The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-06-02
FINANCE AND TRADE.
The Features OF the Money and Stoe
=. Nf,,lrot. 80 i-H' taHft'

NEW YORK. June money on call
steady at 2hG3 per cent; last loan 21S
per cent. Prime mercantile paper SIG
Az per cent. Sterling exchange easier
In actual business in bankers bills at
81 SSG4 SSA for demand and at 81 S5%9
Sc for 60 days; posted rates 81 s6k9
ST and 81 SO. Commercial bills 81 ISL.
a. ssh. Silver certificates 61@62c. Bar
silver 60%c. Mexican dollars 4Shc.
Government bonds strong. State bonds
irregular. Railroad bonds weak.
The bears made some further progress
in forcing prices to lower level to-day,
but they were by no means In so ag-
gressive and confident q mood as yes
terday. There was very heavy covering
Of short contracts during the course Of
the day. and last prices are materially
above the lowest even In those stocks
which show the heaviest net losses. The
bears met determined resistance in
some Of the stocks which have hitherto
proved most vulnerable to their attack.
The latter part of the day showed dis
tinctly improved tone and an upward
tendency OF prices with no disposition
apparent from the bear faction to make
further ventures for the present. After
the opening dip in prices there was the
usual professional covering designed to
meet the orders OF outside operators.
The resulting rally was shortlived and
the bear party then made their demon
stration In force. They brought out
heavy liquidation in the tobacco stocks.
Western Union. Metropolitan Street
Railway. Manhattan and Brooklyn
Transit and extended their operations
In spite OF the weakness in the wheat
market to the granger group. The
Union Pacific and Northern Pacific
stocks were savagely attacked stimuli
taneously with the appearance Of the
statement that Union Pacifics net earn
ings for April showed decrease Of
over SILL 900 compared with the cores
pondlng period last year. Coupled with
similar statement of Northern Pacl-
tics earnings which appeared yester-
day. this caused a break in the stocks
Of the two companies ranging from
per cent In Northern Pacific up to rs
decline In Metropolitan Street Railway
was points. The continued weakness
of Amalgamated Copper, which sold
down to 81 on odd lots on the outside
market, served to encourage the bears
as indicating an abandonment OF c pur-
pose on the part Of the powerful inter-
ests behind that property to support the
price any longer. There were several
developments. however, during the day
which served to dissIpate bearsh en-
thusiasm. 1t was noticeable that moth
fever scare, and roads in the territory
affected were firmly held In the stock
market all day. London was n larger
buyer OF Louisville In spite OF other ele-
ments Of weakness In that market. This
and the easing of call money in London
after the settlement caused an easier
tone In the sterling exchange market
here and so mitigated yesterdays APP
prehensions Of immediate gold exports.
The reported large selling OF wheat Cor
southwestern account helped to keep
the railroad stocks OF that region firm.
There were reports Of favorable condi-
lions and prospects in the anthracite
trade. y scrutiny Of the Union Pacific
statement showed that the decrease In
April net earnings was accounted for
more than twice over by an increase in
operating expenses, much OF which was
understood to be going into permanent
improvements and betterment. There
were evidences also of positive strength
In Sugar. Rubber and the Smelling
stocks. When Metropolitan Street Rail-
way suddenly bounded upward n point
at tiElc 10 COG the bears were quick to
take alarm and other conditions also
pointing n warning, they rushed to
cover. The extreme gains from the low
point were in Metropolitan points.
Sugar s. American Tobacco 3is. Cont
| mental Tobacco and American Tobacco
each. Brooklyn Transit 2is. Buring-
ton nearly points and many other
stocks point or over.
There was an easy tone to the bond
market In sympathy with stocks, but
losses were not so conspicuous as in
stocks. Total sales par value sl,s00,O00
U. S. new Is advanced 4 per cent and
the old As registered 4 per cent in the
bid price.
The total sales of stocks to-day
amounted to G43.769 shares.