Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-04-10

New York, April 8.-Money on call
firm at soc, per cent; last loan 8 per
cent. Prime mercantile paper SAG
~ per cent. Sterling exchange easier,
with actual business in bankers bills
1t $4.S6@486A for demand and at
S4.8S%@4.S4 for sixty days; posted
rates $4.S5@485h and $4.87@4.S71.
commercial bills S4.83h@4.S4. Silver
certificates 60@6O1sc. Bar silver 5911c.
Mexican dollars 4714c.
State bonds inactive.
Raj .ad bonds firm.
Government bonds strong.
lew York, April .-Stocks-Interest
In to-day's market centered about the
bank statement, which on it's appear
ance received a variety of interpreta-
tiOns. The first impression seemed IA
vOrable, as prices rose at lively rate,
but fuller analysis of the statement APP
peared less optimistic to some as real
izing set in, leaving the market weak
at the end and irregularly changed on
the day. The speculation was charac-
terized all day by feverishness and ir-
regularity. After an early show of
strength weakness appeared and some
stocks lost three per cent. After the
shaking out Of many spectators yes
terday the nervousness to-day may be
considered natural. Some fortunate
purchasers at yesterdays low level ac-
cepted handsome profits to-day, while
certain brokers who had sold too has
tily yesterday on receiving increased
margins from customers bought back
stocks sold. There was dribbling of
standard stocks that their owners
might protect highly speculative ven
lures. The impairment of some large
speculative holdings owing to the mar
ket's action yesterday induced tighten
ing of loads on the rise to-day.
Venturesome dealers with only mod
crate margins paid the penalty of over
speculation this week and their paper
profits were quickly wiped out, as well
as the principal invested. The market,
after being boosted early in the week,
apparently with the idea of liquidating
the stocks held by large interests, be-
came top heavy and sagged violently
toward the end Of the week with par
tial recovery, leaving losses in the en-
tire list except few unimportant pro-
perties. The net losses in the standard
railways averaged something below
three points, while in the specialties
the losses were in all cases consider
able, the largest declines being Metro
politan, 1914; Brooklyn Transit, 1513
Federal Steel and Consolidated Gas
over IL each; Sugar, liz; Airbrake,
10; Manhattan, S1z; Third Avenue, 5,
etc.
Stocks of this class swept over a
vxyida rodi,rc. ho ramon of fhOco which
f1uctuated most widely include Metro
politan, which at one time was some
80 points below the highest, Brooklyn
tan %, Third Avenue 20, and Federal
Steel, Peoples Gas and International
Paper well up in the teens. The
greater part Of these violent dips &C.
Cured in the first hour and half on
Friday, when the industrial panic
quickly swept cut the marginal hold
ing5 of spectators all over the country.
While the stringency in the money
market was the principal cause of I'M
easiness, the discrimination against in
dustrials when it's full scope became
understood, was the immediate cause
of the shaking of confidence. A num-
Der of commission houses decided to
insist ON purchases of industrial stocks
being either made outright or that
margins be increased largely, even so
per cent. being exacted. Thus many
specialties held through the rise had
to be thrown over. Rates for call
money where industrials were included
In the collateral had been in the nature
of private transactions between the
banks and the brokers' of late, but when
open bidding for accommodations on
industrial collateral showed the rate
in some cases to be per cent. above
that exacted for railways, uneasiness
developed, and these stocks, particu-
larly those which have had an extra
ordinary rise, were sacrificed. Money
on call ranged from to 16, with the
average about Z, for good collateral
Time money was loaned at per cent.
up to SO days, except when industrials
were mixed in the collateral, and then
the rate was higher with the margin
required about doubled. Sterling ex-
change eased slightly during the ex-
IRENE demand fer money, but the sup
ply OF bills were reported as INSULT
Gent to meet importers remittances
abroad. The monthly fiotation of in
dustrlal trusts having capital and
bonds of half billion dollars, has been
profitable for the banks financing the
issues. This has necessitated the call
ing in of funds with a resultant higher
rate for money. The recurrent multi
plication of these consultations whose
earning power in all cases is not yet
clear, has caused the banks to discrim-
mate against them indirectly, causing
many to sell such stocks.
The bond market followed the varia-
tons in stocks rather closely this
week, but net losses were not as rule
Important. United States new As cou-
pom advanced B; do, registered, the IS
and old 4s coupon n, and do, registered
" in the bid price.
The total sales of stocks to-day were
3S3, 400 shares. Quotations closed bid:
DO pfelerTeu blh
Baltimore and Ohio ...................... 20
Canada Pacific .....................S 5st
chesapeake and Ohio ................ 261a
Chicago, Burlington and Quincy l41s.
Chicago and Eastern Illinois. ...... IS
Do preferred ..,..... ..............12l
Chicago Great Western. ........... 1884
Chicago and Northwestern. .159
Do preferred ........ ...........I92
delaware and Hudson 1l7h
Delaware T.ackawanna and Western IN