The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-06-25
FINANCE AND TRApE.
The Features % ths Money and st0,
Markets.

/ =eeH =eNsssY s-AAA AskAsAA
Markets.
NEW YORK, June 2s.-PrIme mer.
camille paper sMa4sa per cent. sterl-
ing exchange steady, with actual busl-
ness in bankers bills at "a s6Ha4 Ss4s
for demand and at 81 s4a4 S4N for sixty
days. Posted rates 81 s504 S5ls and
81 IS. Commercial bills 81 SsM@4 sSA.
Silver burs 6Ohc. Mexican dollars
47&c. Silver certificates 6OQ6lc. Gov
eminent bonds steady United States re-
funding p when Issued reg. 102N; cou-
pom 1924; Is reg. 100; Ss reg. 100; coupon
1903; new As reg 1S4E.
The Saturday short session OF the
stock exchange was a feveTish and eX-
citing one, under the domination OF
much the same influences rs for some
days past. The holiday in London left
the New York stock market without
Its accustomed guide to the speculative
sentiment Of the outside world with the
usual result that professional room ira
ders were ut sea for a time after the
opening. The sentiment, observable for
some time past among the profession
ais that the market was Oversold and
was due for a rally was In evidence at
ANN OpNlAAhh anu hAh AEAAAANANEA "
some obvious nervousness on the part
Of short The latter element covered
freely In Northern Pacific and there
was firm tendency in sugar, the
trunk lines and Reading first prefer
red, which served as points of resist
ance to weakness. But the continued
decentralization In Brooklyn Rapid
Transit upset the confidence of the bull
element, and stocks began to come on
the market in large volume before the
end Of the first hour Northern Pa
clflc IS carried down over a point from
the high level after the opening. Elk
IRENE weakness did not become gem
eral the trunk lines holding compare
lively firm, and shorts covered in an
ticipatlon. of the bank statement.
The excited advance in wheat here
was an influence In the break in stocks.
The market had become quiet and
steady when the bank statement APP
peared, and gave q shocl5 to sentiment
by the large decrease shown in cash re-
serves. Estimates based on the official
reports of sub-treasury operations and
statements of the movement of cur
rency by express to and from the In
terror furnished by the banks them
selves had foreshadowed a gain In
cash by the banks. after allowing for
the gold exported during the week OF
million dollars or over. Wall street Is
mystifed as to the source Of the drain
which has depleted the cash resources
of the clearing house institutions to
the extent OF S3.16S,sOO.
The only plausible explanation which
suggests itself is that the decrease
represents some provision made by the
banks to meet the requirement for the
withdrawal of S5,000,O00 of government
deposits called for Monday. The insig-
nificnnt change in the loan Item shows
that II further loans have been placed
In Germany this week, they have been
offset by calling of loans In the New
York market. The demand for time
money during the week indicated some
expansion OF credits. Shlftlngs OF
loans caused in this way may have had
more TO do than has been suspected
with the weakness In the stock market
The late break in the market on the
bank statement carried some promt-
nent railroad and industrial stocks
| from to points below last nights
level. National Steel lost 3; North
western On, and Brooklyn Transit 49s
per cent. Except for few rallies on
covering by room shorts. the market
closed weak.
The market has been depressed dur
ing the week, but the movement of
prices has been exceedingly confused
and Irregular and the net losses are In
most cases less than the extreme de-
cines Of the week. owing to some re-
covery during the latter part Of the
week. The recovery has been due for
the most part to the covering OF short
contracts by the professional bears, who
had put out short lines very freely late
last week and early this week. The
motives alleged for some Of this selling
proved to be but noisy pretense. with
the purpose OF precipltating further IL
quotation and when this became mani
fest, the covering movement checked
the decline in prices and gave to the
market the appearance Of ignoring the
reActionary factors which continued in
force.
There has been no evidence of sub
stantial investment buying of stocks,
except in the Reading stocks and New
Jersey Central This buying Is not au-
| thorltntlvely explained, but the
! strength of the stocks gives color TO re-
| ports that further harmOnizatIon OF
control OF these railroads In the inter-
est OF Pennsylvania is in contempla-
ton. This has eXerted slight sustaining
| influence on the market.
The large payments for pensions by
/ lUe SuDslTeuSuTy HuNt llutu over lllG
situation in New York this week. But
next week the banks have to meet n
call for S5,0O0.OOO of government depos-
its to be refunded TO the treasury and
afterwards the demands incident to
preparation for the July l interest and
dividend disbursements with the pros
pect of resumption of interior de-
mands for funds to move the crops.
The active speculation in what also
makes additional demands for loans.
There Is not much likelihood, therefore,
OF pressure of idle funds 70 stimulate
sluggish stock market. ~,
The bond market has moved lrregu-
larly towards lower plane OF prices.
United States new As have declined
u and the old Is. the 5s and the refund
ing IS when issued, z per cent in the
bid price.
U. S. Bonds.
U. S. Ref. 20, JUS. new AZ reg .l.tH
when Issued. us. now " Cou, l3iit
reg .............l021, ~. S. old IS reg.lli
do, coupon,"o.l 03A ~. 8. old Is cou.ll5