The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-22
FINANCE AND TRADE.
The Features of the Money and Stock
Markets..

Markets.
NEW YORK. Sept. 2l.-Money on call
easier at 297 per cent; last loan, 2 per
cent.
Prime mercantile paper, 4&65K.
Sterling exchange heavy, with actual
business In bankers bins at 34s5n@
s51s for demand. and at $4s1E94 s.
for sixty days: posted rates, 81 $50
81 S31h and s4Ssh94s7; commercial
bills, i4SlG4 S1la.
Silver certificates, 5Sh959hc; sales,
5000. Bar silver, IS 9-l6c. Mexican dol
lars. 47He.
Government bonds weak.
State bonds inactive.
Railroad bonds firmer
The tone of the trading in stocks was
much quIeter to-day than for some
time past. No such pressure OF forced
liquidation was observable as yesterday
and several preceding days. As a re-
suit there was a general and Substan-
tial recovery In prices. There was a
large demand from the extensive out
standing short Interest, and probably
this constituted a principal element in
the recovery: but there was also very
good absorption of some OF the railroad
stocks, which had the appearance OF
coming from large interests who were
satisfied TO take on stocks at the pres
ent level. Brooklyn Transit continued
to comprise large proportion OF the
dealings, and the cessation Of pressure
against II and other members OF Its
group had an important influence In
the recovery In prices. a revised Inter-
probation OF New York's new franchise
tax bill, which would bear less heavily
on corporations than has been estl-
mated. found general acceptance among
SPECTATORS. The enormous selling for
some time past OF Brooklyn Transit
gave color to some current rumors that
the control OF the property has changed
to new and strong hands. Those two
influences were effective In relieving
the local traction stocks from the fierce
attack to which they have been sub
jected for many days past, and removed
from the situation the most potent ele-
ment OF depression The bears made
some effort to contest the advance, and
they found vulnerable spots In Peoples
Gas, Sugar Tobacco ana Tennessee
Coal. But their success in affecting the
general market was very moderate and
their efforts to cover In the very stocks
which they had attacked helped on
the late advance. In the railroad list
aggressive buying first developed In
Southern Pacific, but an excellent de-
mand spread to other points In the list,
notably the grangers, which are all up
from l TO IL on the day. There were
notable movements In Pullman, which
rose So, and Anaconda, which jumped
AZ points in the late dealings on the
~ a 1g.as NH1Wv no
CagO, Indianapolis g. Louisville stocks
gained "a and 2X respectively. The
Chicago Greatwestern stocks showed
rather sensational declines, but later
rose above yesterdays level except for
the debentures, which are OF points,
London was seller here In the early
dealings, owing to anxiety over tO-moT-
rows meeting Of the British cabinet,
and thus aided the bears In the carly
part Of the day A favorable effect was
exercised by the reported purchase In
London OF 100000 OF gold In the open
market for shipment TO New York No
trace could be found Of the destination
OF this shipment, and foreign exchange
houses maintained that gold could not
yet be imported at a profit Sterling
exchange dropped fraction nearer the
gold import point. but Is stlll well over
IL nboye that level. The call loan rate
In New York dropped late in the day,
after the days demand for money had
ben practically all met. But the condl-
tlon Of the local money market was not
materially changed. A drop In New
York exchange In Chicago indicated re-
neWed pressure from that source for
funds. Saturdays bank abatement IL
now expected 10 show the New York
banks In n somewhat stronger position,
owing to the weeks contracts OF loans.
but there has been no replcnishmont Of
cash resources and the future OF the
money market depends on the prospec-
tive needs OF the interior and the pros
pcCtlve demand from the sub-trensury
for revenue payments.
The bond market was firm In tone.
except for late reaction In ST. Louis