The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-06-01
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.. ~

3kQ4H per cent. Sterling exchange
firm. with actual business In bankers
bills at 81 1894 ssh for demand and at
81 s5%G4 Sc for 60 days; posted rates
| 81 S6i:Gi 81 and 81 SO; commercial bills
81 s5AGi S5iG. Silver certificates slQ
&c. Bar silver Gle. Mexican dollars
4Shc. Government bonds irregular.
State bonds active. Railroad bonds
weak.
There was bear sentiment on the
stock exchange In more formidable ar
ray to-day than at any time hitherto
since the spring reactionary period has
been enforced. This sentiment meant q
decisive check. after Mr.. Flowers death.
when the most powerful financial inter-
ests in the country combined to support
prices and avert O panic. It had but
newly lnaugurated a campaign last
week when the decision to close the ex-
| change for three days left the leaders In
q rather timid frame OF mind about car
rylng short contracts over for so long q
period. To-day's slump in prices SEEM
ed to be distinctly development of the
! days operations. There was small
attendance at the opening of the stock
market and seeming expectation OF
dull day based partly on the fact that
the running OF the Derby in England
and the consequent neglected trading
on the London exchange. Some OF the
stocks which suffered most severely in
the later break showed signs of Armness
and even Of strength In the opening
transaction. This was notably true OF
Sugar, Brooklyn Transit, Manhattan and
New York Central. But signs of
strength proved to be Of short duration
and by noon the bears were in complete
possession OF the field, Early declines
were obviously due to manipulation but
! as the bears gained courage and assur-
ances and extended their raid they got
richer and richer returns and before the
day was over the general process Of
liquidation OF long account had set in.
Aside from the spasmodic recovery of
sugar In the first hour there was no
material support accorded prices at any
point In the list. There were several
developments in the general situation
that aided reaction but the decline
seemed more n general acquiescence in
view Of bear party that prices were as a
whole unruly high and that n lower
level Of values must be accepted. The
belief that gold exports are unavoidable
| and probably imminent played an Inn
portant part In the reactionary temper
of the street. With sterling exchange
at 81 SIS for demand. which is within
fraction OF cent OF the gold export
point and still rising, while discounts
In London continue to harden and call
money loaning in New York to-day at
* per cent 1t Is not easy to see how an
export movement of gold is to be avoid
ed. though 1t is just as difficult to un-
derstand why such q movement under
the circumstances, should excite alarm.
The report of 4 case of yellow fever at
New Orleans and the resulting quaran-
tines against Louisiana gave more SUBJ
stantial reasons for reaction in values
and the railroads in that section were
severe sufferers. SurmIses as to the
| effect Of the New York franchise tax bill
and fear Of encroachment on the sugar
company's Invisible surplus to carry on
the trade war were made much OF. A
| sharp decline In east bound tonnage and
! disappointing statement of earnings
for the current month by Northern Pa
ciilc and Of earnings for April by the
same road, the small increase In the
Burlington surplus after charges for
April and denial that St. Paul's net
decrease for April was due to any tn
| crease in operating expenses all served
to accentuate the feeling of discourage
ment over existing values. Some of the
striking declines at the extreme point
was: Metropolitan 10 per cent: Sugar
SIX; Brooklyn Transit 6A: Manhattan
SIS and n long list of speclaltles from 2
" o'e' foi'''s' III the railways Bur-
lington. the Minneapolis & ST. Louis
stocks. Southern Pacific and Southern
preferred fell from to 81 points. while
| , .,u,
| SIM larger number OF ROADS including
| members of the granpers tha p,rinc
.~ nv
anu the Trunk line group, fell between 2
and points. In tho ortsId,- mor,,at ,to
,,,,. e., >'''' '',''t me- '''e
stoc,, so,d a, q, o,ir,,, ~,
'o'u IL % h6ai"st inc SUBSCRIPTION
price at par.