The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-31
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

Ihe FeaJureS Oh tue money Auu '9SOSA
Markets,
NEW YORK. March So.--Money on
call steady at slaG4h per cent; last loan
AZ per cent. Prime mercantile paper
4Aq5M per cent. Sterling exchange
steady, WITH actual business in bankers
bills at 81 SOS for demand and at 81 SsIs
"a s2Fs for GO days; posted rates 81 ss'4
and 81 81; commercial bills 81 s2h94 50.
silver certificates GOR9slNc. Bar sill
yer 595sc. Mexican dollars 47%c. Gov
eminent bonds weak. State bonds
flrmer Railroad bonds Irregular,
The railroad -toclts retired into the
background of the stock market to-day
and gave place to the industriats and
specialties. Sugar almost outdid lis
traditional reputation for uncertainty
by suddenly retracing it's course yes
terday and mounting, well above yes
terday's high point. There was mos
mentary decline of less than point at
the opening and then a quick rally and
the stock never got back to last nights
closing level. Twice during the late
dealings it was 10 points above the low
level in the morning and It's net gain is
III per cent. The transactions in the
stock were enormous and the buying
without doubt came very largely from
the outstanding short interest; but the
urgent demand from the shorts was
prompted by what they believed were
evidences OF buying for the account of
inside interests. The course Of the stock
clearly demonstrated cynical skepti-
cIsm on the part of the speculative pub
lie regarding the sincerity of the pessI-
mistIc official outlying which caused
yesterdays slump In the price of the
stock. All sorts of sensational rumors
were anoat regarding measures for
compromise of the Sugar trade war and
there were yelled intimatlons that the
opposition renners had been emulating
the example Of the Metropolitan Street
Railway interests in the Third Avenue
coupon by acquiring Sugar stock at the
decline. At all events the shorts In the
stock were acutely perturbed in mind
and scrambled to obtain stock. The
local tracHonstocks furnished the other
surprise In the market. and like Sugar,
developed aggressive strength in the
face OF bad news The demand In this
group undoubtedly came from the
shorts. The figures given out from AL
bany last night of the valuation placed
upon the franchises of the New York
Traction companies were as high as the
most extravagant estimates in, Wall
street. With the exception Of a prellm-
mary drive which carried the stocks
down from IL to points, the whole
group was eagerly bought all day, ris-
ing well above last nights figures and
not falling far below that level again.
Peoples Gas and number of the iron
and steel stocks by rising rapidly, COM
plated the demonstration of strength IN
the industrial group. The demand for
the railroads seemed to have quieted
down for the time being, with the ex-
ceptlon of q stock here and there in the
list, which showed a good advance,
Profit taking was the motive OF the
selling prompted by the weeks consid-
cradle advance. But the pressure upon
the money market incident to the quar-
terly settlement next week which waa
manifest IN foreign markets even more
than here, had Its influence in checking
the buying movement, AS tha buying
OF the specialties was largely to cover
shory contracts. 1t was not Influenced
by money market considerations, There
was no stiffness in the rates for money,
but preliminary figures of to-morrow's
bank statement failed to indicate 50
strong return MS has been counted
upon. Owing to the falling of in the
amount of government bonds offered
for conversion, the disbursement OF
premiums has decreased md the weeks
gain by the banks from the sub-treas-
ury VIII be less than million. dollars.
on the interior movement by express
the net receipts are estimated at less
than a million dollars AS against this
small gain in cash, the expansion in
loans has PROFESSIONALLY been large.
There is ground for DOUBT, therefore,
whether considerable inroad has not
been made on the surplus.
Business in the bond market showed
a falling on but prices were about
maintained, Total sales par value So
100000 United States IS. old As and new
As declined z per cent in the bid price.
II & Ropds