The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-17
FINANCEsAND TRADE.
The Features of the Money and Stock
Markets.


The Features Of the Money and Stock
Markets.
NEW YORK, May 1s.-Money on call
easy at 1h9gN per cent; last loan ~
per cent. Prime mercantile paper S%N
~ per cent. Sterling exchange easy,
with actual business in bankers bills at
81 1904 ssA for demand and at 81 $40
4 IS for 60 days. posted rates 81 s5ls aud
"a 1904 S9ia. Commercial bills 81 30
81 SAY. Silver certificates 6O9sOHc.
Mexican dollars 471sc. Government
bonds weak. State bonds inactive.
Railroad bonds irregular Bar silver
59%c.
Stocks of railroad companies made a
demonstration of persistent strength in
the stock market to-day. Whatever
unfavorable factors developed during
the day were ignored or their influence
resisted and the resulting declines over
come. The bear element was so Tar
impressed by the show of strength tina.
they retired from the field before the
day was over and did not repeat yes
terday's manoeuvre of q fierce raid on
the industrial quarter, which on that
occasion upset the market in the last
fifteen minutes OF the trading. The
market showed itself much less sensi-
tive than for some time past to any de-
pressing influence and the close was
distinctly firm at about the best Level
of the day, earlier losses in industrial
stocks having been almost entirely
overcome. The stocks Of western rail-
roads were easily the leaders in the
movement and the buying was attrIb-
uted to western account as for several
days past. This western buying is be-
lleved in Wall street to be covering an
outstanding short interest prompted by
the good crop weather and the favor
able conditions in the winter wheat
belt. The leadership of the movement
was shifted from Burlington to- Atchi-
SON preferred, which scored clear net
Of points. The approach Of the dlvi-
dend meeting and the circulation of
rumors that the stock would be placed
on a 5 per cent basis, were used with
effect. Burlington continued aggres-
slvely strong and scored an advance OF
~ per cent, in spite of denials Of the
recent rumors that refunding plan
was about to be announced. Northern
Pacific gained as much, and the
strength OF these stocks affected tbs
other Pacifics and ultimately the trunk
lines, which rose to " points. The
steel stocks all rebounded sharply on
covering by shorts and official denIals
of assertions that general shut downs
were imminent on account of the pros
pectlve demands for increase Of wages.
The early weakness OF Sugar. Peoples
Gas, the Tobacco stocks and other in
dustrlals was met by denials Of various
rumors which accompanied the decline.
Recoveries ensued on the demand from
the bears caught short. Besides this
weakness in the industrial list, the
market had to contend with the an
nouncemen. OF gold engagements tor
export tomorrow fully million dollars
in excess of the preliminary estimate.
To-morrow's shipments foot up fully
SS,15OOOO for France. The fact that so
large shipment should be made Ia
face Of the considerable decline in dis
count rates in Europe aroused some un-
easlness lest the apparent ease Of
money abroad was fictitious and unsta-
Bile. But the continued ease of money
removed the apprehension. Call loan
rates fell to ~ per cent and the gains
by the banks from the sub-treasury
and on the interior movement OF cur
reucy will evidently offset the gold pS-
port Although the advance in stocks
was generally wiped out when the gold
engagements were announced, the up
ward movement was resumed upon fur
Their consideration OF the circumstances
1t is continued in Wall street that only
n small amount IL any gold can be ship
ned TO London on Saturdays steamer
under present conditions. To-day's ad-
vance in prices was without the sus-
taInlng influence of the recent strength
n Missouri Pacific, that stock dropping
hack at one time points on the request
TO stockholders to authorize additional
capital to the extent of sl5'OOQOOO' The
stock partly recovered on the explana-
ton that the new issue must be re-
served for retirement of debenture
bonds. 49,,
The bond market was dun ana only
nort,v shared in the strength OF stocks
Total sales par value 'l,lsS,OOo'
United states rerundlns Is when Is
sued declined x per cent and the IS Is
Der cent In the bid price.
U. S. Bonds.