The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-05
FINANCE AND TRADE
The Features of the Money and Stock
Markets.


Markets.
NEW YORK, Dec. 4.-Money on call
and closed strong at sale per cent; last
loan - per cent. Prime mercantile pa
per 5Aa6 per cent. Sterling exchange
arm. with actual business In bankers
bills at 81 S6Nd4 S6,s for demand and
at "a S1A64 SlIs for sixty days; posted
rates 81 S294 SLY. and "a S7G4 s7ls,
Commercial bills 81 sOA@4 SOh. Silver
certificates 5S9kG5s14c. Bar silver 5s2c.
Mexican dollars 47Ac,
Government bonds strong.
state bonds inactive.
Railroad bonds easIer.
The weakness of stocks to-day was n
response to the worldwide tIghtness in
money. A marked effect was also pro-
duced by the supreme court decision
in the Addystone Pipe, case. involving
an INFRINGEMENT OF the antitrust law
by an industrial combination. Strenu-
Gus efforts were made by professional
operators to belittle the force OF TINS
decision on the ground that the party
to the case was n particularly haGrant
/ ILLUSTRATION VI u NIuSl luAeAANhs NAAN
that the points in the case could not
apply to the general run Of Industrial
combinations, but the acute efect pro-
duced on the securities Of these Combt-
| nations argued mn apprehension on the
mart OF holders that their value would
be impaired by the decision. Stocks OF
the Industrials fell anywhere from one
TO over three points and showed but a
feebIS raIlying power, In fact there
seemed TO be no resiliency at any point
in the market There was some early
strength in Burlington, some OF the
iron and steel stocks, Pacific Mail.
Great Northern preferred and Ameri.
can Llnseed preferred, but with the
downward course begun there was
practically no interruption and the
closing was at the lowest, the majority
OF active stocks showing net losses OF u
pOlnt or over. Sugar was conspicuous
| ~ weak and Is over three points lower
on the day. There was some short sell
ing among the lndustrlnls on the
] strength OF the supreme court decision
but that profit taking was large for the
| long. account was very manifest from
| the marked weakness In stocks which
have recently advanced. notably the
trunk lines. the Pacitics and sugar. Inc
apprehension over money affairs turn
| ed principally to foreign centres. cSpe-
cIaily to Berlin and Paris. The ad-
vance in the sterling rate Mt these
poInts to very near the gold export
level marked the influence Of the bank
Of Englands measures to attract
funds. The sterling exchange rate In
| New York also advanced, but the mos
ney rate both in Paris and Berlin re-
manned quiet, contrary to the fears OF
the speculative world. The stAgnatlon
OF speculation at those centers probably
| had 10 do with this result, In New
| York, on the contrary, the money rate
Etiffcned as the day progressed and
| hurried to II per cent, ut which point
II closed. No loans were made below 6
per cent. Some OF the borrowers,
counting upon an easy money market
following Saturdays strong bank state
ment, delayed supplying their needs
until late in the day and so bid MP the
rate. The strength Of Saturdays bank
statement Is seen to be tracenble to a
single institution, as was the case last
week. Moreover, sub-tTensury opera
lions from which the whole OF last
weeks cash recupcrAtiOn was derived,
show n gain by the sub treasury at the
cXpense OF the banks since last Friday
| Of 81. PA. 900. Offerings of bonds for re-
drnptlon at the sub-treaSuly have
fallen to so low point as TO nnovd only
| n slight Offset to the absorption OF
funds in the taking up OF the surplus
revenues. on the other hand, interior
exchanges moved slightly In favor OF
| New York. The speculative public.
however. has abandoned hopes Of an
cnslcr conditions until after the end OF
the year.
Railroad bonds were easier in SYM
pntiy with stocks, United States %,
new 4s and 5s advanced u, and the Is
and old Ia coupon y per cent In tho
bill price. Total sales par value. $780,
| mn