The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-21
FINANCE AND TRADE.
Tho Features of the Money and Stock
Markets.

Tho Features of the Money and Stock
Markets.
NEW YORK, Sept. 2O.-Money on call
firm at 697ls per cent; last loan 8 per
cent. Prime mercantile paper 4&@5h
per cent. Sterling exchange easier,
with actual business in bankers bills
at 81 S5li@4 S5X for demand and at
81 1904 S2H for sixty days; posted
rates "a 1894 sSh, and 81 S6h94 81.
Commercial bills "a SIX. Silver certi-
ficates 5s96sXc. Bar silver IS 1916.
Mexican dollars 47hc.
Government bonds steady.
State bonds Inactive.
Railroad bonds. easier.
This was day Of violent fluctuations
and great speculative excitement on the
prices was so feverish and uncertain
that the disposition among professional
operators was general to close up &C.
counts with the day. AS consequence
net changes are astoniBhingly small,
considering the wide vibration during
to-day. In only few instances do
they exceed fractions and though the
majority Of stocks are lower there Is a
fair sprinkling Of gains. There was a
time In the morning when a long list Of
speclalties had advanced between 115Gp
points and during the afternoon they
fell very generally to MS much below
last nights level. A range Of between
three and eight points was traversed
during the day by the following indus
trial stocks: Continental Tobacco,
Consolidated Gas, Federal Steel, Man.
haitian, Peoples Gas, Sugar. Tobacco.
Metropolitan Street Railway. Tonnes
see Coal. and Brooklyn Transit. The
railroad stocks did not move nearly so
widely as a rule, but an extreme range
OF between IL and ~ was realized BY
the st. Paul, Rock Island, Burlington,
Northwestern, Greatwestern preferred
A, Chicago & Eastern Illinois, St. Paul
& Duluth, Chicago Traction. Great
Northern preferred, Reading first pre-
ferred and Lackawanna. The Index Of
the market all day wns Brooklyn Tran
sit, the dealings in which were on an
enormous scale. With o total cApltnll-
cation Of 10000 shares, to-day's deal
ings in this stock footed up 2S5,l75
shares. II advanced 2& after the open
ing, fell TX to new low level at 75li,
o
points to S3h, and closing at the high
level Of the morning. The whole mar
ket followed In Its wake In a general
way, though Its erratio huctuat lions
were impossible to follow at all times.
The market was a gigantic speculative
contest throughout. The bears broke
down the gains which had been built UP
in the morning with apparently little
effort and dlslOdged some very heavy
offerings on the decline from holders
who had vainly hoped that the fall In
prices had come to IN end. There was
large selling through commission
houses and the flood Of Industrial pour
ed In until the market WINS said to be
due to the calling OF some large loans
In which these stocks figured as collat-
eral and which had TO be sold to liquI-
date the loans.
United States Milling, which sold yes
terday At sc. sold to-day at "a, after
first selling at 25, an extreme decline OF
70 points, The preferred stock. after
selling yesterday at 70, sold to-day at so.
a decline OF % points. The closing
quotations for these stocks were for the
common 20d25, and for the preferred
40 and 30. There was no important
development to-day In the money stu
alton.
The rise in New York exchange at
Chicago and the advance In the call
loans at some other eastern cities, in
dicates that the western demand for
money has been shifted to some extent
from New York TO the other eastern
cities. Considerable sums Of Chicago
money are reported TO have been lodged
in New York during the week. The out
go. however. stu continues both to the
interior and to the sub.trcasury. For
eign exchange easier, more notably so
on Paris and Berlin thhn on London. At
this time last year when New York sur
plus reserves had fallen below $4,000 900
gold began promptly 10 come In from
Europe. Previous to September last
year We had already imported over
800 OO0. 900 Of gold on balance, while
thus fnr this year the excess nj exports
OF gold has been nearly S3,00O0OO. Al
though the eRCcss Of merchandise eX-
ports for eight months Of this year Is
nearly f75 900. 900 less than last year, the
unlluuidntcd trnde balance IN our favor
thus far this year Is therefore over
500, OO0 900 greater than for the same
period last ycnr. Nevertheless with
call money running nj Z per cent at
New York, Sterling exchange is stu
~ In the pound above the level NJ
which Eold lmportRnts began last year.
Bonds weakened In sympathy with
stocks, but the movement was not