The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-24

81 S594 ssh: commercial bills 81 S0A@
4 s0A. Silver certificates 64h@65kc.
Bar silver CSC. Mexican dollars Sic.
Government bonds steady.
State bonds weak.
Railroad bonds Irregular.
The warming contained In yesterdays
furry in the call money rate to per
cent was taken to heart by the specula-
tive element o-day. and the rather in
temperate BUYING which has flooded the
market sinceHthc latter part Of last
week was materially curtallcd. There
was q great deal OF business done In
the first hour, but the selling to realize
clearly out-weighed the buying de-
mand. in spite OF some sharp manipula-
tive advance In a few specialties and
the average level of prices went below
last night. The selling was not at oil
precipitate and showed n tendency to
decrease as prices receded to the lower
level, but when efforts were made to
bid up prices again 1t was found that
selling orders were waiting at the high
er level in sufficient volume to force
| prices back again. Later in the day
| much heralded upward movement In
Northern Pacific came into notice. For
several days past rumors have been
heard Of bull pool In this stock based
on the large short interest known to
exist in 1t and the reduced floating sup
ply, owing to the recent buying of n
| substantial character which appeared
when the quotation got below 80. The
price was 541s to-day, when the advance
began and 1t carried the quotation up
through some very heavy selling with
out material setback to n shade over
| IS, making the net gain 2S per cent.
Great northern preferred was advanced
points correlatively. 1t was alleged
in behalf Of the movement that the i'm
| pairment in the earning powers Of
railroads In the northwest by the short
| age Of the spring wheat crop had been
greatly over.stated. The statement Of
the Northern Pacific for the second
week In October shows decrease in
gross earnings Of s17,493. notwith-
standing additional mileage compared
with last year Of nearly 400 miles. There
was notable dIsinclinatlon in the rest
Of the market to respond to this move-
ment and the recoverlcS were quite In
significant. The fall in the call loan
rate to ~ per cent In the last half hour
was equally without effect In reawak-
enlng speculative interest and the
market closed irregular at small net
changes. The earlier rates for call
loans ruled from to per cent and It
was due to the abstinence Of the spec
ulators from further encroachment on
money resources. Banks called loans
to the extent OF several million dollars
this morning and the shifting of loans
which resulted caused quite an active
bidding for money. The events of the
day had the effect OF awakening some
fresh uneasincss over the money mar
ket conditions and these were not alto
gether allayed by the renewed weak
ness OF exchange. especially Paris
cheques. The transfer of currency to
New Orleans through the sub-treasury
was also renewed to-day. Much doubt
exists regarding the effectiveness OF
high call loan rates in renewing gold
imports. The gold thus far secured
was the result of securing the open
market supplies all over Europe, with
out arouslng the opposition of the great
central banking institutions. which
would have to be resorted to for any
considerable gold supply. Borrowers Of
time money show disinclination to
pay us much as per cent. while
bankers have counted upon n good mar
ket for time loans at 9 per cent Wheth-
er they will be inclined to import gold
under the circumstances to meet the
ex!gencies OF speculation Is 4 mooted
question.
There was decided falling of In
business In bonds. and prices reacted at
various points. Total sales par value
$1,000. 600.
U. S. bonds were unchanged on last
call.