The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-10
FINAEcg Am TRADE
THIS Feature. OF the Money aud stosI
Markets.


NEW YORK, Aug, 9.-Money on call
easy at 1aila per cent; last loan ~ per
cent; closed offered at per cent, Prime
mercantile paper 4G4A per cent, ster-
ling exchange weak, with actual busl-
ness in bankers bills 81 S59i@4 SO for de-
mand and a 81 SH4Gt Sl,s for 60 days.
Posted rates 81 sG'aG4 81 and 81 ssh9
4 IS. Commercial bills 81 81 Silver
certificates 5G,sa57c. Bar silver 55ac
Mexican dollars 42%c.
Quite a violent liquidation set In In the
stock marke, in the last hour and half
of trading to-day, and prices came tumb-
ling from their high places, the declines
from the high point being In many cases
very wide. What the professional trad
ers have been predicting for some time
came to pass, namely, a sufficient decline
In many stocks to uncover stop loss or
ders by weak holders OF stocks. Thu
dealers have been aware OF the "pyraA
mldlng" OF orders on large scale, that
IL to say, the relnYestmerlt of earnings al
fast as made by weak holders, which
threatened what occurred to-day. II
looked for time as though the marke!
was going TO pieces under the weight OF
heavy offerings TO realize. But after Il
was over, a taking account OF the day re-
vealed that the net changes OF import
anee was confined to comparatively
few stocks II was the stocks that had
enjoyed sensational advances In the
morning, notably the grangers. that suf-
fered most severely In the afternoon.
The selling to realize started In the
grangers, and as the market Is more SEN
sitive to the Influence of this group than
any other, the selling movement soon
broadened by sympathy until II Included
pretty much the whole list, 1t was
noticeable that the grangers steadied and
rallied even while other prices were still
falling Burlington recovering over a
point from the lowest, and there were ex-
ceptlons all through the list to the weak
ness, improvement stocks holding firm in
the midst Of the settings of other stocks.
The buying Of the morning on the rise
was of enormous proportions, exceeding
In volume that for a whole day OF ordi-
nary trading. There was large falling
off in the early period OF the decline.
which was hopeful indication that
prices would resist the pressure and re-
sumo the advance. But faint hearted
ness took increasing hold on the minds
OF holders and the selling movement de-
veloped into something like q throwing
overheard OF securities. Sales for the
day exceeded $4,000 shares, The err
ratio movement of Manhattan was an
unsettllnE factor In the market. The
short interest continued TO manifest
distress and covered heavily at rising
prices. The short interest In this and
other stocks Is believed to have been
largely eliminated during the early buy
Ing, thus withdrawing an important sus-
taining factor and the stock fell accord.
ingly toward It's normal level The sama
condition OF affairs was present in the
case OF other stocks, and the first decline
uncovered stop orders, which, OF course,
accelerated the declines. There was no
news Of the general situation 10 account
for the declines, all factors continuing
favorable. London buying as well as SELL
ing stocks, the price of sterling ex-
change registering further decline, and
crop news all continuing favorable. Thu
early advance carried many stocks up
over points, notably Burlington, Rock
Island, Chicago Greatwestern, Tobacco.
Colorado Fuel, Iackawanna, Western
Union and New Jersey Central, large
number OF other active shares showing
gains Of over point. But the slump In
the market wiped out all but small
fraction OF the advance In nearly all
cases, and carried some below last
nights close, Rock Island and Leather
preferred, each losing IL per cent net.
Some OF the notable losses on the day
were:
Consolidated Gas 6h per cent; Man
haitian S%; La Clede Gas S%; Brooklyn
Transit 21a; Illinois Central 2is; and over
point in Sugar. Spirits preferred
Northwest, Southern preferred and
Leather preferred. on the other hand
net gains reached important proportions
In the case OF Fort Wayne per cent;
Pennsylvania 2; New York Central & ST.
Louis first preferred 8; Lackawanna 2h,
Illinois Steel Norfolk G. Western prefer
red and Colorado Fuel.
The bond market sympathized with the
share speculation In general tendency,
but the variations were exceedingly mar
row. The transactions were In enor-
nous volume with the demand very keen
for the lower grade liyns The aggre-
gate sales were $4,5l5,OO0.
Governments were dull but firm. The
transactions were $4,000
The total sales OF stocks to-day were
75G.S00 shares.
Evening Posts London financial ca
bleFEami
Ty settlement in mines shows big
bull account. Contangoes on mining
shares was as high as 10 per cent.
There was q setback in prices conse-
qnently.
Americans were in good demand.
They We're bought here largely this
morning, but relapsed on n little SELL
ing on account OF New York, finally
closing firm at the best
The expected settlement tomorrow
may show shortness Of stock in places.
The decline in consols is due 90 the
fears OF exports Of gold to the United
States and dearer money fears which
perhaps are premature.
The rise In Paris exchange on Lon
don, the first decided recovery In sew
eral months, was partly connected With
tO-day's strength In London discounts,
but resulted more Immediately from re-
cent heavy purchases Of Kaillr shares
for Paris on the London market The
Paris market was firm, with buying Of
Kafiirs,
The Belfast market was firm, with
buying Of Americans and Katllrs,
BONDS AND STOCK QUOTATIONS..
u. S. "a reg..... g7ialOre II, & Nav. 2Sh
y. s. As rcg"...1llA Pittsburgh ."..lGl
u. s. a. coupon ll2A Reading ,,,,,., 25A
u. s. New 48 res. 1854 Rock lslund..... ah
u. S. New Is cou. 1851 lSt, Paul ,,...", 92k
Y. $. ~ rcg.n...li8Gl do preferred .ltgib
u. s. 6s coupon .1;'rbISt, =. a. Omaha. GIla
Pacific Gs Of % ~ do preferred Ia
Atchlaon ...... lax Southern Phc.., soy
do prcforred.. gSBlTexas & Pac... l?A
Bal. Il Ohion.... " Union PaC,..., ~