The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-07-20
FINANCE AND TRADE
The Features Of ths Money and Stock
Markets,

Markets,
NEW YORK, July l9.-Money on call
quiet and steady at per cent last loan
/ per cent; closed offered at per cent
Prime mercantile paper Sg4 per cent.
Sterling exchange steady with actual
business In bankers bills at 81 SI04 SIN
for demand, and 81 SG9i s6A for 60 days,
Posted rates 81 S794 S7Is and 81 $50
4 $50. Commercial bills 81 So. Silver
certificates 6Ohg6O%c, Bar silver
6OAc
The stock market to-day was almost
unparalleled for a July days trading,
both in activity and strength. Such In
duences as a moderate export of gold TO
Canada, some decreased earnings for
the second week OF July were brushed
aside as chaff and nothing was talked
OF on the exchange but speedy action on
the tarifl, ideal weather for excellent
crops and foreign demand for our Sc
curities as well as grain. Enormous
dealings in bonds at advancing prices
was 1T accompaniment for broad
ening stock market. BY all odds sugar
was the great feature, the traders re-
alizing that the refining interests had
secured the reporting of sugar sched-
ule, that II adopted by Congress, would
mean profitable business for the sugar
company for the ensuing four years at
least. Sugar scored an extreme ad-
vance for the day of l0& per cent,
touching 1i4is, breaking previous high
record prices. At the very opening six
thousand shares were sold at from 1856
to 1879. Tremendous blocks OF the stock
changed hands at almost uniformly ris-
ing prices. Six thousand shares were
taken by brokerage house reputed to
represent q most powerful interest,
which is credited with having recently
acquired large quantities OF that secu-
rity. The argument that the new sugar
schedule would result in some increase
in protection over that provided In the
present law stimulated extensive COW
ering on the part OF the shorts, who
temporarily, at least. lost faith In their
previous position. The tumultuous
scene at the Sugar post continued we'll
throughout the day 10000 shares hav-
ing been bought and sold. In the clos
ing hours the stock eased off a tribe.
reaching 2% per cent below the best, but
loaned at Y per cent premium for use
over night. Sugar preferred also had
shown an extreme gain for the day OF y
per cent, two points of which were later
lost. The slackening demand for the
speculative leader only slightly modi-
fed the pronounced bullish develop
ments In the rest OF the list. Standard
shares, however, showed an average
rise at he close OF to 3 per cent. Lon
don was caught short in both st. Paul
and Louisville &Nashville, and the for
eign purchases considerably exceeded
the sale. The railway district was gen.
orally Influenced by further reports of
foreign crop shortages and prediction OF
improved earnings due TO excellent pro-
gress OF American crops. A number OF
prominent railway shares made new
record prices, especially the granger
roads, Chicago Gas, on reports OF an
other dividend being possible on the
present trust receipts, and American to-
bacco, on the concessions made in to-
bacco and cigarette schedule. each
closed at d point advance. Large in
dustrial shares, Rubber preferred lost
a point and three-fourths. Reading
preferred stocks on. improved trade
| conditions and earnings rose over q
| L
more not hitherto enumerated, follow:
Detroit Gas, per cent; National Starch
first preferred. SIX; do second preferred,
4; Pittsburgh, Cincinnati. Chicago & st.
Louis preferred. 3iS; Northern prefer
red, 3; Cleveland, Cincinnati, Chicago &
] st. Louis. Erie first preferred, Denver &
Rio Grande, Consolidated Gas, Iowa
| Central preferred, Lake Erie & Vest
ern, Manhattan. Metropolitan Traction,
Minnesota Iron, New York Central and
st. Louis second preferred and North
ern Pacific showed advances. while
! Northwest and Brooklyn Rapid Transit
showed fractional declines.
The bond market was featured by
enormous transactions which aggregat-
ed $3,42O,000 and included an extensive
variety Of Issues. The tendency OF val
ues was upward throughout. which
| thoroughly reflected the growing conf
dence in the financial and commercial
situation. Purchases by foreign inter-
ests were generally noted and round
amounts OF the speculative issues were
taken for local account. The extreme
gains ranged up to per cent with Ore
gon IS trust receipts leading
Governments are neglected, but gem
orally firm
The total sales of stocks to-day were
4S29 800 shares.
Evening Posts London financial cable
gram:
The stock markets remain quiet, but
they were OF good tone to-day. II tho
British public Is not inclined to buy they
are equally dlslncllned to SELL A feature
OF to-day's market was the rise In Amer.
leans, notably In St Paul and Louisville
Nashville. The market here wns caught
short In these shares. The provinces are
said to be bears OF 81. Paul, but indeed
stock OF all the leading favorltes Is very
scarce here. Leading jobbera in Amerl'
cans are talking very bulllsh, but tc
many. the wonder Is how the rise Is still
maintained with so little OF English sup.
| port The close was under the best
| Colonial stocks we're better II Ia said
that the market has been manipulated
10 favor some new Australian loans
Grand Trunk was better, with American
mines firm.
The stock exchange will be closed or
the next two Saturdays.
The rupee loan Of three crores has beer
announced In India, The details are
not quite az cablcd In all rospecta
gather that the issue viii correspond
with tho present 3ls per cent now IN III,
market.
The Paris and Berlin markets were
firm.
bond QUOTATIONS.
New New + 4 4 g reg Xxx + 4 dcaooa.ii
| IT, s. IA req, 1laA ~. \. ~ rcg,.s., NGp