The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-13
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

Markets:
NEW YORK. March 12.-Money on
call hrmer at sh6s per cent; last loan.
ssi. Prime mercantile paper. 4RG5h
per cent.
Sterling exchange steady, with actual
business in bankerE bills at 81 1904 s6h
for demand, and at 81 SAX 81 s2h for 60
days; posted rates, 81 ssh94s4 and
81 s764 S751s; commercial bills, 81 St1a@
4s2. Silver certificates, 6ON@61A. Bar
silver, 6sNc. Mexican dollars. IKE.
Government bonds weak State bonds
strong. Railroad bonds strong.
To-day's stock market was unmistak-
ably strong throughout. The demon
strated indifference Of the market on
Saturday to the swift depletion OF sur
plus reserves Of New York banks took
the maInstay Of the bears from beneath
them. The demand from short Interest
was factor In the advance In prices,
especially in the industrials. which have
recently been. under pressure. There
were several elements of positive
strength in the market also, but the
largest part Of the buying was un-
doubtedly due to the EFFORT Of the pro-
fessional element among the spectators
to discount the effect OF the currency
bill. Not only the smaller class of pro-
fesslonals, who have recently had the
market to themselves, but operators Of
larger mould gave evidence Of their In
tefest In the market. The demands
made by the Increased activity Of the
stock market upon the money market
was evlnced in 4 furry In the call loan
rate to per cent. The Spectators paid
no attention to this admonitory symp-
tom, apparently convinced that the end
OF the money market troubles was at.
hand with the enactment Of the new
currency law. which is TO be sent TO
the President tomorrow. There we're
occasional periods Of dizziness in the
market, apparently with view to test
It. The quick subsldence Of activity
without any reaction in prices and the
firmness OF the resistance to decline.
confirmed the confidence OF the bulls
and started prices upward again. The
closing was quite active and strong at
near the top level. Net gains In the
principal active industrials sand spec
IaltIes, Including Sugar, Tobacco. Peo-
pies Gas. Anaconda, the iron and steel
stocks and the New York public utili-
ties, ranged from 2 to over points. the
latter in Sugar. In the railroad list
st. Paul was the leader, both in point
OF activity and strength, rising an exc
treme az. The other grangers, the
southwesterns and a number OF the
trunk lines and Southern railroad re-
tanned n point or over. A feature OF
the trading was the number Of three
day contracts recorded on the tape and
the anticipation OF easier money with
the operation OF the new financial bill.
There was very general sprinkllng
OF transactions in fractional lots all
through the list, Indicating IN invest
ment demand. which had no small part
In the feeling OF confidence evinced by
the speculative contingent, A back
ground OF strength to the whole mar
let was afforded by the large absorp :
tion Of railroad bonds, especially those
OF the higher grade. This must 'un-
doubtedly be attributed to the pressure
for reinvestment Of funds which have
been realized by investors who have
sold government bonds at the high
prices prevailing, the banks buying
them to use for security for circulation.
1t seems to escape notice that this is in
a measure an anticipatory employment
Of the extended circulation since the
capital OF the national banks, which has
gone for the payment of these bonds.
looks to bank note issues for Its re-
lease and unemployment. London was
a liberal buyer Of stocks In this mar
lket, and considerable sentiment exerted
by the large subscriptions reported to
be made in New York to the new Brit
ish loan. It Is argued that these large
subscriptions Indicate an abundance OF
CAPITAL, and thew will represent also a
quickly convertible foreign credit upon
which the country can draw in case of
need in the money market. Reports of
railroad earnings for the first week In
March were encouraging. A good eff
feet was produced also by the state
ment OF exports for February Of agri-
cultural products. the large increase
in value OF cotton for the month giving
II the record for February.
The bond market was active and
strong throughout. Total sales, par
value. S22O5, 900.
u. s. IS coupon and new Is registered
declined y do. coupon, Is, and the old
IS Z in the bid. price.
o. s: Bonds.