The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-04-08
FINANCE AND TRADE.
The Features or the Money and Stock

The Features OF tho Money and Stock
Markets. gsslai
NEW YORK, April 7.-Aloney on call
firm at SOILS per cent; last loan per
cent. Prime mercantile paper SA94A
per cent. Sterling exchange weak. with
actual business in bankers bills at
81 SG94 S6A for demand and at, 81 SAG
4 s4A for sixty days: posted rates 81 $50
4 ssh and 81 S794 S71s. Commercial
bills 81 sa,G@4 81. Silver certificates COG
6ohc. Bar. silver 595sc. Mexican dollars
471sc.
Government bonds strong. State
bonds inactive. Railroad bonds weak.
To-day's sensational stock market
was remarkable for great declines that
took place In practically all the special
ties. Losses Of Importance remained at
the end OF the day, although the closing,
was strong. The potential influence be-
hind to-day's plunge in prices was the
money market where discrimination was
exercised against the industrial securit-
les. The inability of some large firms
to renew loans on those shares as COL
lateral made necessary to sacrI-
flee stocks at the best prices OBJ
tainable. Call rates for money ranged
from to Is per cent, but left off at the
lowest figure. Forced sales by many
commission houses lent renewed courage
to the bears who constantly found new.
spots OF weakness. A number OF mo-
ney lenders on the floor Of the ex-
change refused to pay any attention to-
the bids made by some brokers who
were known to be trading heavily in the
industrlals The calling In Of some
loans also helped to arouse alarm and
induced general selling. The weakness
OF many standard stocks and bonds was
due to no other cause ascertainable, ex-'
cept the selling Of them by weak hold
ers to protect securities OF less certain
value or to secure funds to buy the
shares which had been most depressed
in hope of profit on the rebound. Lon
don, which of late has been an unlm-
portant factor In the dealings, bought
upwards Of $4,000 shares on the. decline
here. While the so.called bull leaders
appeared apathetic on the downward
rush OF quotations heavy scale buying
appeared, carrying with It the convlc-
ton that the buyers did not believe the
violence Of the bear movement could
last. This support gradually checked
the fierce onslaught on prices and re-
coveries ensued. Much thought was
given to the probable aspect OF to-
morrows bank statement. The rally
was found In the Offering Of several
interest lately very prominent among
the bull leaders. When prices were no;
far from the lowest q number of COM
mission houses freely advised pur-
chases where the buy could take the
securities outright or on very substan-,
tial margins. Buying Of this character
had much TO do with checking the rush
to sell. Many interests which had been
out Of the street for 4 long time, thought
the time opportune to irepurchase as II
appeared to be one OF the bargain days
which have developed at various times
OF recent years. This buying gave a
considerable momentum to the after
noon rally, which embraced everything
on the list and resulted In reducing tho
net losses to very small proportion In
some cases and In establishing slight
advances In others. An Idea OF the
wide movements which occurred Is
given by the fact that although Brook
Ign Transit broke 15&. the net loss on.
the day was only SIX. Metropolitan
lost 16 and gained l2X. Manhattan
yielded .. but regaIned 81. Sugar sag
ged 13k, but only showed aIk net loss
at the close. Air Brake dropped Is,
but rallied 1879. American Tobacco
eased of 10 points. but figured for only
three points net on the day. National
Steel dropped 13A. but got back OK oft.
Peoples Gas sagged 12A. but rallied
strongly and closed with az net loss.
Railway and miscellaneous bond
prices also showed yielding tendency
to-day. with transactions Of $1,000. 900.
United States new 4s advanced Y. and
the old As coupon 4 In the bid price.
while the 5s reacted Y per cent.
The total sales OF stocks to-day were
1884, 400 shares.