The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-03
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

4AS : SatuIe9 OL Lhe money anu SCoCk
Markets.
NEW YORK, May 2.-1Ioney on call
steady at 2921s per cent; last loan 2
per cent, Prime mercantI, aper 40
AZ per cent. Sterling exchange heavy,
with actual business in bankers bills
at 81 IS for demand and at 81 SAY for
sixty days. posted rates S4S5@4 s5ls
and "a 1904 soy. Commercial bills
81 sSlkG4 81. Silver certificates Goa
6Ohc Bar silver Coo. Mexican dollars
4I3ac.
Government bonds inactive,
State bonds inactive.
Railroad bonds Irregular.
There were no transactions Of any
Importance in the stock market to-day.
Sugar opened at last nights price and
moved up at one time az points, clos
ing with a net gain OF about four. The
constant fluctuations of this stock Of
fered the room traders about their only
opportunity for securing a turn during
q greater part OF the day and they
traded in It constantly in and out, help
Ing on the aggregate OF sales recorded
in the stock without making any i'm
preston In the stock transfer books of
the company. News of the stock con-
sisted OF rumors without verihcation.
There Is undoubtedly n feeling Of dread
among spectators that there may be
sudden and sensational developments
regarding the steel industrials and
these stocks are sensitive to every
passing rumor. They were all weak to-
day, Tennessee Coal dropping at one
time six points. The rally In the group
indicated that short selling was large
ly responsible for the decline and no
very large offerings were brought out
by the drop. Long Island moved up
9lL on top Of yesterdays 10Y rise and
saved net gain Of 8 points. American
Express gained points. Outside Of
these special movements the market
generally was excessively dull and
represented nothing more important
than the operations Of professional
room traders of small calibre. The an
nouncement Of further gold engage
ment for to-morrow's French steamer
of S2.l00,0OO was the signal for general
selling movement by this class OF spec
uiators. 1t had been taken for granted
that large exports OF gold would be
made by Saturdays steamer, but the
additional shipment by to-morrow's
steamer bringing the total to $2,6O0,OOO,
was a surprise. This shipment is gen.
orally believed to represent n triangu-
lar operation that is to say, on Lon
don's order to meet Il demand on that
centre. Among the exporters are soma
who have strcnuousiy held that no
profit could be made In exporting gold
at the highest figures yet touched for
exchange and the rate for demand
sterling to-day was isc In the pound
lower than the highest rate touched
on the movement. 1t Is fair to assume,
therefore, that some concession has
been offered to make margin Of pro-
fit on the transaction: but In any event
the metal Is recognized as being in Of.
feet a loan. II Is evident that the
need of money here In active trade has
not kept pace with the currency cx-
panslon. The low rate of money.
coupled with the large loans OF New
York banks and their small surplus re-
fleet the eagerness OF capital to place
credits. but the demand for credits is
not sufficient to absorb the supply, so
capitalists must look abroad, where In
terest rates rule higher. For some time
the merchandise credits resulting from
our favorable trade balance have been
left at interest abroad. This country's
large gold production and the present
cutting of OF the Trunsvaal gold sup
ply also make us the source OF supply
for the money metal. The net result Is
that we are not only refrainlnG from
calling home merchandise credits. but
are shipping out the money metal to
meet the need OF foreign markets.
The bond market was dull and irreg-
uiar. Total sales par value. S,tSS.eeo
United States refunding % when is
sued. advanced y. and the Ss, old Is and
t,ntu "a u nor cont In the hid price.