The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-16
FINANCE AND TRADE.
The Features of tho Money and Stool


Tho Features of tho Money and Stock
Markets
NEW YORK. Sept. 15.--Money on call
firm ut 4as per cent; last loan : per
cent. Prime mercantile paper 1905 per
cent. Sterling exchange steady, with
actual business in bankers bills at
"a S5%G4 So for demand and at 81 S2laS
4S2% for sixty days; posted rates
81 s3ka4 81 and 81 ST@4 S715. Conn
mercial bills 81 S1Isa4 50. Silver certl-
ficates 5aa59Ac. Bar silver sec. Next
can dollars 4Tl3c,
Government bonds firm. Ill
State bonds inactive.
Railroad bonds weak.
There was pressure to sell Brooklyn
Transit and st. Paul from the outset
to-day. Brooklyn Transit occupied the
centre of the stage all day. The deal
ings in this stock were on an enormous
scale and the amount thrown overheard
on the decline made the fact OF Inside
liquidation obvious. The bears OF
course were also very active In this
stock and the occasional covering By
this element afforded the only effective
checkmate to the downward plunges of
the stock. There seemed to be no sup
port accorded at all until II had touch
ed ninety From that stage there were
occasional checks and rallies before i
touched the extreme low point at S6Ss.
an11 To NlH "a
under pressure at n net loss Of 6&.
The other members of the Flower group
did not develop any keen sympathy I'M
til late In the day when Peoples Gas,
Federal Steel md Rock Island were
down from IN to points. These stocks
rallied somewhat before the close.
Holders of st. Paul, disappointed over
Yesterdays dividend action, broke the
price q point ut the opening. There
was a subsequent recovery Of prneHe-
nIly all the loss and the whole railroad
list moved UP nearly to last nights lev
81, In d manner to suggest the inaugu-
ration OF an influential buying move
ment The appearance Of strength was
Increased by n brisk demand for the
coalers which rose from to 3l5. The
upward movement came to an abrupt
end before noon when Brooklyn Tran
sit. Peoples Gas, Sugar and the West
ern railroad shares generally led by 81
Paul. fell nwny by rapid Stages 81.
Paul dropped to l29IS and ruled below
1870 for the rest Of the day. Except in n
few isolated cases there was no subse-
uuent demonstration OF strength. The
closing was fever!sh and irregular at
net iusses throughout extending TO over
point in the graRgerS and some other
railroads The depression on foreign
stock market had some effect here, the
drop to the low point In st. Paul COM
ing close upon the announcement OF the
afternoon weakness in British consois.
The apprehension OF an unfavorHhle
bank statement tomorrow had Its Ell
feet In the late break. Preliminary es-
Inmates indicate that the banks have
lost during the week by shipments to
the Interior and by sub-treasury opera
| lions over SS,000000. Without taking
account OF the reduction OF deposit ia
billy by reason Of the weeks loan con-
traction this would indicate fall IN
bnnk reserves to n level about $3'SO0UOu
below the legal limit. 30 that the loan
contraction must have proceeded TO the
extent OF at least &l4.00000e In order
that the legal reserve should be pre-
served intact, and loans must have
been reduced as much as S240OO.0O0 IN
! order to prevent n decrease from last
weeks small surplus reserve OF less
than S2,5OO.0OO.
The tone Of the money market during
the Inter part Of the week indicates
pretty clearly that the banks are with
| in their legal reserve limit. Whether
this IL due TO the fact that the loans
have been reduced as much MS above
Indicated or whether there has been n
supply of cash from,hlddcn sources and
not reflected In the known movement
| yvIt be revenied by to-morrow's 8tate-
nent Foreign houses have loaned mo-
| ney during the week which was pre-
sumnbly borrowed IN London for that
purpose. This operation may have
gone further than has been suspected;
Tho bond mnrkct moved in symPsthS
| with stocks, but chnngca as rulu
were not large. Total sales, par value