The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-21
FINANCE AND rssgx
This Features Or the Money aud s,eei
Markets.

NEW YORK, Aug. 2O,--Money on call
easy at lh41M per cent. last loan III
per cent; closed offered at ~ per cent,
Prime mercantile paper S7l@iis per
cent, Sterling exchange steady with
actual business in bankers bills at
81 s5Sd4 S5% for demand and at 81 S3Is
a. S34 for 60 days. Posted rates 81 siia
al So and 81 SGlsG4 81. Commercial
hills 81 So. Silver certificates 5Oa52lsc.
Bar silver 52&c Mexican dollars 4OAc,
The process OF realizing profits on the
long continued advance In the market
went on to-day and was reflected In thu
heavy tone OF the market and the cessa'
tion OF active outside buying, The SELL
Ing was much of Il by commission
houses and is presumably OF holdings by
the outside public who have grown fear
full Of a decline, Although offerings ea
this account We're large and although
tho days sharp decline uncovered large
numbers OF stop loss orders at times,
the offerings were pretty well absorbed,
orders were apparently waiting In thu
market to buy on a scale down so that
prices meet n resisting force before they
have receded far
Prices in the stock market did NOT re-
spond to the sensational rise In wheah
as Is sometimes the case. So far as this
rise was due to buying for export and Il
the jump In the price of wheat In Eng
land and the continent, 1t was favor
able influence on stocks as indicating
increased purchasing power in hi
hands OF the farmers. But, so far as II
was due TO fears Of damage to tho corn
crop and to lower estimates of the spring
wheat crop, 1t affected the grain carry
ing roadR unfayorably as indicating d
probable decrease In the tonnage OF the
freight to DO transported. Reports OF
such crop conditions were very preva-
lent in Wall street all day and the mar
ket responded quickly, especially this
grangers. The continued flrmness OF
sterling exchange rates was not an en-
cOuraging factor In the market. Lon.
don and the continental money centers
seem TO be fencing to decide which shall
meet the first demand for gold on ac-
count OF the heavy crop movement, but
the exchange market reflected no inn
mediate likelihood of Imports OF gold
The curious contradiction In sentiment
which has existed for months past be-
tween the London and New York mari
kets found a new phase to-day. Prices
for American securities came highei
from London this morning, indicating
disregard OF the reaction manifested
In New York. Purchases In New Yorl
for London account were made, also, OF
nearly all the prominent internatIonu,
stocks, In spite of the falling course Of
prices. Sales for this account were cs'
tlmated at 1900 shares. The New YorlI
market equally ignored the sentiment oil
the London market and went on selling
Receipts of American securities from
foreign holders have been very large re-
Gently by incoming steamers from Eu'
rope, and recent orders to purchase
placed In the London market by New
York houses have developed the fac'
that the market has been pretty well
stripped OF American securities. To
days movement looked like desire on
the part of foreigners TO replenish thei,
supply of American stocks, The eX-
IRENE decline to-day was considerably
over point In large number Of shares
including the grangers and LEADING
southern and southwestern railway
and the Reading issues. A hardening
OF prices in the afternoon diminished
the losses but they reached a point II
many cases, Leather preferred was
strong on the rise in the price of the
product Tobacco lost about points
but Its net change was small. Western
Union, Pacific Mail. Chesapeake &
Ohio, Rock Island and Brooklyn RAPID
Transit were comparatively steady
Great Northern preferred declined 4
points, Rio Grande Western 2la and
New York Central & st. Louis ~.
The bond market displayed heavy
tone on moderate dealings. The specu
latlon was largely conferred In The
leading mortgages and there was de,
clded abatement in the foreign demant
for securities, The aggregate sale!
were s1,S75,Oo
Governments hardened slightly oil
light purchases.
The Evening Posts London financial
cablegram says:
The stock markets here were irregu'
lar to-day, with an improving tendency
on the better news from India AmerI-
cans, however, closed fiat in the street
on the absence of New York support
Sales by recent purchasers here are not
being pressed. but there would be nc
initiative for rise until New York
gives fresh lead. The recovery In sill.
yer and silver stocks Is regarded as
somewhat artificial. Foreigners were
better, feature being the recovery IN
Brazlls on improved exchange. KafIlrS
were hard at the close on reports In
good quarters that Kruger Is regarding
the concessions more favorably.
The total sales of stocks to-day were
4OS, 200 shares,