The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-16
YrEANoE AND TRADE.
Tie EostHsS- q lie Money ana Steel
lIarksta

lEE4G4
NEW YORK. Feb. is.-Money on call
easy at 28ssl per cent; last loan rs
per cent Prime mercantile paper sos
per gent. Sterling exchange Irregular,
With actuai business in banIrars' bills
at 81 s7MG4 SIX for demand and at
y s46l SIX for 90 days: posted rates
q S ana 81 ssh; commercial bills q S3N
a. sS4c. Silver certificates 59N coke.
Bar siiveE. Cskc Mexican dollars l7sse.
Govcrnmenr bonds steady. State bonds
steady. Railroad bonds irregular.
The movement Of prices in the stock
market to-day reflected very clearly
the doubtful and conflicting speculation
opinion over the outlook for prices. The
opinion reflected was almost wholly
that Of professional operators In stocks
as they were the only ones who took
any notable part IN the trading The
general public persisted in keeping out
Of the stock market and this continued
indifference had not a little to do with
doubts OF the professional spectators,
some Of whom sold stocks before the
close Of the day, prompted by their disc
appointment over the failure Of any
general demand for stocks to develop.
A number Of factors contributed to an
early advance in prices. The initial inn
pulse came from the London market,
where prices advanced on the cheerful
feeling engendered by the forward
move Of British troops in South Africa.
London was buyer here at the open
ing, but the demand from that source
was satisfied with the taking of $4,000
to $1,000 shares. The iron and steel
group advanced in company in the
morning under the active bidding up of
professional traders. American Steel &
Wire rising to within a fraction Of 60.
Tennessee Coal rose an extreme * per
cent. The impulse to these stocks came
from the allegations contained in
pending law suit Of notoriety. regard
ing the enormous profits of the steel
trade for the past year and assertions
Of the likelihood OF still larger returns
for the current year. The strength in
Sugar was based upon rather vague
rumors Of coming advance in the price
Of the product and resupuon Of opera
ton by refDerieg recently closed down.
But the strength from these causes WAS
not well maintained IN face OF the
apathy OF the demand and the notable
weakness In some special stocks. A
break Of GR per cent IN Third Avenue
was due to the announcement by
banking house Of It's withdrawal OF
proposed loan to this company, This
caused sharp sympathetic declines in
the more local traction stocks, the iron
and steel stocks and Sugar, and in fact
unsettled the whole list Railroad
stocks lost their early gains but be-
came duh and notably firm near to last
nights level OF prices. All reports con-
tinue to reflect high level Of prosper
Gus business activity and an unprece-
dented level of railroad earnings, But
this very activity in business srouses
question whether the prosperous use of
money thus involved is not likely to de-
plete the supply Of funds available for
speculative purposes. No better ex-
PLANTATION has been found Of last weeks
enormous loan expansion than the de-
mand for mercantile uses, which is
known TO be on u very large scale.
Rates for cali loans stu continue easy,