The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-11
FINANCE AND TRADE.
The Features or.he Money and sock
Markets.

cent. Prime mercantile paper S64 per
cent. Sterling exchange easier. with
actual business In bankers' bills at
a 10l S71t for demand and q $40
1 SIX for % days: posted rates 81 $40
4 ssh and q ssh; comerclal bills 81 Ssl4
a. 81. Silver certificates eo9slc. Bar
silver eOSc. Mexican dollars l73fc. Cow
eminent bonds irregular. State bonds
inactive. Railroad bonds firm.
The continued tightness in the money
market prec.pltated liquidation Of spec
ulatlve account to-day which resulted
In losses in value ranging from one dol
lar to three dollars a share in all the
principal speculative stocks traded in.
Heavy selling for London account
marked the opening on the exchange
and as the day progressed the success
sive calling OF loans resulted in the
marking up Of the rate for call loans to
Z per cent. This rate forced many spec
ulators on the long side to close out.
There were special points Of weakness
besides in one or two prominent stocks,
Of which the bears were quick to take
advantage and which were potent In
huence in the general sentiment favor
ing a decline. Most conspicuous of
those was Peoples Gas. which opened
at LII against l.2oH from the last sales
Saturday. There were heavy offerings
Of this stock. but determined support
worked a quick rally of tx per cent.
Afterwards 1t fell below the opening
price and closed with net loss Of near
ly 3 points. The motive of the selling
was the reported plan of a rival COM
pany to organize competing service
upon the expiration Of the present
agreement. The demands made upon
the Metropolitan Street Railway Com
pany on behalf Of its employees and the
danger Of a costly strike caused the
stock of that company to drop SIS per
cent at one time. The dealings in 1t
were not heavy and the one was very
feverish throughout, the last sales
showing net loss OF 2ss per cent. All
OF the local fractions were affected Sim
Ilarly, Manhattan losing points and
Brooklyn Transit over 2 on the day.
Sugar also was notably weak, the
selling being credited TO realizing by
speculative holders. The combined
weakness Of these influential stocks
was sufficient to cause a demoralized
feeling throughout the group of indus
trial specIaltes In the railroad list the
weakness was more restricted to the
stocks which have been recently pushed
up by speculative manipulation. Penn
sylvania, New York Central, Atchison
preferred, Burlington. Reading first pre-
ferred and other stocks equally promi-
nent in the speculative world at one
time points or more below Saturdays
prices. The Erangers. generally the
coaIsrs and the trunk lines declined
from l to 2 points. The southern and
southwestern stocks as rule showed
resistance to the decline and their net
losses are for the most part small frac-
tons.
The steel stocks were little affected by
the prevailing weakness. The break in
prices were due to the miscalculation
OF spectators as to the period of relief
expected in the money market. The
delay in this matter seems to be due TO
the uneasiness caused in foreign CEN
tres by the continued tension over the
situation In the Transvaai. Paris is
very heavily involved in Kafir specu-
lation and the feeling there is very ner-
vous over the possible effects of an out
break OF hostIlIties in South Africa.
France was an eager bidder for gold in
the London market to-day and the rate
of discount In London was marked up
fraction. although call money was
easier there. The call loan rate went to
per cent in New York. but the only eff
feet on the sterling exchange market
was fall OF a fraction in the rate for
long standing. The pressure on London
was from Paris and was reflected here
in sales estimated as high as $1,000
shares. The shrinkage in values, COM
ing on the low level OF New York bank
reserve necessitated the recall of loans
which in many cases 1t was found Diff
cult to replace with other accommoda-
tons, The market showed very feeble
rallying power and closed very slightly
above the lowest.
The early dealings there was large de-
mAnd for St Louis Southern, which
gained 5E per cent, all Of which was
subsequently lost.
Bonds generally were weak. Total
sales par value 32,757,OOO.
U. S. IS registered advanced X per
cent and the old Is registered declined
y per cent in the bid price.
Total sales Of stock to-day amounted
to 5lI692 shares.
STOCKS AND ROND oTroTAT1ONS