The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-08
FINANCE N TRADE
Tile Feature. oc ,hr Mohsy and s,orl

NEW YORK, August I-Money on
call ilrmer at sal per cent; last loan
6 per cent; closed nt G'rrr cent, Prime
mercantile paper G,Gd1M per cent.
Sterling exchange enSler, with actual
business In bankers bills at slSS%R
50 for demand ana AS7aTiS for
sixty days. Posted rates 81 SSiLdl4 SO
and SiSOhTi 90. Commercial bills
1881 Oar silver GS4r. silver certlu-
Gates GSHGC0c.
The stock market to-day WINS unusu-
nlly active and displayed Il degree OF
weakness that surprised even the most
uncompromlslnG bears. The declines
were exceptionally severe and only the
conservatism OF the leaders OF that
faction prevented open decentralization,
MS the only support given were by cuv-
erlng purchases. Liquidation was tho
order OF the day In all classes OF stock
exchange securities and some OF the
low records established In the active
list were considerably below the Ven-
eSuGan proclamation panic figure.
There was no special news to account
Tor Tho brCnk. but m advance In call
money rates 10 an extreme I per cent
following upon renewed disturbances In
loanS by the banks, ptccipltatcd n
Hood OF renewed selling orders and
gave the advocates OF lower prices a
clear lell, There was not tho slight
est indication OF unusual excitement on
the floor OF the exchange. but the com.
plcte absence OF support was regarded
u~nfavornbly significant Of the despun-
dent feeling generally prevailing. This
condition OF the Wall street mind was
further evidenced by suggestions Of the
necessity or Issuing clearing house GER
tlhcates IN order To protect collateral
from open sacrifice. Tire rumor Is re-
ierred to merely as having cXertcd de-
elucd untavOrnblc influence in the mar
ket, and was scml-Oilclally declared To
be premature. The market opened IT.
regular, but y displayed n decided
saSSlng tendency, ignoring slight frac-
iiohal improvements In the London
market for American securities. The
losses In the first hour were striking, n
feature being II sensational ~shrinkagc
IN the prices OF high grade investment
securities. Purchases by shorts result
cd IN partial rccOveries OF lG2 per cent,
but near midday the downward move
ment was resumed on the advance In
money.
Late In the day the long expected
ana much f1recasted statement OF Op-
eratIons for the quarter ending lime 10
came 20 hand, An Increased da6cIt Of
$lS,2OO after dividends anno, lcglti-
matcly be considered to justify all OF
the recent bear clamor rho %aalIing
pressure appeared exhausted 50 mr. ne
the general list wns conrerrcd oho,,t I
o'clock and although concessions con-
Ilnucu 10 be made In spots. the ten
dency was mainly n raIly. rho move
mcnt was very feycrIsh and binpad on
tIrcly upon covering OF shorts
The extreme mprnven,enta wcro M,
retained. Tho closing was foverish NJ
net losses OF las ppr cent. the las, In
Manhattan.
The bond market shared &, tho do.
| moraIIzatIon thnt wng onnoron, In w.
stock market. with m, snrruin tive ,s-
sues bearing thp hrint ~ ~" Iinn,I"-
ton. The losses h,wnyar ,.nra ~
more material I'm the b~Irh.nr,"sJ ,as,
. active bnndg III. Sa,a. ~ 80 "a, n Nc
around ~ 5"a,1 nv!NtH d.tEo''"tIIS vi
49, NNh''iSH Va S'u'oNus