The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-09-28
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

NEW YORK. Sept. 27.-Morey on call
steady at 1hG2 per cent: last loan tx
per cent. Prime mercantile paper i:s@
5ls per cent. Sterling exchange weak,
with actual business In bankers bills ut
81 S5ST4 $50. for demand and at
81 S2iSefi S2h FOR sixty days: POSTED
rates 81 S3G4 81 and 81 S7G4 S7I5. Com
merc!al bills "A Sl}SIi 81. Silver ctr-
titicatcs G3A GGiAc. Bar silver 63Sc.
Mexican dollars 49gc.
Government bonds strong.
State bonds Inactive.
Railroad bonds strong.
TO-duys noteworthy advances In
prices OF stocks were primarily due to
the existence OF large outstanding
short interest. Manipulation against
the shorts was also very obviously and
In the hands Of strong and resourcefui
interests. The bidding up Of stocks car
ried prices swiftly away from the bears
in the very crisis OF their distress and
there was u notable recalling OF stocks
which have been loaned to the shorts
on advantageous terms for a long time
past. This could only be the result OF
powerful manipulation to force the
shorts to buy stocks to cover. But
while these facts were obviously true,
the upward reaction could hardly have
been precipitated or extended to the
length It has without u strong revul-
sion of speculative sentiment from the
depression which has induced the llqui-
dalton for some time past. Almost the
entire credit for this revulsion must be
given to the growing conviction
strengthened by significant admissions
from authoritative sources that active
negotiations are going forward between
the anthracite coal operators and the
miners and that basis OF settlement
has been formulated with good hope OF
success. The violence OF their recov-
cry on prices OH this development Is
astonishing considering the small i'm
preston that has been made on the
prices of coal carrying railroads since
the stock has been In force, and which
has given the impression that there
was little short selling being done on
account of the strike. This supposition
will scarcely hold In view OF the large
bear account which was disclosed by
the conviction that strike settlement
Is Imminent. But 1t must be borne in
mind that when prices are once forcibly
diverted In given direction In Wall
street, sentiment on all points Is made
to conform to the new order of things
The mercurial minds OF the spectators.
in conformity with this rule, to-day
threw OF all their lowering apprehen-
slons OF the coming stringency Of the
money market. The downward plunge
OF sterling exchange OF n full &c IN the
pound for both actual and posted rates
helped to this result. Commercial bills
of exchange for cotton are coming for
ward In such force as to relieve apprc-
hcns!on ns to the ability OF the New
York money market to meet Its future
obligations on the German and British
cxchequnr loans without export Of gold.
The downward course Of exchange is so
violent us to give rise to some expectn-
ton that gold will move this way. That
such n movement could be forced In
case Of necessity Is very evident. and
that 1t will be unless foreign money
rates advance is very probable. 1t is
believed that German bankers have
tried TO secure time loan IN New York
during the last few days for several
millions OF dollars. The effort ls said
to hnvc failed because OF the unwill-
lngness OF the German bankers to 'pny
the interest asked. To-day's movement
OF exchange Is significant rejolader
The Bank OF England statement dia-
closes that that institution. while 1t