The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-10
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

NEW YORK. May 9-Money on call
steady at 2a2lk per cent; last Loan 2A
per cent. Prime mercantile paper 81
@4H per cent. Sterling exchange steady
with actual business in bankers bills
at "a SsA for demand at 81 S49s for
go days. posted rates 81 $500 s5h and
81 S9a4 S9l5. Commercial bills "a SSs9
4 S4A. Silver certificates 6OG6Ol5c. Bar
silver 59Bc. Mexican dollars 47hc.
Government bonds weak. State bonds
Inactive. Railroad bonds weak.
There was further large liquidation OF
hestocksln the market to-day and prices
were at one time from l to "a points
below last night for a large number Of
the active railroad stocks. Before the
close OF the market the losses were full
~ retrieved In many stocks and In not
a few OF those which had been most
acutely affected by the selling small
net gains were established. The late
recovery was materially assisted by u
buoyant rise in Sugar to a level 5k per
cent above last night and by rather
positive strength in the principal metal
stocks. The appearance thus given
was that OF the completion Of spasm
of liquidation and the subsequent COW
ering OF belated outstanding short con-
tracts and buying OF stocks by care
full observers who had stood by watch
ing for the low point Of the market to
get in. How well this appearance is
Justified by the actual conditions can
only be demonstrated by future events
That there was very powerful and skill
ful MANIPULATION In the market all day
was clear from many Indications. Evil
IDENTIFY the process Of liquidation was
largely concentrated in few hands
and II was conducted by concerted I'M
Outstanding and with 4 diligent nurs-
ing of opportunities. on any consider
able decline the pressure OF the selilnB
promptly relaxed and supporting Or
doris we're executed which over and over
again checked the decline and drove the
bears TO cover their short contracts.
Tho efforts OF the bears to cover were
by aggressive bidding up OF prices In
the interest Of several Of the most pro-
mInnnt stocks. But every time when
nrlces recovered to near last nights
close. the volume Of buying orders tell
an and eventually ceased. From the
renewed vantage ground OF the recov-
pry the flood OF liquidation was then
renewed. The volume OF dealings on
the recoveries was palpably much less
than that on the decline and the ag-
prpssive bidding up Of prices showed
that the object was rather 70 establish
, higher level OF prices than to secure
stocks on the most advantageous Terms
Tbot turning point must ultimately
be reached after such period OF liqui-
dntlon and a sharp recovery must en-
sue makes the professional bears very
cautious in maintaining opposition to
onv rising tendency in the market.
None Of the news Of the day had any
apparent bearing on the movement Oh
prices. Engagements OF gold TOT eN-
port 10 Paris. which amounted 10
little over t2s0O.OOO proved slightly ARG
or than the preliminary estimates. The
action OF the Bank of England IN au-
vnncIng its paying price for American
eagles IA TO 76s al. carried the intlma-
zion that London might follow the OK
ample Of Paris and offer special induce
mentg to attract gold from New YORK.
But the measure taken Is not suihclent
TO accomplish this. according to the
oplnlong for publication OF foreign ex-
change experts. Tho locnl money mar
ket also showed slightly hardening
tendency, especially for time loans
which showed the possibility OF an ou-
tomatlc check 10 the gold export move
rnrnt In case OF any Increased need Tor
money here All Of the trunk lines tne
Parncs. the Atchlsons. Missouri Paalhe
and Louisville were special sufferers