The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-09
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

NEW YORK, May S.-Money on call
steady at 2a2h per cent; last loan 24
per cent. Prime mercantile paper Sls9
Az per cent. Sterling exchange stead
Ter, with actual business in bankers
bills at 81 ssh for demand and at
81 sIss for sixty days; posted rates
81 s544 s5Is and 81 1904 soy. CONNER
cial bills 81 SS%94 SAC. Silver certiti-
Gates 6OG6O1ac. Bar silver 59Sc. Next
can dollars 47i4c,
Government bonds Irregular
State bonds inactive.
Railroad bonds weak.
The prolonged dullness on the stock
exchange gave way to an outburst OF
active liquidation to-day, and prices
suffered severely as a result. In the
railroad list losses Of between l and 2
points are the rule and in many active
stocks they exceed that. Stocks IN
which bull manipulation has persisted
in face OF the gathering evidences OF
depression naturally suffered the most.
Baltimore & Ohio stocks were foremost
in this class. the common losing over
six points and closing at the lowest,
while the preferred is 3&c lower than
Yesterdays close. Missouri Pacific was
another example In the same class and
declined 2& in very heavy dealings, in
spite OF pool buying on n scale down.
The sharp break In prices came gener-
ally as a surprise and the room trad
ers contrasting the Wide movement of
prices with the small effect produced
by their best efforts for week past,
were inclined to look for an e&plana-
ton to the arrival within reach of tele-
Of ha
bear leader of the past year, who land
ed yesterday in England after q week
at sea. But there was nothing in the
trading that would make bear raid
sufficiently to account for the action in
the market. Liquidation OF long stocks
was clearly in evidence. The large Of
ferings In one or two stocks in the rail-
road group which were feature yes
terday and which We're believed to be
the letting go Of speculative accounts
by large interests were evidently the
forerunners OF to-day's liquidation. The
weekly statistics OF railroad traffic
made up Mt Chicago and published af-
ter yesterdays market was closed we're
the sufficient explanation Of the selling.
They demonstrated conclusiyely that
the reactionary tendency of business
has begun to have marked effect on
railroad traffic. as 1t has been feared 1t
would. 1t is apparent that many own
ers OF railroad stocks have been hold
ing In the hope that the volume of rail-
road traffic would not be materially nf-
fected. But with large declines both in
the receipts and shipments In Chicago
and with freight officials of eastern
lines complaining about the light traf-
fic large holders of stocks threw them
on the market to-day and found few
bidders to take them. The bear trad
ers when they saw how things were
going, Joined In the selling and their
buying ut declines to cover their short
contracts gave the only occasional
checks to the downward course of
prices. The necessity which Is now
clear of n reduction OF prices through
out the business world in order to in
duce sufficient consumptlve demand to
absorb the largely increased production
gave occasion for depressing opinions
OF the outlook. Fears are felt that n
REIMBURSEMENT Of wages and course OF
labor troubles resulted. Not much at
tention was paid 10 the question OF fur
thar gold exports as the money market
shows no effect Of apprehension on that
score. nor on that OF the cessation of the
outgo to the market from the sub
treasury. The continuing ease Of mo-
ney in face OF these factors is regarded
ms corroborating the fears Of business
reaction. The comprehensive outlay for
improvements by some OF the railroad
companies and for extension Of control
are also beginning to be looked upon
with apprehension and TO affect unfa-
vorably the stocks Of the companies,
Steel & Wire and Federal Steel were
rather notable exceptions to the gener-
al weakness on account of the extern
Give liquidation already affected In
them.
Bonds were inactive and weak in
sympathy with stocks. Total sales par
vnlue. S2,lCOO0O.
United States new Is declined Il. and
Ss coupon advanced Y per cent in the
bid price.