The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-23
FINANCE AND TRADE
The Features of the Money and Stock
Markets.


NEW YORK, Jan. 22.-Money on call
steady at 2M64 per cent; last loan 2A
per cent. Prime mercantile paper 40
5H per cent. Sterling exchange weak,
with actual business in bankers bills at
"a s6S for demand, and at "a SS% for
sixty days; posted rates 81 SAY and
81 S71s@4 IS. Commercial bills 81 $50
4 S3ls. Silver certificates 59h9soMc.
Bar silver 59%c. Mexican dollars 47Isc.
Government bonds weak.
State bonds inactive.
Railroad bonds strong.
The stock market showed continued
Indifference on the part of the public
and even of professional SPECTATORS
to-day. Net changes In prices are
without any significance as bearing on
the condition of business or affairs.
There was some show Of strength in
the local traction group which may be
attributed to covering demand from
the short interest. Notwithstanding the
better feeling reported in London on
account of progress said to be making
in the Accomplishment Of the British
military plan of campaign, the English
financial public showed no disposition
to pay higher prices for American Sc
curitIes. As soon as prices were lifted
In this market selling orders for Lon
don account were executed in the lead
ing International stocks. This seemed
to discourage any further operations
for a rise and prices drIfted back near
Saturdays closing level and oscIllated
very teebly from that level for the rest
of the day. Whatever speculative dis
position was current seemed to be d.
verted to the cotton and wheat markets
where there was some show OF ANNA
tion and considerable strength reflected
from foreign markets. While the mar
ket was thus llstless, the undertone was
firm and whatever buying there was
was attributed to covering by a large
outstanding short interest. AccretIons
Of cash to the reserves Of New York
banks continue on u large scale, but
there was no further marked change in
the rates for money to-day. A further
drop in sterling exchange rates marked
the continued relaxation In the money
situation abroad, asiwell as here. The
present factors making towards greater
ease in money, are liable to some In
terruption at no very distant period.
The money coming from the sub-treas-
ury IL due in part to heavy disburse-
ments for pension payments which ave
now about completed for the present
period. The deposit Of internal revenue
collections in depository banks cannot
be indefinitely prolonged for lack Of
government bonds as security. II the
drain from the bankB into the sub
treasury by reason Of the taking up Of
surplus revenues is resumed the pres
ent rate of return from the interior
would be scarcely SUFFICIENT to offset It.
This is a rather remote contingency at
present, but 1t plays some part In the
slugglshness Of the money market.
The bond market was not 80 active
to-day as during the latter part Of last
week. but stIll oyershadowed the mar.
ket for stocks. The forced liquidation
last fall did not at any time AFFECT the
high grade investment bonds and they
are not affected by the present up
yard movement. Such middle and lower
grade bonds as were brought to market
to realize on arc now in large demand
and nre steadily advancing in price on a
large absorption. Total sales par value,
81. 10000.
United States old Is registered de-
clIncd 4, and do coupon 4 per cent In
the bid price,
U. s. Bonds
~ o d. ~. inalLIii 9 old A rrr llAIL