oct. Sl.-MoneE on call
easy at lS@2 per cent: last loan ~
per cent. Prime mercantile paper SKA
* per cent. Sterling exchange frm,
With actual business in bankers bills
81 ss1l9l $50 Cor demand, and at
81 ss1t94 ss% for sixty days; posted
rates q s@4 ssM and a SsG4 81. Com
mercial bills 81 81. Silver certificates
elQe9c. Bar silver sl7se; Mexican dol
lars 47isc.
Some obvious EFFORT was required TO
sustain prices to-day above the level OF
Saturday and the midday rise was not
maintained to the close, prices IN some
cases declining below Saturdays level.
An inspection OF the list win reveal that
outside of very few cases net changes
are unImportant. Some observers be-
lleVe that such strength as the market
has, Is due to the support OF very pow
erfuI aggregations Of capital which
are interested In seeing higher
prices for new securities. quite
a large proportion OF the total business
to-day was in Tobacco, the price OF
which was rushed up seven points TO
1881. Quite lot Of Federal Steel secur-
kies was dealt in, the preferred stock
rising nearly two points to 757tc. me
steel stocks are dealt In when issued
which Is the stock exchange phrase Tor
buying what has not yet come into ex-
isteuce. There are to be S2OO,OOV,VVO OF
the Federal Steel stocks. There are 70
be $50. 900 OF securities Of the new
S,..,At,i.,,a,I ,,I,,,, toba no annex Of the
American Tobacco Co. AS cheese secur-
ities are IN process OF flotatlon the Inn
portance Of sustaining Vulues in the
general market for their benefit Is un-
denIable. The task Of doing this to-day
was not an easy one, and In the late
dealings, with selling OF Northern Pacl-
fc on a large scale and talk OF fresh
complications in connection With that
roads relations with other roads, the
burden apparently became too heavy
and pretty much all the earlier gains
were wiped out Tobacco and Federal
Steel were conspicuous exceptions.
There were other points of strength IN
the market during the day, particularly
among the western and southern rail-
roads. ST. Paul's September statement,
showing an increase in net earnings OF
S253 .SSl in spite Of large additional out
lay for operating expenses, served 10
counteract the efrect of Burlington's
poor statement, published Saturday.
There were strong statements also from
Denver & Rio Grande and Chesapeake
& Ohio, while In the Erie statement the
decline in gross earnings was offset by
economies in the operating department,
leaving an increase in the net earnings
Of nearly $4,000. But there was no gem
eral public interest in the market and
some attention was paid to large naval
and military preparations making IN
Great Britain. The weakness In the
wheat market early in the dag on the
big Russian shipments was also an in-
fiuence in the market. The small de-
mand for money is not regarded as a
favorable indication now that there are
abundant funds In the market.
There was continued activity In the
bond market, the speculative and reor-
ganIzatlon bonds being the faVorlteS
The Union Pacific Is sold most OF the
day at par, which price they touched
for the first time on Saturday. Total
sales, 100000
Government bonds were unchanged.
The total sales OF stocks to-day, were
3i4,1 100 shares.