The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-30
FINANCE AND TRADE.
The Features of the Money and Stock
Markets,

1890 1AStos .
NEW YORK. Oct 29.-Money on call
steady ut 344 per cent; last loan 81 per
cent. Prime mercantile paper 6@G per
cent. Sterling exchange firmer, with
actual business in bankers bills at
81 S37s for demand and at 81 sos for 60
days. Posted rates 81 sl94 Slls and
"a S41584 S.; commercial bills "a 1910
$50. Silver certificates 54955c. Bar sill
yer 6iAc. Mexican dollars 5O7sc. Gov
eminent bonds strong. State bonds
firm. Railroad bonds irregular.
The stock market showed plainly
enough this morning that the recent
headlonG speculation has overtlone the
prosperous conditions offered by the re-
newed outside interest In stocks. There
was conspicuous absence Of any SEN
sational story of vast continental rail-
road consolidation and new ocean to-
ocean combinations such as were fen-
ture Of every day last week. Like n
topper, the stock market quickly felt the
need of the customary btacer and be-
gan TO fall away In a mood OF dapres-
sion. People who bought stocks last
week on the strength Of some of the
startling stories current were uneasy
this morning when prices began to go
downward. In spite OF the absence OF
bad news. and FASTENED to sell, adding
to the depression. Among professional
traders there was a general feeling that
a reaction was overdue and they werr
influenced also by the principle that the
week before n national election Is Il bad
time to be lonP OF stocks, owing to the
probability of alarmst reports bccom-
Ing current. Thus the market ignored
various favorable factors In the s!tua-
ion and either sold to realize or put out
short, lines. The resumption OF work
among the miners In the anthracite dis
trics was one favorable factor, putting
an end. rs 1t does to q long standing
drag on many widely varied Industries,
and settling the persistent un-
certainty as 10 the final outcome OF the
controversy. Nevertheless the coalers
were heavy. A preliminary decline In
Tennessee Coal uncovered s,op-loss
causing n violent break OF 4 points In
the stock and sympathetic weakness In
the whole steel group. The shutting
down Of some departments OF the Fed
eral Steel Company's plants ut Joliet
seemed also 10 dcpress the group. The
important specialties and Industrlals
showed rather acute rcactionary ten
deHcy. following the highly artificial adj
Vances OF last week. Declines In this
group ran from n fraction over point
UP to and 3h points In some of the
New York stocks. In the railroad group
the declines were more moderate but n
heightened list fell from to ~ below
Saturday. Northern Pacific was In
cI!nrd 10 resist the depression all day
I and In the late dealings 1, was run up .
points from the lowesi. giving a batter
tone TO the whole market. Tic yympa-
thetlc rally exceeded n point In II num-
Der of eases, but the closing was stu
below Saturdays level Money coudi-
tions were distinctly caster and the
maximum call loan rate was per cent.
The tone OF the time money market was
also easy. Apparently Their. wus no
further uncasinesa ovCr the future OF
the money market. The news of fur
ther shipment from Australia on Sntur-
day of 100000 In gold fur,hrred this
feeling. Sterling exchange hardened in
response TO the llrmer money market In