The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-14
FINANCE AND A

NAA ASokSkC pllal-
FINANCE AND TRADE
The Features OF tho Money and Stock
Markets.
NEW YORK, May 1c.-Money on call
steady at 2 per c~ent:last loan 2 per cent.
Prime mercantile paper 5k46h per
cen Sterling exchange strong, with.
actual business in bankers bills Mt
81 S5A44 S5k for demand and at 81 SEQ
4 S2A for 60 days. Posted rates 81 S2h@
4 Sc. Commercial bills 81 Sok@4 81. Sil-
yer certificates 56&@57hc. Bar silver
568c. Mexican dollars 45c.
To-day's stock market continued in
much the same unsettled state as was
the case yesterday. Early depression
was reflected from London, where the
professionals were selling American
stocks on q rumor that the Spanish fleet
was off Sandy Hook. The improbable
character OF this report gives an expla-
nation to q decline which was obviously
que 10 bear pressure. Apparently there
was 4 disposition also on the part Of the
leaders OF the bull element to stand by
and see 4 test Of the markets strength.
Inc recent large and sustained advance
II was thought had invited large buying
on isht margins by the purely specula-
1--WE element This class Of holdings Is
a weakness for a bull movement on ac-
count OF Its inability TO hold stocks
through any decline. Occasional reac-
tions Of sufficient dimension to force the
liquidation OF such accounts are there
fore considered healthful in any bull
movement. The days market did not
indicate that the volume of such ac-
counts was very large. In spite OF a
vigorous drive by the bears apparently
acquiesced In by the bulls, which result.
ed at one time in declines running from
l to 3 points, there was no very large
volume OF stock dlslodged and the bcars
FASTENED to cover. Some very large
financial interests are credited with
having taken profits on the recent rise
and with being willing to see a reaction
for the purpose oc getting In again,
Commission house buying In the early
dealings was large and was quite effec-
live in offsetting the large selling for
London account. But offerings were no
more than absorbed withou: carrying
prices above yesterdays level.
After the market had thus been tested
business fell into dullness and assumed
a waiting attitude. Confidence thai the
Spanish fleet had been finally located on
Martinique and that an engagement
with the United States forces was i'm
minent also bcgot a disposition to await
the result Of that engagement. AS a
consequence net changes on the day arc
extremely narrow and are for the most
part losses. Metropolitan Street Rail-
way and Manhattan DEVELOPED In H.
strength, which was attributed to the
course OF negotiations with the rapid
transit commission. The course OF the
money market demonstrates efsectually
that all apprehension Of stringency from
the requirements Of the government are
past. Rates for time money collapsed
to 3 to 81 per cent for periods up to six
months. Rates for sterling exchange
rose Y per cent for the pound. This
movement Is said TO be due to a renewal
of accumllations Of exchange for In
vestment due to the higher money rates
prevailing abroad.
The bond market was quiet outside of
a few speculative issues and che tone
was rather heavy. Total sales S 1000. 600,
United States As declined X per cent,
the old Is regular Il per cent In the bid
price. There were sales OF the old Is
registered at a gain Of Il per cent over
the last sale.
The total sales of stocks to-day, were
347, GOO shares.
Evening Posts London financial ca.
blegram:
The stock markets here opened nat
to-day on the news spreading Of Lord
Sallsbury'S gloomy sDeech rnro-dI,r