The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-09
FINANCE AND TRADE
This Features OF tho Money aud stoeI,
Markets.

lnp bentureA OF inc money anu StOck
Markets.
NEW YORK, Aug. Mooney on call
easy at lalls per cent, Prime mercan-
tile paper SIs@i per cent Sterling ex-
change weak, with actual business In
bankers bills at 81 S6A@4 SGM for de-
mand and at 81 S4%9i So for sixty days,
Posted rates 81 S5h94 81 and 81 $40
4 IS. Commercial bills 81 S4Is. Bar sill
yer 56&c, Mexican dollars 43Ac, State
bonds dull. Railroad bonds strong.
Wall street has not seen llvelIer
half day OF trading than that Of to-day
for quite indefinite period, All Of the
favorable factors that have been In
force during the week continued TO eX-
erclse an influence, and there were add
ed 90 these several special cases that
carried the market up with surge to q
higher level all around. Principal OF
these was the constitutional jump In
Manhattan elevated stock, which open
ed with running sales of thousand
shares at 1O2h@lO5 as against 99h at
last nights close. Almost Immediately
the price rose further 10 1903, and react
ed quite violently, but steadied again.
and closed at 1868, and closed at 1861
net gain of IN per cent. Probably the
large existing short interest in this
stock was responsible for this sensa-
tional movement In part. A story that
the Metropolitan Traction Company
had made an offer to purchase the ele-
waited system, which offer was under
fnt-nF~nt,ta ..nfNpf utArtF
up and uncovered stop loss orders for
the shorts. The scarcity Of the stocks
resulted IN the shorts quickly bidding
up the price on themselves. Another
very insignificant feature of the day
was the fact that Londan changed
front and turned buyer of American
securities Prices Of these securities
were higher In London at the opening
and arbitrage houses bought stocks for
London account even after prices here
had risen above the London parity
Some OF the stocks. which London has
most persIstently sold OF late were the
favorltes for purchase, notably st. Paul
Another factor in the rise was the fur
Their reduction by 4 per cent OF the
posted rate for long sterling, bringing
the price down TO 1851 The grnngers
were leaders In point OF activity and
showed sharp gains to new recorded
prices In period OF several years. The
Vanderbilts, nluo, were In keen de-
mand for Investment buying, Illinois
Central leading Belief In an improve
ment IN the anthracite coal traffic for
the coming fall lifted that group to a
higher level, the movement being espe-
clally marked in New Jersey Central,
Western Union showed notable gain
on prospects that It would be benefited
by general Improvement In business
The industrlals were comparatively
neglected, although sugar tobacco. and
leather preferred, each realized a point
Chicago gas East River gas and La
clede gas each showed declines extend
ing to point In the two first named
In the Vanderbhts, Illinois Central led
with 3k points advance, Canada South
ern showing 2R. or the grangers Bur
llngton, and st, Paul each gaiued l&
per cent and New Jersey Central led the
coalers with ga per cent advance. 9TH
er notable gains were: Long Island A.;
Metropolitan Traction 2; Western Union
"a: Pittsburgh, Cincinnati, Chicago s.
st. Louis preferred 2: and Canadian Pa
GlllNt NblIl ttIb IhNlt illllpl9 bANNAt ahA
Iowa Central preferred,
The market for securities during the
week has reflected dee!sively the con-
hdence OF capital that prosperous times
for this country have set In.
The developments In the general sit
nation has justified the faith which be-
gan to manifest Itself In the tone of the
speculation three months ago, and the
strength Of to-day's market reflects the
belief Of still further improvements for
the future.
The statement Of the New York City
banks for the week ending August Z
Is favorable in every feature and lndl-
catIye OF the better business conditions
which prevail not only az this center,
but over the country generally. The
idle cash was reduced about A,00J.0OO,
and the surplus reserve while sim In
excess OF S4O,OOO,OOO, Is lower than at
any time since the third week In Janu-
airy. The loss IN each for the current
week was due partly to the Withdrawals
OF legal tenders for gold export pur-
poses, not reflected in the previous
statement The SiO,0OO,OOO loan nGgotIr
nted few days since by New York
city also occaslnned some ShiftlpH Of
funds. II Is important to note, howev-
err that the banks are not gaining
heavily from the interior movcmcntand
the decline In domestic exchange rates.
as noted In this analysis last week, still
continues with New York funds at n
discount the probability of continued
shipments becomes less. Tho heavy
grain movement In the west aud the
reviving business conditions elsewhere.
must soon make demand on balances
now maintained In New York by In
terror bduks, aud the fact that time
loan OF two million dollars was nrrnng.
ed last week bv well know house for
four months, seems 90 reflect m opln-
Ion that rates are cnslcr now than they
viii be during the remainder Of the sea-
son. The expansion Of iG,tC6,2OO In loans
az reported In the statement Is favor
able feature, II would be- Idle Ia nttrl-
butte To all the increase to mercantile
domandB hut $50 Tess than thirty four
banks, doing q diversified business,
show gains Three Of the larger infll-
tullong alone report an increase Of a..
1901 OO
nONDs AND sTocK QUOTATIONS.
u, 4, "a Feg,,,,, p7it ore. Il. & Nnv. 9,tS
", y IN rogu""llll Pittsburgh ,nuiGg