The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-09-21
FINANCE NDITRADE,
The Features of the Money and stock
Markets.

l Markets.
f NE WORK, Sept. 20.-Money on call
steady at 1its@2 per cent; last loan II:
per. cent. Prime mercantile paper ago
5h per cent. Sterling exchange easier.
with actual business in bankers bills at
( 81 S6B@4,S7 for demand and at 81 $3.50
a S3H for 60 days; posted rates 81 SIG
siiit and 81 IS. Commercial bills 81 seq
t@4 SO. Silver certificates 62%063%c.
Bar silver 62hc. Mexican dollars 49kc,
Government bonds weak. State bonds
inactive Railroad bonds weak.
The closing of the stock market th.s
afternoon: was quiet and steady in re-
markable contrast to the disturbed
state of feeling which prevailed all day.
But there had been such lulls at various
. times before In the storm OF liquidation
which swept over the market and
whether the final quiet marked clearing
weather or simply gathering of forces
for another outbreak of the storm was
the question OF greatest interest In Wall
street and upon which opinions greatly
varied. The volume Of the selling and
the scope OF the movement In the mum
Der OF stocks involved indicated plainly
enough some general cause or condition
at work to induce the selling. Special
conditions in individual stocks agra
waited the weakness, but these peculiar
cases were quite inadequate to explain
/
the general weakness. Neither was Il,
very clear that any new factors have
been introduced into the general sltua-
ton which have not been In evidence
for some Tina past. So far as these
general considerations are concerned
the violent liquidation of the day mus.
be due to 4 growth OF conviction as 10
the inevitable effect OF these factors
rather than to any new status. These
general conditions are the hardening
money market and the coal strike anu
rather in the background the Chinese
situation. Those who found nothing In
the actual news sufficient to account for
the extreme weakness OF the market of
fered q supposltion that some develop
ment not yet generally known in the
Chinese tangle had induced large SELL
Ing by persons with advance informa-
tlon. Certainly 1t is hard to account for
such wholesale selling as that of to-
day In a market which has been sup
posed to contain comparatively light
speculative commitments on the ground
OF fears of future events or sentimental
considerations. No selling was forced
by actual contraction of credits, al
though the rates for money showed n
continuance OF the recent hardening
tendency. The forces toward depletion
OF New York money reserves continue
operative, the days outgo OF currency
TO the Interior being large, The RELIEF
on sub-treasury operations Is also on a
diminishing scale. The progress OF the
strike arouses keen apprehension OF
outbreaks Of violence and extension of
the trouble into new coal fields, but no
actual occurrence Of the day seemed to
bring such developments any nearer
than did the first stoppage OF mining.
The letting go OF speculative holdings
which have been recently accumulated
ON the conviction that the prolonged
dizziness of the stock market would be
terminated by n buying movement was
an influence In the weakness
and professional short selling
undoubtedly played u large part rs
well. The special weakness OF the steel
stocks seemed to show some peculiar
apprehension that the conferences over
wages and the efforts to adjust prices
would not bring the Industry to n profit
able basis. Tennessee Coal was appar-
entity without any support and was
nearly 8 points OF ut the lowest. The
stock rallied 2H per cent on short COW
er!ng. Pressed Steel Car. American Car
preferred. Steel & Wire and Federal
Steel preferred. were down from 2 TO ~:
per cent. In the railroad list Missouri
Pacific, Baltimore G. Ohio and Reading
first preferred. suffered most severely
among the active stocks, losing Q points
or over Mt the extreme low level. Among
the recently dormant stocks there were
some wider declines, but the length Of
lime since the last sales detructs from
their Significance. Tho list OF stocks In
which the days losses reached point
or upwards 10 long one and ia striking
evidence of the extent OF the liquldn-
ton.
Bonds yielded in sympathy with