The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-23
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

Markets.
NEW YORK, March 22.-Money on
call firm at 496 per cent? last loan 3
per cent. Prime mercantile paper 5@6h
per cent. Sterling exchange firm, with
actual business in bankers bills at
81 S5A34 85sk for demand and at
81 82M6I S2k for sixty days; posted
rates "a 1904 SS5sG4 S6h04 81. Com
mercial bills "a SiA@4 s1$t. Silver GER
tiacates 60KaSlkc. Bar silver 59yc,
Mexican dollars 47&c.
Government bonds strong.
State bonds inactive.
Railroad bonds strong.
The railroad stocks had their innings
on livestock exchange to-day. The
demand for all grades of this class OF
securities reached imposing proportions
and the buying came from all degrees
Of investors and spectators, large and
small The Individual investors was in
evidence as a buyer Of fractional lots
all through the list and some of the
heavy buying was attributed to the ac-
count Of banking interests and insiders
in the various properties, The profess
sIonal board room traders on the floor
Of the exchange have turned bulls to a
man and the spectators OF larger cali
bre and speculative pools made their
operations manifest in the volume Of
transactions. Individual transactions
to the extent Of 1000 shares were so
usual as to attract little attention,
while many lots Of 1000 to $1,000 were
recorded on the tape. Norfolk & West
ern and the Atchison stocks took the
most conspicuous place in the trading.
but there were impressive transactions
at different times during the day IN
Union Pacific, Baltimore & Ohio. South
ern Pacific. Pennsylvania, Northern
Pacific, Chesapeake & Ohio. and, late In
the day, in Southern Railway. The
strength disclosed In yesterdays mar
ket preclpitated tO-day's rush to buy,
and il was made clear that very large
element must have been waiting and
watching some time for the first sign
that the market was throwing off ITS
lethargy and getting ready to move. In
studying to-day's market II Is worthy
of close attention that the rush to buy
was taken advantage OF to take profits
on n very large scale in stocks which
have recently enjoyed n considerable
advance under manipulation by profess
sIonal operators and pools, Practically
all OF the Industrial stocks, including
the local fractions and the Iron and
steel stocks and also Sugar, were sold
to take profits under cover OF the
speculative Juror. But II was not only
In the mercurlal specialtles that this
process was In evidence, but also IN
the railroad list itself. Baltimore "
Ohio md the Pacific stocks showed US
effects very distinctly. Union Pacific
was advanced early and was held
pretty steady Mt the advance all day,
but IL made no notable further pro-
gress upward and the other stocks in
this category showed positive reaction.
But the current Of the buying demand
was 80 deep and strong as to carry the
whole market practically In Its sweep
Commission houses reported orders on
a large scale and London was an eager
buyer OF stocks here far beyond the
usual hour when transactions for that
account have censed. The volume OF
buying for this account was estimated
ut from Ct. 900 TO 10000 shares and was
n potent influence in the general
strength OF the market. London cables
reported that part Of the buying OF
Americans there was for Berlin account
A furry in call money In the afternoon
to per cent was an admonitory symp-
tom prompting TO the reflection that
even the relaxed conditions In the mos
ney market might be overstrninea
again by headlong speculation: a
drop in New York exchange at chicago
to twenty cents discount compared with
twenty-five cents premium earlier IN
the week, pointed the same moral Gov
eminent bonds were also checked IN
their downward course today and raj
lied, indicating that the process OF pro-
flttnSlng there. which has been fac
tor In releasing funds to the money
market has come to n pause and al
though the sub-troaaury absorption u
cut almost in half as compared with
last week. II Btlll promises to run mp
close IN tho amount Of the surplus yet
remaining with the banks over the re-
qulred % per cont. Probably a peroep-
tlon Of these facts, rs well as the vio-