The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-19
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

Markets.
NEW YORK. Sept. 1S.-Money on
call firm at SOLO per cent; last loan 6
per cent; ruling rate per cent. Prime
mercantile paper 4SG5h per cent.
Sterling exchange weak. with actual
business in bankers bills at 81 $40
4 S5% for demand and at 81 S294 S2%
for 90 days; posted rates 81 S3lh and
81 sslA94 81. Commercial bills 81 S1h@
4 SO. Silver certificates 5995s%c. Bar
silver 5sZc. Mexican dollars 47l6c.
Government bonds irregular. State
bonds steady. Railroad bonds weak.
There was further drastic liquidation
of speculative accounts on the stock ex-
change in response to the continued
contraction OF credits by the banks, who
entered upon a struggle to maintain
their reserves within the legal limit.
Since Friday more than enough money
has gone from the banks to the sub
treasury and the Interior to wipe out
the insignificant surplus shown by Sat
urday's bank statement. AS only a
hall hour was afforded after the appear
ance OF the statement on Saturday, for
the liquidation OF accounts. a very
large volume of selling orders from all
quarters had accumulated In brokers
hands when the market opened to-day
Prices took a downward plunge on
opening transactions throughout the
list. Professional traders were very
bold on the bear side and helped on the
decline by large sales for short account
The highly speculative IndustrIals spec
laltles showed the most serious losses,
the opening sales showing anywhere
from to over points clipped from
Saturdays last prices for pretty much
all OF the active IndustrlRls. The New
York municipal stocks, Sugar, Tobacco.
the iron and steel stocks and the So
called Flower stocks as group lead in
the decline, Rock Island as a member
of the latter group, fell az per cent
Declines in the railroads otherwise was
not as violent as in the specIalties but
extended very generally between and
2 points. The selling was in thousand
share lots and upwards in practically
all stocks dealt in In the first few min
utes. The bears were somewhat dazed
by their own success and almost imme-
diately preceded to take profits by buy
ing to cover shorts. Rallies of 2 to 3
points resulted in many stocks. But
this forenoon pressure was renewed
when a deIuge Of Brooklyn Rapid Tran
sit dropped an extreme 9h per cent;
Metropolitan 81; Consolidated Gas 7;
Manhattan az; Third Avenue AS and
Brooklyn Union Gas 5. The low
est prices of the day generally
were touched on this movement. st.
Paul extending Its loss to 90 per cent.
The very violence of the movement
caused some recovery and soon after
prices generally had turned upward.
The evident relaxation OF the pressure
to Ilquldate warned the bears that they
had Oversold the market and the buy
ing demand became rather urgent.
prices Of the speclaltles recovered from
2 to over 4 points. The absorption Of
raIlroad stocks became quite conspicu-
Gus, New York Central especially NOV
ing up 3Is per cent from the lowest and
many others rallyIng from to . points.
Slight gains over Saturdays prices were
recorded for New York Central, AtchI-
son preferred, Burlington, Union Pa
clAc preferred Reading first preferred.
Northwestern and Lackawanna. Best
prices were not maintained and the
market closed eusy The late rally in
prices was assisted by an easing of the
rate for call money to per cent, After
ruling at 10 per cent sharp drop Of x
per cent in the actual rates for demand
sterling and cable transfer and the
marking down OF posted rates &c also
had an influence in relieving the strain
on the stock market Rumors were cir
culnted Of conference OF bankers to
take measures looking to the relief of
the money market by an Increase OF
circulation, but these were denied and
bankers seemed free from anxiety over
the outlook. Only one bank took out
additional circulation, according to re-
ports from Washington and that to the
extent OF only about 100000. Since the
first OF the month the New York banks
have Increased their circulation less
than million dollars. London sold
heavily In this market on account of
the Transvaal crisis to the extent Of
about 10000 shares and no gold move
mcnt from that quarter seems likely for
the immediate future. The October
coupons Of United states 4 per cent
bond Of 1907 were payable to-day at the
treasury and some slight relief was