The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-29
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

NEW YORK, Oct. 27.-Moncy on call
nominal. Prime mercantile paper 5GD6
per cent Sterling exchange steady,
with actual business In bankers bills at
81 s3A for demand and at 81 S0A for GO
days; posted rates 81 S194 SIZE and
81 SAGA So: commercial bills 81 1910
4 So Silver certificates 6ik@65%c. Bar
silver 649sc. Mexican dollars 5OAc.
State bonds inactive. Railroad bonds
Irregular, Government bonds irregular.
There was a very manifest disposition
to sell stocks to take profits to-day. The
appearance of the unexpectedly favor
able bank statement gave 4 momentary
check to the downward movement, but
the rally was taken advantage of to in
crease the selling, and the whole list
gave way, closing weak and a. the low
est prices. Net losses of between / and
2 points are recorded in not o. few
stocks, both In the Industrial railroad
lists. The former department was the
greatest sufferer. Some stocks had q
period of strength after the opening,
notably Sugar, Brooklyn Transit and
Metropolitan Street Railway, which
stocks were most acutely affected by
the late selling movement. The iron
and steel stocks US 4 group were weak,
In spite OF encouraging reports of the
industry in the weekly commercial re-
views. Several of them suffered to the
extent of l to 1ss per cent In the rail-
road list, the most conspicuous selling
was In Missouri Pacific, rs the latest
stock to be subjected to unwarrantcd
rumors to advance 1t. followed by au-
thoritative denials Other members OF
the Southwestern group Jared better.
notably st. Louis Southwestern prefer
red. The Chicago and Altons and Kan
sas City Southerns were strong.
Southern Pacific stock con-
tinuea heavy, In spite OF the decision
upon the new president The Readings
were quite weak at losses of point.
There was disposition about the eX-
change to dcpraciate the excessive ten
dency of the speculation, and the broad
ness of the methods employed In some
quarters. The systematic and periodl-
cal dissemination of bull canarils was
felt to rndanger the stability of mar
ket where buying was based on such
tlimsy grounds. No intellglhle expla-
nation Is offered of the large increase in
cash reported by the banks for the
week. Preliminary estimates of the
changes, based on statements furnished
by the banks themselves, and made by
recognized authorities. had placed the
probable loss In cash all the way from
600 up to over $5,000.000. The pay
mtnt yesterday by the sub-treasury of
drafts for 100000 on account of the
Australian gold recently arrived In San
Francisco. was not expected to figure in
this weeks statement.
The week has been one of great spec
ulative activity in stocks and has nf-
fordcd opportunity to market very large
holdings. The development of an out
side demand has been accompanied by
manipulation Of prices in the Interest OF
SPECTATORS long of stocks The sue
cessful efforts to get prices up have
resulted in.hanGsome profits In the SELL
Ing to outside buyers. That many OF
the buyers had in view merely specu-
lativc operation, hoping for continued
rise In prices which would offer profit
on a resale. was evident from the sall-
Ing pressure which developed on the ad
vance and which turned prices back
wards. But the bull interests on the
| exchange constantly shifted their opera
tinns to new quarters of the stock list
and kept the speculative interest awake
by developing new price movements.
Bonds rs well rs stocks. have respond
ed to an awakened public interest and
some issues have gained substantially
in prices.
United States r2fundlng IS when
issued advanced Is per cent and the IS
NEW and old As and the IS registered 4
per cent anu do coupons 2. per cent over
| the quotations ruling Il week ago.
4