The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-26
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

Markets.
NEW YORK, May 25.-sioney on call
closed easy .at 1h@1& per cent;
last loan III per cent. Prime mercantile
paper aka4E per cent. Sterling ex-
change heavy, with actual business in
bankers bills at 81 S73a@4 S7ss for de-
mand and at 81 $500 S4% for sixty
days; posted rates 81 S51s94 SS1k.
Commercial bills 81 1904 S4h. Silver
certificates CO@Gic Bar silver solsc,
Mexican dollars 47ikc
Government bonds strong.
State bonds inactive.
Railroad bonds irregular.
The stock market continued intensely
dull to-day. There was no appreciable
outside demand and professional trad
ers preferred to hold aloof pending
more definite developments regarding
the affairs of Price Mccormick & Co.,
whose failure was announced yester-
day. There were not many transactions
under the rule on the exchange to-day
for the firms account, but there we're
indications of large transactions in ac-
cordance with private settlements.
Thus in the early dealings, there was a
sale of 5000 share block Of Atchlson
preferred, the same house being both
the buyer and seller. There was also a
report current that very large re-pur-
chasas were made for Chicago account
of blocks of stocks sold yesterday for
the failed firm. The Atchison transact
lions were explained as being a mere
transfer of an account. These opera
lions doubtless represented the progress
of a settlement of the firms affairs.
The prices at which they were made In
dicated that the buying in Of the stocks
was intended to be at about last nights
closing prices. The fact that such set
Element could be secured helped to
sustain the market, and prices ruled
for the greater part of the day at or
above last nights level in spite Of al
most stagnant condition Of the market,
Later In the day the sustaining In
Auence was less effective and prices
generally declined below last nights
level. At the same time rumors were
disseminated that other houses were In
financial difficulty, but nothing devel-
oped before the close to warrant these
rumors. The undertone of the market
was rather depressed, in spite OF the
support. The extent of the failure af-
fected sentiment adversely and the
collapse of the corner In cotton was
looked to as materially altering the
prospects of the cotton section, owing
to the decreased price of the article. It
was pointed out that the invarlable re-
suit of such efforts to establish abnor-
mally higher prices is a relapse to alb
normally lower prices. The disposition
manifested In Liverpool to extend the
bear movement In cotton instead OF
turning to the buying side with the de-
cline disappointed some expectation.
The prospect of large increase in the
cash reserves of the banks in to-mor-
rows bank statement seemed to in
crease rather than relieve the depress-
ion.
Preliminary estimates of the currency
movements with the Interior indicate
that the banks have gained from that
source over SS.OOO,OOc or about twice as
much as last week. The indication thus
afforded of further decline in trade
activity made for depression, especially
as money in New York is becoming al
most drug in the market. The call
loan rate to-day fell to 1Ia per cent and
choice grades of mercantile commanded
as low MS 2 per cent late in the day. The
reduction in the official discount rate Of
the banl; of France following that OF
the Bank of England yesterday reduces
the attraction for the looming of Amer
lean capital In foreign markets. In
spite of the easier money rates abroad,
there was no disposition to buy Ameri-
can stocks for that account,
The bond market continues dun and
the changes In prices were small and
mixed, Total sales par value, $l,SlO,OO0.
United States refundIng 2s, when is-
sued, advanced y. 30 registered and SIS
Y, and Is K per cent in the bid price
~