The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-28

| the demand rules quiet. Foreign condl-
tons are strong. Carpet woods are quiet
but steady. ~, q .., n
FINANCE AND TRADE
tho Features OF the Money and Stock
| Markets. a1tg
NEW YORK, Feb. 26.-AIoncy on cali
2h03 per cent. Time money during
the week has been less freely offered
than OF late, the supply OF bank funds
having been somewhat diminished by
Withdrawals from the interior. A fair
demand Is reported. Rates az per cent
for sixty days; 4 per cent for longer
periods. Mercantile paper, according
TO the usual course IN u somewhat clo-
ser money market has been quiet this
week. The makers OF paper are natur-
ally loath to accept Immediately rise
In price, and are remaining out OF the
market to a great extent, The demand
at the higher level is moderately good.
Rates, 81 "a per cent for sixty 10 nine
| ty days Endorsements; 4 per cent for
choice four to six months single names;
4i,415A per cent for others. Interior
| money rates little changed To-day
quotations ut the four important do
mestic centers are reported by tele-
graph as follows: s
Boston-Call. 2hG3 per cent; time,
s@4R. ChicaGo-call. 3@3,s: time, 1906.
| Phlladelphla--Call, 2h; time, 81. Bal
tInore-Call, 3G4; time. 496
Bar silver In London UNCHANGED at
25sbd per ounce. New York price for
commercial bars. &c lower, at 55ilksGp
56isc per ounce; government assay bars
unchanged at55% G56%c; Mexican dol
lars unchanged at 45kc bid, 46Ec
asked.
The stock market was lslless and
without decided tone to-day. The net
changes were trivial In most cases, and
| the market moved up and down within
u narrow range. London buying gave
| j slight upward impetus at the open
Ing. and then profit taking by yestec-
days buyers drove prices below last
nights level. The close was above the
lowest but net changes were much
mixed. -
The course of prices was unsettled
and conflicting In the fina! dealings.
some stocks moving upwards and 9TH
ers downward simultaneously, and APP
parently without manipulation. The
whole OF the trading was by small room
traders, and; large operators were np-
parently content to stand by for the
present and watch the course OF things.
Some few, stocks were notably firm all
day, such as the Reading and Erie is
sues, Northern Pacific preferred and
soma Of the Southern and Southwest
.era roads. Canadian Pacific also ruled
higher. :tt,y
The bank statement was without par
ticulr effect, as the conditions disclosed
had made themselves -lfelt during the
week The heavy decrease In loans In
dictate FOUNDATIONS on the stock ex-
change, but probably does not fully
measure II. as the loans which have
been called have been, in part. replaced
in time loans and commercial paper.
Prices In standard stocks are 4 to 6
points lower than a week ago, declines
In the speculative bond issues are TO
) per cent lower. government bonds are
u to 81 per cent lower, cal! money
rates have risen from ~ to 3 per cent,
and exchange has fallen to the gold i'm
port point, with s2,200O00 engaged for
shipment or on passage. This In brie!,
represents the changes In the financial
situation from last Saturday. Prices
of stocks are considerably above the
low pointtOf Thursday morning, when
the downward plunge took on panic
conditions for time.
The weeks drastic llqundatlon In the
stock market was forced BIZ the mark
ing UP OF call loans Coming on a mar
ket poorly supported. because OF the
threatening Quit ok Of the Cuban STU
alton, and With many orders TO sell out
long stocks. these offerings pFecipitated
decline thatlwiped out all margins,
and brought torrent of stocks on an
already weak market. From a tech
Meal standpoint, the stiffenins OF
money rates precipitated the. decline.
The higher money rates were in turn
due to Withdrawals OF currency from
New York banks for shipment to the
interior. Competent expert authorities
differ as to whether this movement OF
money 10 the interior Is TO ,oe; attrlbut-
ed to the preparation for the regular
spring settlement, AID Is thus to meet
regular business demands, or whether
It Is a cautions safeguarding by inter-
Tor banks against q possible need grow
ing out of present complications over
Cuba. AS .agalnst the latter View It Is
to be considered that interior banks
! are permitted by law to count as IN
their legal reserves certain propor-
sionG OF money which Is on deposit In
New York banks designated as deposit
tories, the same as though II were In
their own vaults. 1t Is also true that
| there Is an Increasing amount of COM
merciai paper offering at Interior finnn-
cIal centres, rejecting a growing de-
mand for&money for business purposes
and domestic exchange at interior
points, has beer against New York.
The Cuban question was, OF. course,
| the direct incentive for very large Of
ferlrgs of stocks and bonds, but the
forced liquidation was largely aug
mented by thcexpanding uses for money
in fields other than speculation. The
hardening or money has been promptly
| followed by a fall In exchange and an
important movement Of gold. the stock
OF exchange II available 10 BIO thus
drawn upon being estimated all the
way from $4,000 900 TO $50. 100000.
| The London market has steadily re-
| fused 10 take alarm at our Cuban COM
plIcations, and has persisted In buying
American securities In face OF the vio-
| lent decline in their prices. This buy
Ing has added materially TO the stocks
of exchange Even the gold move-
mentln New York has not put stop to
| London buying OF American securities,
q result which usually follows almost
Immediately. Large capitalists and.
corporate interests on the lookout for
bargains are credited with having
absorbed large lines OF stocks in New
York, as well rs In London, at the low
prices reached.
AS for the sharp fall In government
bonds, a rise IN the money rate is nat
uralyl icoincident with fall In gov
ernmcnts. For another thing. the banks
| which Z. heca,nn u dennRiloriea 81 for. thu