The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-01
FINANCE AND TRADE.
The Features Of the Money and Stock
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Markets.
NEW YORK, Jan. sl.-Mouey on can
easy at rs per cent. Prime mercantile
paper 4es per cent Sterling exchange
heavy. with actual bualness Ia bankers
bits It & s740l s7ss for demand ana
ct q sl@l slH for sixty days; posted
rates s. s. and 81 1904 ssh. Commercial
bills 81 sc3t04 sSsG Silver certificates
69]saeO1sc. Bar silver GOhc. Mexican
dollars 471tc.
Government bonds irregular.
State bonds weak
Railroad bonds Irregular.
To-day's stock market showed the
stimulating effect of yesterdays sharp
advance and increased activity in a
largely augmented outside demand.
The commission houses showed more
buying orders to execute this morning
than for many weeks past, and their
brokers made lively opening on the
floor Of the board room. The great ac-
tivity Of the market and the steadlness
Of prices during the flrst hour made II
obvious that spectators who had
bought stocks yesterday were feeding
the new demand with a judlcious lib
crafty, so as to realize profits on yes
terday's rise and yet not disturb the
new level Of values. The steady and
confident absorption Of these offerings
proved highly satisfactory to the pro-
fessional bulls and before the end Of the
first hour they commenced to bid up
prices again and to take on new lines
of stock. The market was good deal
unsettled by a sudden break Of four
points In Sugar ana the announcement
Of the failure Of an important stock ex-
change house. The closing out Of the
accounts Of this house under the rule Of
the exchange caused a pause in the
speculative activity. though the shares
were well absorbed and prices well
sustained. The best prices of the day
in the majority Of stocks were made
after this episode, the demand from the
short interest becoming eager and
pressing for some of the stocks which
have been large recently for the bear
operations. The frightened shorts were
eager to cover and 1t cannot be said
that bull contingent retained the same
placid confidence during the latter part
Of the day. They were disposed to avail
themselves Of the forced demand from
the shorts to realize and prices yielded
quite materially during the last hour.
The mixed sentiments thus manifested
were partly due to the facts disclosed
by the days incidents that an import
ant part Of yesterdays large buying
was due to reckless and incorporate
attempt to recoup bear losses by
plunging into a long account. 1t was
evident that operators Of the general
market had made prodigal outlay In
Sugar, which relapsed weakly in face
of an effort to realize prohts There
was very heavy covering in evidence at
various points in the list, the industrial
stocks recently under pressure being
most conspIcuously affected. The very
heavy dealings in Brooklyn Transit
and part Of the demand for steel and
wire were attributed to this cause.
There was very large demand. however,
for steel and wire for the long account.
The sympathetic effect on other metal
stocks was less marked than yester-
day. The aggressive strength seemed
to impress foreign markets and invited
some small buying demand from Lon
don. Conspicuous strength was dis
played by the grangers, this coalers and
some Of the southwesterns. but the
gains in the railroad stocks were much
affected by the late realizing and were
nearly all reduced to fractional limits,
ate. having extended well above a
point. Third Avenue and Pittsburgh,
Cincinnati, Chicago & st. Louis contin-
ued heavy in face Of the general ten-
dency Of the market. The money mar
ket continued very easy without reflect
ing in any degree the enlarged stock
market activity and sterling exchange
was distinctly reactlonary.
The bond market was active. but
yielded at some points. Total sales
par value. s2.s55.OOO.
United States IS coupon declined *,
and the old As X per cent in the bid
price. The 2s rose. X per cent
q. s. Bonds,