The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-15
r1nANcE 40 TRApk

49,
Markets.
NEW YORK. Sept lL-Money on call
arm at s16644 per cent; last loan per
cent. Prime mercantile paper 495 per
cent. Sterling exchange weak with ac-
,ual business in bankers bills at 81 $40
4 slH for demand and at 81 s2N9l s2h
for co days. Posted rates a $500 ss1s
and 81 s5s4 ssh. Commercial bills
s. s1@4 sl4s. Silver certificates 6ON@
sic. Bar silver eO1Gc. Mexican dollars
Ec.
The unsettled tone OF the speculative
mind over the money market outlook
was relieved to-day by the announce
ment of further gold imports. Actual
engagements were announced of $780,
600 and rumors were rife of very heavy
additional sums which are to come this
week. Rates for call loans on the ex-
change broke sharply to 2li per cent
from high point in the morning on the
small transactions OF ~ per cent. A
very active buying demand developed.
which was in large part from profess
slonal traders who had gone short OF the
market on a conviction that money
rates would hold hrm for time and
call money would be subject to occa-
slonal hurrles from the calling Of loans
that would shake out large liquidation
Of stocks. The course of the exchange
market gave warning early in the day
that relief was at hand for the money
market in the form of gold imports.
Posted rates were marked down 1sc and
actual rates fell &c. the prices for de-
mand sterling reaching 81 81. which is
easily within the gold import point.
The market during the earlier part of
the day was largely confined to the Spe-
claltIes. Sugar. Tobacco and the con-
stituent companies OF the new Federal
steel company were all markedly weak.
The railroads rallied early In the day,
but were weakened by the decline in the
spccIaltIes. They offered strong resist
ance to decline, however, and advanced
easily and quickly all through the list
after midday. The local traction stocks,
including Brooklyn Rapid Transit, Man
haitian and Metropolitan Street Rail-
way, were also strong. The Industrial
specIaiaes recovered nearly all their
losses In the afternoon on covering of
shorts. Sugar was an exception. This
stock opened OF 2h per cent, allowing
for the per cent dividend. There was
time during the period of the general
strength in the market when the stock
rallied Q per cent, but In the late deal
ings fell an extreme ~ per cent. There
was a very determined support at and
below 1877, and the bears desisted from
their attack. This gave time for the
general market to rally again to about
the best, the closing being active and
firm at net gains reaching a point or
over in many stocks. The grangers and
PacIfcs were conspicuous in the railroad
list. The effect of the easier money
market was In large part sentimental
as the stock market depression has been
due to apprehension of future strIn-
gency rather than to actual present con-
ditlons. The conviction had gained
force for several days that the dfarcity
of money is apparent rather than real
and the fact that the payments on the
government loan are almost completed
gives assurance of early relief from the
drain on that account The government
disbursements In the form of eIpendi-
lures and the distribution Of the new
bonds are certain to result in a plent-
full supply of money at an early day.
There was a growth Of demand for
bonds and prices rallied in sympathy
with stocks in the latter part Of the day.
Total Gales s2.SOOOOo.
U. S. IS when issued advanced v per
cent in the bid price. There were large
transactions in the IS at 1O5A to l0S%,
the latter being the last price.
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