The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-05-02
FINANCE AND TRADE.
The Features OF the Money and Stock
Markets. Al

The Features OF the Money and Stock
Markets.
NEW YORK, May money on call
at 4as per cent; last loan 4 per cent.
Prime mercantile paper S1s14& per
cent. Sterling exchange strong, with
actual business In bankers bills at
81 S7T14 IS for demand and at 81 S5A@
4 Sc for sixty days; posted rates 81 SEQ
4 S6ls and 81 SS44 SSH. Commercial
bills 81 S414G4 IS. Silver certificates
62h163Ac. Bar silver G2ltc. Mexican
dollars 49c.
State bonds inactive. Government and
railroad bonds weak.
The market to-day suffered severely
from general liquidation and confident
operations by the bears. The passage
OF the Ford franchise tax bill early un-
settled the market because OF the
weakness displayed by the stocks most
concerned. Supporting orders by par
ties largely Identified with various pro-
perties and covering by the shorts
steadied the market for awhile and
some recoyeres occurred. A renewal
OF large offerings brought prices down
In a semi-demoralized fashion and the
closing was at the lowest for practical
ly all stocks. Stop loss orders were met
In q variety OF stocks and the pressure
continued to the end. The pronounced
strength In sterling exchange aroused
an expectation In some quarters Of ex-
ports Of gold, but although opinion as to
the probability OF this was divided.
there were enormous sales OF both nc
counts in the market. Money ranged up
to S per cant, but closed at half that
figure. The sales by London Of copper
stocks recently was one reason for the
strength of sterling exchange, but the
more Immediate cause was the transfer
OF the Spanish indemnity warrants for
$40. 000,0 900 to the representative OF Spain
who was reported to have called for in
structlons as to the manner OF trans
ferring the funds to Spain. ThIS gave
color TO the rumor that the transfer had
not yet been anticipated in the sterling
exchange, market. but this. of course,
was pure conjecture. Some authorities
were Of the opinion that sterling eX-
change was unlikely to advance to a
point which would make gold exports
profitable. While such q condition
might arise within the next two months
there were those of the opinion that the
recurrence OF the necessity to finance
Industrial consultations. for instance
that OF the amalgamated copper COM
pany this week would maintain money
at n ratio which would make It more
profitable to leave the gold here rather
than ship In any quantity abroad.
Among the extreme declines which
early unsettled the list, the local shares
We're most prominent, including Consol-
dated Gas 14A; Metropolitan 12h;
Third Avenue. o; Manhattan 6N, and
Brooklyn Transit 6E. The decline In
Gas shares was accompanied by the
announcement of a cut in prices. Other
prominent declines we're New York Air
Brake 81; Sugar IN; Federal Steel 6:
American Tobacco s: Anaconda Mining
Az; International Silver 4Tc; Continent
tai Tobacco 47sc, and American Steel
& National Steel each. There was also
pronounced weakness in Peoples Gas,
Tennessee Coal and practically all of
the other industrials. From the extreme
depression there were but few recover
les. among which was Air Brake Sk,
and Metropolitan, Sugar and Third Az
enue over q point each. Among the
railways the losses ranged UP to AK In
Northwest, with the average elsewhere
about 2. The fresh outbreak OF liquida-
t!on toward the close was associated
with the strength OF money. To-day
being n bank holiday In London there
was no indication OF the attitude of for
eign spectators In the local market.
Railway mortgages participated in the
weakness of the day. but concessions
were mainly unimportant.
United States old Is coupon declined
u and do registered and the IS Is per
cent in the bid price.
The total sales Of stocks to-day
amounted to Sl0.1l5 shares.
BONDS AND STOCK QUOTATIONS.
~. S. 2s reg. 9eia Pittsburgh ....la
Z: S: 3s .lOihs Reading. ......... 222X