The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-07
rIHArcE AND TRADE
Ths Features Of the Money and Stock

The Features Of the Money ana STOCK
Markets.
NEW YORK, Feb. 5.--Moncy on call
lisG2 per cent. Time money during the
week has continued 10 be freely offered
| by brokers. The increase In the volume
VI investment IN securities for future
profits naturally involves some demand.
but not IN proportion to the supply.
Rates ~ pc. cent for 60 to 90 days, . per
cent for four to seven months. Mercan-
| tile paper Ia In excellent deinund. both
| local and out ng town. The market Is by
10 means overstoLked. and the brokers'
phcGct hooks are quickly emptlcd, there
being no opportunity 10 accumulate
stocks. The natural consequence OF
these conditions IL continuance OF low
rates. Quotations are . per cent for 90
TO ~ Jays Endorsements, 3h@i per cent
| FOR choice four to elk months, single
names. and 1905 per cent for others. Dis
court rates at interior points unchanged.
Quotations at the four important domes-
tic ceEtcrs are reported by telegraph as
| follows:
Boston, call. 2a3 per cent, time 2MQi
per cent: Chicago. call, 3G3M, time sac
per cent: Philadelphia, call 2,s, time
w: Baltimore, call, SQ4. time ACC per
cent.
Bar silver In London, 3i-Gd higher. at
| 26Id per ounce. New York price FOR
commercial bars, &c higher, at 5GN@
5I9ic per ounce; government assay bars,
&c higher, at 5797Sc. Mexican dollars,
&c luwer, at 459sc bid, 46iac asked +
To-day's stock market was lifted TO n
higher level by the conspicuous strength
OF comparatively few stocks. It was
noteworthy that the Vanderbilts. which
gave the initial impetus 10 yesterdays
advance, showed the effects to-day OF
profit taking. Lake Shore losing .
points and New York Central q small
fraction. Michigan Central. after bound
ing upward at the opening reacted over
q point, but closed with q substantial
gain.
The reaching Importance OF the merg-
ing OF New York Central and Lake Shore
J md the prospects OF additions to the
plan continued to have Il marked senu-
mental effect on the whole market. The
possibilities in the way of reduced eX
penditure for administration and Of sta
blllty of rates for traffic from consolila-
ton are canvassed with eager attention
by dealers In securities Pennsylvania
was conspicuously affected and the long
sustained advance in the stock of Its
subsidiary company. Pittsburgh Cincin-
natl. Chicago e St. Louis Is pointed to as
| evidence of closer relations to cnfnc.
Burlington rose strongly on runors OF
| the ripening Of the refundlnS plan, and n
| pending increase in the dividend rate.
| General Electric, Lake Erie and West
ern preferred, and Lackawanno were
markedly strong and Norfolk & Western
| preferred continued its upward mnve-
| ment. There was 4 reactionary ten
dency In the Erie and the Susquehanna
| & Western stocks on realizing. The, re-
cent advance Is accounted for by well
defined reports Of plan for exchanging
the Susquehanna stocks for an undeter-
mined percentage OF the Erie stocks.
Great Northern preferred sold at a fur
| Their decline OF . points, and was bid
down still further, the various reports
| OF plans for increased capitalization and
| distribution of the companies lccunu-
lated resources being so conflicting as TO
lead TO the conviction that no plan has
yet beer formed. Although business
was IN large scale and widely distrlb-
u.ed The fluctuations In prices were ex
| ceedingly narrow outside special cases,
the most important of which have been
| indicated
The heavy increase OF over sl1.OO0.O50
In deposits of clearing house banks for
the week marks the continued flow of
funds to this centre. and the withdrawal
of government deposits must be allowed
for in addition In estimating this move
mem. The expansion Of nearly $S,Q0e,000
In loans, though heavy. falls far short of
absorbing the total Of the increased de.
posts.
. ! o4;,- In, 60 ,o1- pl-
doubtedly involved Il large amount Of
borrowed money and It is probable that
| other speculative markets have drawn
on this centre for funds during the week.
There Is reported also a good supply Of
attractive names in the commercial
paper market. Under the circumstances
| the decrease in the surplus reserve Is
disregarded in the stock market as being
simply the result of the failure OF cash
reserves to keep pace with the rise in the
legal reserve level. The cheapness Of
money has led 10 the Withholding OF ma
turing exchange obligations which are
exchanged for long bills, thus keeping up
rates OF exchange.
The stock markets unusual activity
this week has been characterized by re-
markaole strength In spots. Apparent
~ there have been some few elements
OF strength on each day to sustain the
marker. although very heavy realizing
was IN progress in stocks that have been
foremost in the recent advance. At DIFF
ferent times during the week the market
has been under the Influence OF agrees
sive strength in Chesap eakc & Onio. Bal
tImo-e 6; Ohio. Louisville. Pennsylvania
Northern Pacific preferred. the Coa!ers.
Union Pacific and other less conspicuous
stocks. Wide advances have occurred
In other high priced closely held invest
cd stocks. notably Grea. Northern pre-
ferred, which advanced an extreme q