The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-16
FINANCE AND TRADE.
The Features Of the Money and Stock
4'a'ygl5s ~ Markets. slts7 u y.

The Features Of the Money and Stock
L Markets.
NEW YORK, Oct. 15.-Money on call
steady at $685. per cent; last loan 3
per cent. Prime mercantile paper sos
per cent. Sterling exchange Arm with
actua! business In bankers bills at
81 S4,s for demand and at 81 S01G for; 60
days; posted rates 81 Sl@4 Sl31h and 81 s.
@4 S5I1s; commercial bills 81 79h@4s So.
Silver certificates 62% 963ac. Bar sill
yer, 62&c. Mexican dollars 49hc. ~
Government bonds steady.
State bonds steady.
Railroad bonds Irregular.
There was an outburst OF large ana
buoyant speculation In the stock market
to-day which lifted prices during the
course OF the day from to over
points. The buying came from many
divergent elements. but the patent fact
was that an enormous number of stocks
were bought In an eager and confident
manner on rapidly RISING scale OF
prices. Forced covering by largely
extended short interest had something
to do with the rise. Bull manipulation
by,a number OF powerful cllques, some
Of them newly formed this morning,
aided the advance. The commission
houses reported that they had large
orders to buy from outside sources.
What, proportions these various ele.
ments had to the aggregate Of the
days trading, 1t is not possible even to
estimate, but no merely technical con-
ditlons could have resulted In so con-
siderable rise in prices and in such q
widely distributed strength. The true
basis Of the advance evidently was the
change In the money outlook and the
| promise held out to the speculative
spirit In the general conditions. There
has been steady growth OF confidence
in Wall street for some time past In the
general outlook for business. 1t mas
been firmly held that as soon as election
uncertainties were disposed of there
| would be 4 renewal OF this activity up
to the high level of the recent prosper
Gus period. On the other hand. the
growing construction of the money sup-
ply left room for doubt whether the in
;ervening period could be safely bridg-
ed without such q money stringercy as
would be disastrous to speculative COM
mitments. The conviction crystallzed
to-day that the danger OF the money
stringency was mItigated and the ex-
| pected post election demand for securi-
tiles was discounted on very large
scale. Saturdays bank statement dem
.onstratcd that n very large. contraction
OF loans had been effected without seri-
Gus harm to the stock market, thus
conserving the surplus reserve. The
| gold engaged in Europe. last week Is
expected to arrive In time to show In
next Saturdays bank statement. The
through the Associated Press of n de-
termination to furnish export gold to
avert a money stringency.- and the ex-
pressed readiness OF the secretary Of
the treasury to act toward the same
end, had notable effect in strength
ching confidence. The large addition
al engagements Of gold announced this
morning promised further help to the
local market although the recent Is
deferred for several weeks This Is
due to the fact that the gold comes from
South Africa. The fact was much
dwelt on In speculative circles rs
marking the resumption of the output
from the Transvaal mines, but the ex-
act source of the supply and the chan
ncls through which 1t Is to come. were
kept shrouded In mystery. The fac.
that there were no deposits at the sub
treasury to-day for transfer of cur
rency to the interior can hardly be
without Significance as indicating the
| future Interior demands for currency,
the more so rs New York exchange at
Chicago rose to 10 cents discount COM
pared with 20 cents on Saturday. The
hardening OF sterling exchange was due
simply to the purchase OF bills against
the gold imports. The striking exhib-
1t OF the foreign trade for September
showed concluslvely the continued COM
/ mnnd OF the international exchanges,
Not only was there an Increase In ex-
| ports OF nearly S6.00O,O0O compared with
| last year. but q decrease of over ST.
1000 In imports went further to en-
| nance the trade balance In our favor,
| so that the excess OF exports over i'm
ports for the month has gone up to over
| $5G.Oo0.00O. AS the Increase In cotton
exports did not suffice to Offset the de-
crease in the brcadstuifs. the increase
in the total exports shows the export
trade In manufacturers well maintain
| cd. The expected settlement OF the coal
strike was also Z factor In the iinvarylng
| strength In the market and the special
strength In the group OF coulers. reaiiz-
Ing stocks which had their extreme adj
vance early In the day. made the clos
Ing slightly irregular. but prices gener-
ally were well maintained at the close.
There was decided growth Of activ-
ity In bonds and some notab advances
in prices. but there were wcak spots
which made the market Irregular. To-
tai Gales par value Sl.sC0.O0o.
United States bonds were unchanged
on last call.
U. s. Bonds.
U. s. nofundlns ,r.s. new Is reE.lzi
. when lsS'd. Y. 5. new Il coul5i
registered Icy Y s o!1 g reg. HI
U, s. Is r,E.....losa,l.u. s. S. reg.....llz
L. s, Is oGpon,ioghlu, a IS coupon. M.
Stocks.
AtehsEon 49,. =. Mobile & OHIO. .. zs
Cah Can fGSiGs,..... S9l.tS. j. ccn;rai...lS
! Can. southern. y ~ T. Central. .lJIft
Ches. 4 Ohio. ~ Norfolk & W.. 90,