The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-10-04
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NEW YORK. oct. &-Money on call
laaIer at 184 per cent; last loan 2is per
cent. Prime mercantile paper Sz9tis
per cent. Sterling exchange irmer,
with actual business in bankers bills
at q siM04 siH for demand and at
81 slH04 slE for sixty days; posted
rates 81 sss4@4 IS. Commercial bills
q SoM. Silver certificates s16s2c Bar
silver eONc. Mexican dollars 479tc.S
To-day's stock market furnished q
striking exhibition Of the professional
character OF the trading. Developments
over Sunday did mot invite q change of
tactics by the leaders. and on the re-
sumption Of business the raid against
tae industrials was renewed. Tobacco,
Consolidated Gas. New York Air Brake
and various other properties of this class
gave way rapidly. and although the re-
action hated after the first hour, de-
ciines In the meantime had been effected
ranging up 20 nine points in New York
Air Brake. Consolidated Gas figured
for six points and Tobacco I'VE points,
the latter touching ia The bulls then
startedin to retrieve come of the ground
lost last week, and after jumping from
one stock to another finally singled out
Tobacco as a leader. The strength de-
veloped here soon permeated the entire
list, and prices forged steadily upwards
on animated dealings. Interests which
had been responsible for the late demor-
allzation In the speclalties also changed
front, and operated for the long account.
The action was taken in order to shake
OF an undesirable following. the market
showing signs of having been under
sold. This circumstance rendered ma
nipulatlve tactics profitable, and vlgor-
Gus efforts we're made to squeeze the
shorts. The traders were quick to take
advantage of the changed programme,
and any EFFORT to cover large line was
followed by bidding and sharp changes
between transactions Contrlbutory IA
vorable influences developed as the day
progressed to strengthen the market.
Arbitrage houses executed heavy pur-
chasing orders, and decline in money
rates induced more general buying for
the long account. The market in detail
presented many striking features, and
while realIzatlons were extensive as the
rise assumed Roadway, the undercurrent
Of strength was not affected and anal
prices were well above Saturdays lev
eli. Some hesItancy was noted at the
inception of the rise. and the market be-
came semi-stagnant, the traders appar-
emily holding aloof until the disposition
of the leaders became more clearly de-
dned. Extreme recoverles from the low
point were ten points in Tobacco to 1913.
eight points in New York Air Brake and
fve in Consolidated Gas. Sugar and
Manhattan figured for three points, and
the balance Of the list between and 2.
The bond market opened with an cas-
Ter tendency, but an active demand for
Atchison investments, Wisconsin Cen
trail Arsts and Union Pacific, Denver &
Gulf arsts soon changed the current OF
prices, sharp gains followed. The reor-
ganlzatlon of the latter company was
issued to-day, and the drastic treatment
accorded the common stock caused a de-
cline in Its price to 4. Total sales of
bonds s2,OOO.OOO.
Government bonds showed heaviness,
the new SIS yielding Is per cent
The total sales of stocks to-day were
449,7SO shares.
RoNps AND STOCK Quotations.