The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-17
FINANCE AND TRADE.
The Features of the Money and Stock
@ Markets.

NEW YORK, Oct. 16.-Money on call
firm at 393h per cent; last loan az per
cent. Prime mercantile paper soc per
cent. Sterling exchange steady, with
actual business In bankers bills at
81 Sils for demand and at 81 So!s@4 SOS
for sixty days; posted rates 81 STAG
S5Gi4 S5H. Commercial bills 81 1910
4 sou. Silver certificates 62s164c. Bar
silver 62Ac. Mexican dollars 491sc.
Government bonds strong.
State bonds inactive.
Railroad bonds firm.
The stock market to-day demonstra-
ted convincingly how large short in
terest had been eliminated In the course
Of Yesterdays wholesale demand for
stocks and the supporting influence of
its element deprived the bull pool ele-
ment of very effectunl source of
strength. The campaign for the rise
was by no means abandoned. On the
contrary very powerful and resource
full efforts were made towards contin-
ung the upward movement of prices.
The notable buying OF the day was In
Union Pacific, In which transfers Of
1000, 1900 and even 5000 share lots
were frequently recorded on the tape.
1t was the advance In prices that
brought out these offerings, and they
were confidently absorbed by the bro
kers having the advance In charge. On
the frequent reactions the volume of
dealings, both In this stock and In 9TH
ers which were manipulated for rise,
fell away notably, leading to recur-
rent periods OF dullness during the day.
Norfolk & Western gave most conspic-
uous evidence Of concerted efforts for
rise next to Union Pacific. But these
movements by the bull party did not be-
come prominent until after very large
selling to realize had been accomplished.
The greater part Of the first hour was
given up to furious activity and q
somewhat wavering upward movement,
marking the feeding of the outside de-
mand by those. who had accumulated
stocks at the lower level. The taking of
profits during this period must have
been on very large scale. The subse-
Quent efforts to resume the advance
met with number of drawbacks and
the very undertone the market gained
force as the day progressed. The clos
Ing was distinctly heavy, with prices
below the best and net losses In some
important stocks. while the striking
net gains were confined to compare
| partly as an effect, there was recur-
| renee Of some of the depressing senti-
meRts regarding the speculative future,
which have long ovcrhung the market.
| The fact emerged with some clearnass
that the large short interest which was
driven to cover yesterday had been
actuated to take the bear side by draw
| Ing an analogy with the corresponding
| period In the last presidential campaign
when the stock market was violently
disturbed and rapidly declining. The
sudden Frightening In the money out
look by reason Of Saturdays bank
statement and the gold import move
mcnt gave the bulls IN opportunity for
q swift turn against their opponents
| There was some positive weakness In
Peoples Gas as result OF the propo-
stlon for municipal control OF the SELL
Ing price Of the product and some of
the steel stocks gave evidence Of de-
preston. There were rccessions in the
| anthracite coalers on the delay In the
| strike settlement. These and other like
minor considerations would have been
| ineffective In yesterdays rush to buy.
but In the pause to-day they had added
influence. One large engagement OF gold
| for Import was announced, but there Is
n striking falling off In the number OF
cotton bills Offering In the exchange
market which promises TO reduce the
accommodating credits from foreign cot
ton buyers. The violent reaction In the
price Of cotton has checked the export
demand, pending more settled condi-
tons In the trade. But while this has
diminished the cotton bills of exchange,
there Is corresponding falling of in
the recent large demands from the
| south for money. Money market con-
ditions in New York remained unchang-
ed to-day, but there was some renewal
Of nm apprehension that later money
stringcncy might not be entirely avoid
| ed.
The bond market showed n continue
ance OF yesterdays improved condi-
tons. prices generally advancing on an
enlarged demand. Total sales par value
S2.17O,OO0.
United States rcfundlng % and the
old As advanced * per cent on the last
| call.