The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-24
FINANCE AND TRADE.
The Features orthc Money and stOC
Markets.

NEW YORK, Dec. 2S.-Money on cali
steady at 2AG2A per cent; last loan,
2M; prime mercantile paper s0sh per
cent. Sterling exchange steady with
actual business in bankers bills at
81 S41s94 sfst for demand and at 81 81
a. S1& and 81 SO for 60 days; posted
rates, 81 SLY and 81 S5ls; commercial
bills, 81 81. Silver crtlficates. 5s9R60ss;
bar silver, $685. Mexican dollars, 469S.
The stock market moved in an irreg-
ular fashion to-day. but net changes as
result OF the days operations were
fractlonally in favor Of the advocates
of the long account. avery unusual
thing on the eve Of Christmas holiday.
The activity and breadth Of the market
were well sustained. London was a
buyer in the early dealings, but later
took profits on the rise here. The action
of the government In calling for the
$S,00O,000 Of Union Pacific payments
now In the depository banks. which Is
to be paid In 10 per cent installments.
failed to cause ripple in the money
market. The speculation in Federal
Steel issues was on a tremendous vol
ume OF business and both common and
preferred rose very sharply, but in the
afternoon on free liquidation and the
withdrawal Of some Of the usual sup
port, the stocks broke, leading to a
moderate reaction In other shares.
There was good buying, however, Of
Federal Steel on the dip and this stead
led the general list. Sugar. Leather,
Tobacco and American Steel and Wire
showed considerable strength, Rumor
had 1t that there would be feeble devel-
opments announced in Brooklyn Rapid
I'll 11nN Nd
rose 2 points, but did not hold the eX-
IRENE rise. The closing was IRREGULAR
The market this week continued In
an almost uninterrupted movement up
ward. although there were daily periods
Of depression and recovery. The move
ment in general way verified the
street proverb "as go governments, so
goes the market" The upward trend
in the government mortgages resulted
In some record prices and the general
market for stocks and bonds was like
wise strong. Two other street maXims
we're not borne out by the course of
quotations.
London's early prices are usually an
index to the trend OF the market To-
cally. and to copper London's trades"
has not been regarded the part Of wis
dom. Then, too, the public was content
to enjoy the Christmas holidays With
out realizing paper profits and the RE-
action before the holidays" which is ac-
cording to precedent, failed to mater
iallze. Conditions permeating the tinan-
cIal fabrics continue wonderfully favor
able to this nation. Bountiful crops
sell abroad at munerative and steadily
improving prices, while the great iron
and coal industries are getting grip
on the worlds markets. The conges-
ton of surplus capital due to Americas
enormous trade balance explains the
investment of some $f5,000,000 used in
discouning foreign commercial bills
which must be paid In gold or in securi-
ties unless the United States assumes
the role of creditor nation and gives
car of the reported propositions to float
foreign government loans here. The
return flow of money from the south
west Is about due, and the banks
gained on balance at the siib-treasury.
To meet the January dividend require
ments money has shown II slightly
hardening tendency and last Wednes-
day furry In call money resulted In
Its being marked up to ~ per cent for
a small loan, hut enormous offerings
quickly brought 1t back to 2ls. The
railway traffic reports continue crafty
for rise in some directions and seemed
to warrant the introduction Of many
dormant securities to the speculative
and semi-investment public. Small re-
actions and irregularity due to bear
tactics kept trading rather healthy
and free from the danger Of too std
den imitation. Scale orders to buy at
rallied prices after each
period Of depression. This held the
marketin spite Of continuous hammer
ing and enormous liquidation, and
when 1t was found prices would not go
down manipulation ensued for rise.
Toward the close OF tho week there was
a dlslncIination to be short over the
three holidays and there were large
covering purchases. Much interest was
manifested in the dividend declarations
OF the week, but there was no change
except the increase to per cent in the
Denver preferred disbursement. The
oYersanguine predictions current as to
the probable dividend declaration met
some credence In particular cases ow-
Ing to tho favorable reports of earnings.
The grangers and the Pacitlcs were in
keen request at periods and gained sub
BtAntlally A number OF hitherto inac-
tive stocks made considerable progress
upward, prominent among which We're
Baltimore & Ohio, Lake Erie & West
ern, Minneapolis & st. Louis, and Pitts
burgh. Cincinnati, Chicago & st. Louis.
Besides the mueh-mooted Alton deal,
there were various rllmors OF traffic al
liances OF many roads which served to
keep unRbRted the Investment demand.
Talk Of theprospectivesett OF the
Central Paci1c's government obligation
and subsequent reorganization helped
that stock. Nm View Of the beneficial re-
suits of similar rchabilltatlons of rail-
way properties. The resignation Of n
prominent official and director Of the
Sugar company brought forth much
bear activity in that stock which subse-
quently recovered Its loss. The pros
perity of the iron and coal Industries
was reflected In pronounced activity In
the securities OF all local Industries.
Powerful interests at times supported
such stocks as Federal Steel, the COM
mon making an extra gain OF u, while
the preferred touched S4A, q rise of 5A
points, but both lost points Of their
advance. The weeks bond market was
less active than the corresponding week
and the dealings were devoid OF snch u |
tone OF strength
lrregulurity was very conspicuous IN |
options, but the general undertone
nevertheless was very substantial, |
many Issues improving to the best
prices ever recorded for them,
United states new IS and the Is adj
vanced 4, the old IS coupon rs, and As |
registered u IN the bid market.
The total sales OF stocks to-day was
$40, 400 shares.
BONDS AND STOCK QUOTATIONS.
L, S, new Ss,.,.nlg7 lore. i. 3 Nav" %
q, s, new Is reg 1881 Pittsburgh .,,lI2 |
do coupon. l2Sl lReadlnB ...,.'''' u
u. S. "a ,,..,,..,,lli& do first pre-, q |
IL amman liAiL IRnrk Inlnn .lliM |