The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-09
TrFArcE ANp TRkpE!..
The ! features Of the Money and stock
1890 - 4


The FoatureS Of the Money and Stock
lIarkGta.
NEW YORK. Dec. S.-Afoney on eall
strong q sos per cent; hast loans per
cent; ruling rate rs per cent Prime
mercantile paper 5is0s per Gent. ster-
ling exchange irregular, with actual
business IN bankers' bills ct = Sslt9
{ sex for demand ana at 81 stN9t an
Tor 90 days; posted rates q s20t S2h
and 81 SLY: commercial bills s. so&.
silver certificates 5s8@eo6. Bar silver
Soc. Mexican dollars t7Nc Govern
ment bonds strong, State bonds steady.
Railroad bonds weak.
Nearly every stock In the list declined
to-day. In the industFiais The .Osses
ranged from 2 to nearly points. The
railroads did not suffeF 80 much, but .
number Of them closed between ] and 2
points lower than last night. The prin-
cipal victims of the selling were the
iron and steel stocks. as has been the
case ali week and Tennessee Coal lead
the group. with a net loss Of sM points.
quite a number Of other metal stocks
closed mora than points lower. Sugar
was very active and weak throughout
the session and closed ct the low point
at net loss Of az points. The tobacco
stocks, the rubber stocks and the New
York specialties were all prominent IN
the break and lost points or upwards.
Manhattan was rather an exception and
It's loss was only a fraction. The bears
were active and very aggressive and
had much to do with starting the de-
cline, but they reapcd rich return in
the uucovering OF stop loss orders as
margins were wiped out and heavy Of
ferings were preclpitsted on the mar
ket. The banks were calling loans all
day and the conviction is unavoidable
that a very drastic liquidation Of long
accounts was affected
A large part OF the selling was forced
by the calling OF loans and the difficulty
Of obtaining new accommodation, the
borrowing demand rushing the call loan
rate up to IL per cent on the late deal
ings. Tired holders who have hoped
for an upward turn in prices also aban-
doned their position and threw over
their stocks. When the preliminary es-
Inmates Of the weekly changes made
their appearance the dlhculties Of the
money market were explained. The
bears seized the occasion to aggravate
the situation by setting atioat a story
that ''the associated banks Of the United
states" whatever that might mean, had
loaned the bank of England S2O,OOO,OOO.
No basis could be found for the story
but Its inherent probability did not pre-
vent it having considerable effect in
aiding the Generalization. The hard
ening Of money in Berlin and Paris and
the heavy loss in gold by the bank of
England for shipment to South Ameri-
ca were evidences of the construction of
the money supply abroad. This was
suficient to keep the sterling exchange
rate firm In spite Of our own stIfIenlng
money rate, but there was signincant
decline in the rate of exchange on Paris
in response to London's measures to
shift pressure upon that center. To-
morrow's New York bank statement Is
expected to show a loss in cash Of over
100000. OF this nearly $5,OO0,eO0 is on
sub-treasury operations, including ST.
$4,000 deposited for transfer to the
south. on the direct interior move
ment by express the banks have in
creased their shipments more than
100000 over last week, while their re-
celpts from the same source have de-
creased nearly 100000.
Bonds were lower throughout. Total
sales par value S1,726OOO. United States
old As and IS advanced a per cent In
the bid price.