The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-20
FINANCE AND TRADE
The Features OF the Money aud Stock
AInrksta.

puslHeSS III OdnkerS DlllS at ~ 1854 Tor
demand and 81 S3h9a SSA for 60 days;
posted rates, "a S4Isas4 SO and 81 SGhd
81 81; commercial bills. aS2. Silver Ger.
tihcates offered 5sc. Bar silver, 5ec.
Mexican dollars. 20Hc.
The stock market to-day continued to
show Itself sensitive to unfavorable In
ftuences to u marked degree. At no
time during the day did the course OF
prices indicate any aggressive strength
The liquidation at times was quite
heavy, especially in the internationals
and the grangers. The principal factor
In the situation was the heavy selling
for foreign account OF wheat, sales for
that account being estimated at be-
tween 100000 and 100000 bushels for
the day. So much stress has been laid
for several weeks past for the foreign
need of our grain crop as giving the
best assurance for prosperity to the
farming population and better times for
all that 1t was but natural that depFes-
sion should be caused by the disposition
OF foreigners to sell back to us the
wheat they have purchased. This de-
velopment in the situation gave the
greatest aid TO the professional bears,
who have been working so persistently
for reaction in the price of stocks
They were also assisted by the reac-
tlonary tendency in the London stock
market, which embraced all securities,
Including those Of American railways,
and which was due TO the hostllItles
which have broken out on the Indian
frontier. London also sold quite heav-
lily In this market OF nearly all the in
ternationats. Another depressing intiu-
ence was the reports which are indus
trIously kept in circulation OF con-
tlnued cold weather in the west, caus-
ing danger of a lessened spring wheat
crop and a delay In the maturity OF the
corn crop. The course OF the exchange
market to-day caused disappointment
to those who have been looking forward
to early imports Of gold as an additional
bull factor in the stock market. Actual
rates for both long and short sterling
rose about &c in spite OF the fact that
the open market discount In London
showed an easier tone and that the
Bank of England refrained from ad-
vanclng its minimum rate OF discount
to-day. The foreign selling of grain
securities for foreign account helped to
stlffen exchange rates. The failure OF
the Bank OF England to advance its
rate OF discount is regarded as evidence
that no fears are felt Of an immediate
drain Of gold from London. These
combined causes effected quite mark
ed reaction IN the price Of stocks gem
orally and this was accelerated by the
discovering Of stop orders, But the
selling movement seemed 90 lose lis
force In short time and the market
turned into extreme dizziness. support
Ing orders were found to be forthcoming
at the low point and those who had sold
out apparently wanted TO buy stocks
again and hold for rise. Sugar was
quite prominent feature and touched
new high record at $50, aiding mate
RALLY In rallying the market 1t sold
of again to near the lowest. buying
demand for the Coalers late In the day
was also Of material assistance In rails
ing prices from the low point. ms was
also sharp rise In the prices OF local
gas stocks. The bears raided the mar
ket again just Mt the close, causing
prices to ease of after the rally. Never
theiess net losses. though general are
for the most part small food tratllc
returns for the second week OF August
from Southern railway Chesapeake "
Ohio, Chicago Great Western ana Lou
isville & Nashville gave a ilrmer tone to
those stocks and helped to steady the
market Brooklyn Rapid Transit show
cd strength on account OF plans for
crossing Brooklyn bridge
Losses Of n point occurred IN Erie
first preferred Illinois Central Lake
Erie & Western, Minnesota Iron Rub
bcr and Lake Shore, and Of 2la In RUB
Der preferred,
iyn Union Gus, Chicago & Eastern ii''.
nols and Iackawnnnu . or over ard
Brooklyn Transit and st, Joe s Grand
Island over point
The bond market yielded on moderate
realizatiOns IN the speculative liens,
The weakness In the general market
was not pronounced ana In the late
dealings n better tone developed. The
aggregate safes were H,Sa5"8e.
Government bonds were easier at tho
outset. hut subsequently lrmcd up and
closed steady
The Evening Posts London financial
cablcgram:
The stock markets were stngnant to,
day. They opened Nat on the polltlcnl
situation. hut recovered on better prices
from the foreign bourscE ut mih-iay, n
rso In the Bank Of England rate having
been apparently feared by Paris and
Berlin Americans Jagged on the halt
Ia the New York buylng and closed
weak In the street
There was rise In Indian exchange,
Indicating the possibility oven OF mold
goIng to tn1ll India council drafts
| have been sold to-day ne hlgh as II
31.iGd per rupee against Is g-l6d yes.
| torhny
The weekly statements Of the Bank Of
ENGLAND shows tAat coin AHd bullion
have Increased 10000 pounds, Of which
| 600 pounds was gold Imported on bal
lnco 5000 pounds having been sent "a
India and f0 900 IN Egypt while 1900
came from gauth AmorIr1, 10000 pounds
from the Cape aud 1900 pounds from
AurTilll
The bank returns unu7unllr interest
inn feature ip further hrercnaN oi
nearly 100000 pounds IN other Rccurlt.
| lcH. THIS pepfor,u,s bupFuTIug lay lho
llnE, and have reason to bullOvc that
Tho 1nougt has been borrowed from thc
mdln council Tho rplf0n for THIS Dor.
r0wlue puggl.H the market Apparently
the bank NJ 1ut0riun tp get control nt lhe
murhoI rul NJ No f0ntri gold exports Ia
Sow lUu. or ~ Japan although moro
arc mo- F.HuH N Tho moment NJ either be.
inu nrtnntiy imminent The decrease ST
Loo ono round IN other deposits Il dno
Ia tho doutoiso la other securities ana
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