The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-12
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.


NEW YORK, Sept. 11.-Money on call
firm at SOS per cent last loan, 5.
Prime mercantile paper. 4H@5 per
cent,
Sterling exchange steady, with actual
business In bankers bills at 81 S6k@
4 S6h for demand. and at 81 Ssa4 s3A
for sixty days: posted rates, y " and
81 S7h; commercial bills, 81 SEGA S24E.
Silver certificates, s51s6&c
Bar silver, bsMc.
Mexican dollars, 47hc.
Government bonds steady
State bonds inactive.
Railroad bonds weak.
Forced liquidation was in evidence
all day on the stock exchange, as con-
sequence OF the efforts Of the banks to
reduce their deposit liabilities by a re-
ductlop of loans. Saturdays bank
statement revealed the fact that the
surplus reserves were approaching eX-
haustlon, with the imminent prospects
OF lnroads being made upon the legal
reserve, having prepared the specula-
tive public for some such development.
The continued demand from interior
sources for money and payment for
taxes into the sub-treasury to-day con-
firmed the expectation. The market
went down under successive floods OF
offers. At various times during the
day the pressure OF selling seemed to
have exhausted itself. The rally in
prices at such times were feeble and
the trading became very dull, the de-
mand for stocks being at q minimum
The standard stocks In the market suf-
fered in an equal degree with the more
speculative lndustrials.
This feature was doubtless due In
some part to the recent characterization
on the part OF money lenders to accept
the ludustrIals as collateral for loans. 1t
was therefore, the standard stocks
which were thrown upon the market by
the calling Of loans. Aside from a few
of the iron and steel stocks which have
been under recent manipulation FOR
rise the largest losses Of the day are IN
such stocks as the grangers and trunk
lines. There were few spots IN the
railroads that were lively firm, notably
Louisville, Southern Pacific Union Pa
cihc and Northern Pacific. the pears
seized the opportunity OF the prevailing
depresslon 10 put ont extensive short
lines Brooklyn Rnpld Transit was a
notable sufferer and was ralded down
TO within Y OF the recent low level and
within Y OF par. The stock closed only
n fraction above the lowest. Metropol-
ltan Street Railway was also acutely
affected and lost ~ on the day. -.
Tennessee Conl and Colorado Fuel
rose in the early dealings but fell two
polnts below Saturdays level before the
close. Sugar was only slightly affected.
American Steel and Wire, Republic
steel. both common and preferred. Tin
Plate preferred, Continental Tobacco,
Pullman, National Steel, Manhattan
and Peoples Gas were especially weak
The net losses on most OF the active
railroad stocks range between ! ana
points. The quotations for odd lots
ranged above n full lot quotation IN
most cases, Indicating the presence OF
bargain hunters during the decline. the
market totally ignored the tendency 70
recovery on foreign stock markets, NJ
Though London bought some 10000
shares in the enrly dealings. Call loans
were made at 81 per cent soon after
the openlng, but quickly rose to and
then I. and even 8 per cent, dropping TO
per cent, after the days needs had
been practically all met, Possible meas
ureE Of relief for the money market
weTc the subject OF discussion in oil
circles, The leaving on deposit or
payments for taxes In considered the
most available relief. and the. presence
in washington Of nm influential imam
cInI lender was generally believed to be
without urging such measure.
Tho present high price OF bonds which
must be deposited with the treasury by
tho banks rs secretary Of government
funds loft on deposit with thcm, iS
possible drawback TO this plan, though
il ia INSERTED that the banks VIII be
able 10 borrow government bonds to
use for this purpose. The sterling OK
change rate failed to Yield IN spite OF
the tightness Of money nnd buying FOR
London account, but exchange on Paris
a. = frU - ." "''ov
Bonds weakened in sympathy with