The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-22
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets,

FINANCE AND TRADE.
The Features Of the Money and Stock
Markets. II
NEW YORK, Oct 2O.-Money on call
nominal. Prime mercantile paper SOC
per cent. Sterling exchange easy. with
actual business In bankers bills at "a 81
: "a S44 for demand and ut 81 S1@4 .S1K
for 60 days; posted rates "a 1904 S211s
and 81 SSH. Commercial bills 81. S01s0
Isl. Silver certificates 641s@65hc. Bar
silver 64ilc. Mexican dollars 5ohc.
State bonds Inactive. Railroad bonds
strong. Government bonds steady.
The tentative opposition which has
been offered to the upward course of
prices for two days past by a consider
able bearish element Of professional
traders was wholly abandoned to-day
and prices moved upwards, without Inn
portant exception and almost without
Interruption. Considering the very
large volume of the dealings. the move
ment of prices of the majority Of stocks
was surprisingly small. The large and
eager demand from outside sources
was. in fact pretty steadily fed by the
professional operators who were taking
their profits. But the undertone Of
firmness was shown by the prompt de-
cline In the offerings when there was
the slightest yielding in prices. There
were q few stocks, also, in which there
were striking upward movements, notably
In the steel and iron group. American
Hoop was the leader and was strong
from the outset. Federal Steel encoun-
tered some opposition to the advance
In the early dealings, but ultimately
became very buoyailt in tone. The
whole group came into the movement
under this leadership, and advanced
from to 81 per cen,. the latter figure
for American Hoop. This movement
was an essential factor In the buoyant
tone of the whole market at the close.
Pacific Mall was marked up points,
without any news to account for the
rise The buying was attributed to the
hopes Of benefit to the property from
the passage of Z ship subsidy bill at the
coming session Of Congress. A bank
statement which reports q decline in
surplus reserves of sl.5l6.225, in spite of
q loan contraction Of over S10.000.0O0
would preclpitate an effective bear at
tack on prices In any ordinary market,
but the large loss IN reserves, which
reached $5.505, 200, was offset by other
considerations. and by the conviction
that the showing was due to the Tagar-
les of the average system of computa-
ton. Last Saturdays statement. 1t will
| be i remembered. failed to show the
known movement Of money TO the inter-
iorE by over 10000 900. To-day's state
ment Is believed to overstate the real
| loss by at least as much as the previous
statement understated 1t. 1t is evident.
| also, that the weeks receipts of gold
came too late to affect the showing. and
| will have resulting larger effect on
| next weeks showing. The mid-weelt
receipts were supplemented by $1,000, 900
| In gold, which arrived from Europe yes
| terday and to-day and by sI,S00.000 in
| sovereigns. which arrived at San Fran
cisco from Australia yesterday. Addi-
| tional large receipts OF klOndike gold
are in sight. and more of the European
| gold will come in next week. hence the
non-ehect on sentiment of the poor sur
face showing by the banks. The large
loan contraction Is cXplainable in part
at least. by the fact already pointed out
In these dispatches that the trust COM
| panies have been the active lenders In
| the busy week on the stock exchange
and have drawn on their deposits with
the banks. thus forcing the calling of
bank loans and replacing them with
loans on their own account.
The stock market during the past
week has hal the benefit of various
favorable factors, part OF them techni-
cal In character, part of them growing
out of substantial Improvement In finan-
ciai conditions Tho most important
element In the advance Is the forcing to
cover OF 4 large short interest. Profess
isonal operators in stocks who are
greatly prone 10 historical analogies,
found themselves impressed with the
recollection OF what happened to the
stock market at this time four years
ago, and they argue that the tendency
to-day to hold back from business en-
gagemcnts until after election warrant
ed the expectation OF decline In prices
before election such rs occurred four
years ago. but the sudden turn OF cir
cumstnnccs last week towards relief
| from the threatened strlngency' in the
| New York money market gave oppor-
tunity for the watchful bull contingent
In stocks to effect n turn In prices
against their opponents. which drove
them to cover In n somewhat dIsordcrly
and hasty manner.
Bus!nesr In bonds has been considcra-
bly, larger and prices OF many Issues
have advanced.
United States new IS advanced X per
cent and OF Is and old Is 4 per cent
over the call OF n week ago.
U. S. Bonds.