The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-09-07
FINANCE AND TRADE RI,
The Features Of the Money and Stock
Markets.

"
NEW YORK, Sept. 6.-Money on call
steady at 1h11M per cent; last loan III
per. cent. Prime mercantile paper 4a5is
per cent. Sterling exchange weak, with
actual business in bankers bills at
AS7 for demand at 81 say for sixty
days; posted rates 81; s4E04 IS aud
81 SS94 SSk. Commercial bills "a $40
4 S3k. Silver certificates 62hG6shc.
Bar silver G2%c. Mexican dollars 4sXc.
government bonds strong.
So State bonds Inactive +
Rgilroad bondsiirregular.
The hopes aroused by yesterdays in
crease In business that period of more
active trading In stocks was at hand
were disappointed to-day. The stock
market again became an unimportant
affair." offered little of interest as. COM
mentary on, general y conditions or
events. London In particular renewed
It's attitude Of indifference towards
american securities and buying for
that account in New York fell back to
insignificant proportions. This served
to discourage. the local traders, who
based some Of their buying yesterday
on. the hope that the London z market
would take their holdings off their
hands. A hardening Of the discount
rate in London had something to do
with the setback to the stock market.
The weekly statement for the Bank Of
England disclosed that the easy tone
OF the open money market Is not View
ed with favor by the authorities OF the
bank. The marked recuperation in the
proportions of. the banks reserve Is due
not only to receipts OF gold and re-
payments Of loans to the bank, to the
extent OF over $4,000. 600 In each case, but
also to the banks extensive operations
10. control the open market. disclosed
by the decrease of $40 400 900 in the
price OF government securities, which
| Is equivalent TO borrowing that amount
from the open market. Such a policy
on the part Of the Bank of England is
regarded as an index Of the belief that
the prevailing ease Of money will not
last long. The rise In the discount rate
at Berlin and the fall there OF sterling
exchange were also incidents OF the
day. The fall in sterling exchange at
New York was attributed to the in
creased volume of bills offered, The
rebuff given by London to the New
York bulls was emphasized by the
weakness of the anthracite coalers,
which declined on the ultimatum Offer
ed by the operators to the miners and
the fears thereby caused OF strike.
Reading first preferred. New Jersey
Central. Delaware and Hudson and
Pennsylvania were down during the
/ day from Y to rs per cent, with some
subsequent recovery. Ontario & Western
| was an exception and was firm on the
strong statement of the years income.
The steel stocks were heavy as q rule.
apparently on the refusal of the trunk
lines to grant reduced rates. Colorado
Fuel was an exception on the heavy in
\ crease In net earnings reported for July
over those of a year ago. The contIn-
ued decrease in the price OF iron also
affected the group. The bears We're
disposed TO let Peoples Gas and Brook
Ign Transit alone, mindful OF their! re-
cent unpleasant, experience with Sugar.
! Where there was any demand develop
cd there was n significant scurry OF
stocks. This was not able In Southern
Railway preferred. which was advance
ed from 5e7s TO So. The buying of this
stock was attributed to the high price
| or Cotton, which is a direct benefit Of
the Southern railway. Southern Pacific
was well absorbed on the denial OF re-
cent reports of friction among Insiders.
The list, as whole, hung heavy and
neglected through the day
Kansas City Southern bonds were
active and react!onary Otherwise the
bond market was dull and Irregular
Sales, $3.50 000