The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-31
FINANCE AND TRADE.
The Features Of the Money and stOcl
Markets.

The Features Of the Money and Stock
Markets.
NEW YORK Oct, 30.-Money on call
firm at 5000 per cent; last loan 20 per
cent. Prime mercantile paper 5951s
per cent. Sterling exchange easier,
with actual business in bankers bills at
81 S6ss@4 S6R for demand. and at 81 $50
4 ssh for 50 days; posted rates 81 SAG
A SAY and 81 SS94 SS1s; commercial bills
81 S2ls. Silver certificates 5S95914c. Bar
silver 5Sc. Mexican dollars 47Nc. Gov
eminent bonds strong. State bonds in
active. Railroad bonds firm.
Prices Of stocks moved upward in the
early dealings to-day according to the
general anticipation, but contrary to
expectation serious obstacle to the i'd
vance did not extend far into the second
hour when the market began to drift
downward and met no effectual check
until the close, which was at about the
low point and with prices still giving
way to pressure. No serious net losses
are shown in the railroad list but the
earlier gains which amounted to a point
and upwards in many cases were pretty
generally wiped out The market open
ed with strong and animated tone and
a large volume OF outside buying orders
invited by the unexpected strength Of
the Saturday bank statement. The de-
rnand was particularly large for the
grangers and southwestern and for
some of the southern railroad stocks,
notably Louisville, which was UP tx
per cent at one time. This stock resist
ed the later depression with some sue
cess, but closed x per cent below the
best. Even the much hammered indus
trials had some share in the early
strength. Sugar rose an extreme point
before yielding to pressure and the iron
and steel stocks had short lived peri
cd of vigor. Pressure promptly devel
oped against steel and wire and 1t was
weak for the rest of the day, affecting
other members of the group by sympa
thy. Federal Steel was exceptionally
firm. The Leather stocks continued to
be largely dealt in, but the gain in the
preferred was entirely lost before the
close. The international paper stocks
were fiercely attacked, the common be-
ing forced down Sh and the preferred 4
points. The latter recovered points
of its loss. Rumors coming from Hol.
land of the fall of LadysmIthwere with
out much effect. London seemed dis
posed to discredlt them. The septem-
Der statement OF Saint Paul had dis
couragIng effect on spectators, show
Ing as 1t did the large increase In gross
earnings obliterated by the heavy in
crease in operating expenses so that the
net earnings for the month were over
100000 less than In September of last
years. The effect was especially marked
upon all the grain carrying roads. The
days events in the call money market
showed that the extent of the recuper-
alton by New York banks was grossly
exaggerated in the first enthusiasm
over the Saturday statement The rate
opened at s per cent and after dropping
to TX per cent, rose violently In the late
dealings to 30 per cent. Bids were
made for 40 per cent, but the closing
transaction was at 20 per cent, 1t was
a striking demonstration Of the unit
condition of the money market to main
tain an active speculation. New York