The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-04-24
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

NEW YORK, April 23.-Money on
call -steady at 2GS per cent; last loan 2
per cent. Prime mercantile paper 495
per cent. Sterling exchange strong,
with actual business in bankers bills
at 81 SS7s for demand and at 81 S45t for
sixty days; posted rates 81 S5a4 50.
Commercial bills 81 s5NG4 81. Silver
certificates COY Q6lhc. Bar silver 59Sc.
Mexican dollars 47Ac.
Government bonds steady
State bonds firm.
Railroad bonds weak.
Saturdays break in prices OF stocks
brought large selling orders into the
market and they were in evidence all
through the list at the opening. But
there were also buying orders on a
very large scale to take the offered
stock. Part OF these were evidently
placed in the market by friends of DIFF
ferent stocks for the purpose Of sup
porting them. The expectation was
quite general that the market would
open with something like crash In
values, but as is not unusual in Wall
street, over expectation defeated itself
NAlA NGAN GH0Ahh bASNA
TO take advantage OF the crash to
steady the market almost Immediately.
Professional Wall street perceived
the absence OF pressure Of long stock In
the steel industrialS with n cynical
lack OF surprise. Evidently the ofpor-
tunlty had been seized to dispose OF
long stock at the higher level OF prices
and the shorts were the most eager op-
orators In the market in endeavors to
cover. This pretty clearly indicated
pause In the most aggressive tactics OF
the bear campaign. The collateral OBJ
feet of that campaign is generally be-
lieved to be taken on various stocks at
the lower level OF prices. The pressure
of liquidation continued heavy during
the first hour, and second drive was
made by the bears at the end of that
time But the steady absorption of Of
ferings begot n very cautious mood
along the professionals and decidedly
quieter tone ensued in the market.
Some OF the bull pools which have re-
Gently been active, notably that in
Missouri Pacific, showed a disposition
to resume operation. The undertone Of
the market was firm during the latter
part of the day and the clos
ing was strong and rather &C.
tive. with the steel industrials
at the best level OF the day and at con-
slderably net gains, amounting to 2S In
the case OF Federal Steel and 2ik In
Steel and Wire. Wall street still keeps
an anxious eye on thn situation in the
Iron and steel trade. but is inclined TO
go back of official utterances in form
ing It's opinions. The alarm first crea-
tod over the cut in prices in mltieated
by the well-filled ranks Of the consum-
ers who are known to be waiting to
place contracts at lower level OF
prices, Last years high prices are
known to have been made by belated
bidders who had to buy at any price to
fill contracts and the dealings at the
high level were for only small part OF
the total product A large part of last
years business was on old contracts
which are known to have been worked
on at lower rates. While the reduction
In current rates has proved a severe
shock to the financial world and great
disappointment to holders Of stock OF
the steel companies Wall street is
beginning to indulge the hope that even
at the cut prices the years average
may still prove TO be above the aver
age for last year. Gold exports are
looked TO without alarm on account of
the ease OF the money market To-
days small shipment to Buenos Ayres
was without interest.
The features Of the market was the
quick rise to S5N OF .he Western New
York & Pennsylvania general mort
gage 3-4s on the Arrangement perfect
ed with the Pennsylvania railroad. 9th
erwlse prices yielded In sympathy with
stocks. Total sales par value, S2.5SOOOO
United States bonds were unchanged
In bid quotations.