The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-06-26
FINANCE AND TRADE.
The Features of the Money and Stock
Marketg.

~ obMW4 SOH tor demand ana at
"a ss1s04 ssE for sixty days: posted
rates 81 IS and 81 Sly and "a IS, Com
merciai bills 81 s2%94 ssNc. Bar sill
yer 6O%c. Silver certificates 6O96lxc.
Mexican dollars 47%c.
State bonds irregular.
Railroad bonds irregular.
Government bonds weak.
There was considerable speculative
activity in the stock market to-day and
the fluctuations In prices were quite
wide and frequent. The net changes
are mostly small, SO that the result of
the days trading is not conclusive as to
the turn in prices. The market was ex-
ceedlngly irregular all day and at times
very much confused. The opening de-
preston in sympathy with London,
where the Chinese outbreak had an un-
favorable effect. was generally over
come. Prices then broke with some
violence, the bear attack being directed
especially against Baltimore & Ohio.
Continued pressure was In evidence also
against Brooklyn Transit. Baltimore 6
Ohio is one of those stocks which has
been most advanced in price on predlc-
lions of u dividend disbursement, and
whispers were current to-day that the
declaration of the dividend will, be at
least deferred. The stock suffered to
the extent of four points at the lowest
level. Brooklyn Transit sold to 40,
which was 2% below Saturdays level.
In sympathy with this acute weakness
the whole market sold OF and appar-
emily the liquidation Of last week was
renewed In force.
But the market gave evidence later of
being oversold and the bears began to
absorb stocks to cover their short con-
tracts. The result was general recOv-
cry of the earlier losses, but there was
nothing like Generalization among the
bears, the covering movement being
conducted in a well ordered manner.
The bulls attempted to extend the adj
vance. but prices had not risen more
than fraction above last nights level
except In Brooklyn Trpnsit, when the
demand from the shorts diminished to
almost nothing. The dribble of liuui-
dalton was sufficient to turn prices
downwards again and they were only
partly arrested at about Saturday
nights level, where the movement be-
came very irregular at the closing
Though principal influence in causing
the doubtful mood among the profes.
sIonal bears was the sharp break in
wheat. The fact that the break was
largely due to technical causes and TO 4
pressure to realize on the part o9 an
over-extended long interest, lid not
seem to lessen it's effect in spite of con-
tinued reports of the damage wrought
to crops in the northwest. The stock
market was apparently as much over
sold as the wheat market was over
bought, and professional. realizing caus
ed the reaction in both casel.
The apprehension caused by the Sat
urday bank statement was also soothed
to some extent. The conviction gained
ground that the sharp decline in cash
reserves was due to preoaratlon for the
withdrawal of government deposits and.
possibly to the placing of bids for New
York City stocks, which was awarded
to-day Ia the amount of over S3,0OOOO0.
The apparent clearing of the money
situation abroad was a source Of relief
to speculative depression. The opinion
expressed by director of the ReIchs-
bank In an Associated Press dispatch
from Berlin was a potent influence in
relieving uneaslnass regarding the sit
uation in Berlin. The opinion expressed
by this director that reduction in the
German bank rate could be made, were
the sami-annual settlement at hand,
his assertion that the settlement Is
looked forward to without concern and
the conference in London that easier
money terms are at hand, Joined to the
further relapse in foreign exchange
rates here to-day, serve to reassure the
market that no further drain on New
York's gold reserve will be required to
relieve the foreign money markets. 1t
is expected that the process of loan ex-
panslon by the New York banks will
not go further at present. but relieved
from the foreign demand for gold the
New York banks will havr increased
facilities for meeting the crop moving
period
The bond market was not very active
and price changes were irregular, To-
tai sales par value N,1s5,OOO. United
States IS and new As declined u per
cent in the bid price.
U. S. Bonds.