The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-14
FINANCE AND TRADE
-h Features Of the Money and Stock
Markets.

| cent, closed offered AZ per cent AiHAS
mercantile paper sila4A per cent. ster-
ling exchange weak, with actual busl-
ness in bankers bills at 81 S5la for de-
mand and at 81 S3is@4 S3& for sixty
days. Posted rates 81 silsG4 Sc and
81 s6lsa4 81. Commercial bills 81 S2ls,
Bar silver 55%c, Mexican dollars 52Ac.
Quite a number OF factors combined
| to-day to exercise a rather depressing
| influence on values on the stock eX-
| change. There were also other incl
dents, which, while not calculated 20
have any effect on intrinsic values,
served to put q damper on the specula-
tive ardur which has become rampant
In Wall street. The tone OF weakness
| and hesltanoy In the wheat market on
account of lower prices abroad and a
diminished export demand were most
keenly felt In the stock market, The
g.aln carrying roads OF course, showed
most sympathy with the wheat market
| as being most Immediately affected. But
| every department of the market was
more or less influenced on the ground
that the return of general prosperity
win be more helped by the good prices
to the farmer for his crops than by any
| other one thlng, Besides this very Inn
| portant influence towards halt In the
| rise es prices, the more substantial and
solid element of speculative buyers
looked decidedly askance at the specu-
| latIon which broke out yesterday and
to-day In what the street aptly terms
eats and dogs" meaning discarded
odds and ends Of stocks, and securities
which no longer represent anything OF
any apprecIative value In the whole
world, There was more or less move
| ment in this class OF stocks as was the
case yesterday, but advances were by
no means effected as yet, Even the
recognized bull operators discourage the
movement in this department OF the
market 1t being an accepted maxim that
activity in It presages the elimination
| of bull movement and subsequent re-
| action.
This consideration combined to in
duce some large selling to realize on
many OF the stocks which led In the
I speculation.
The only aggressive strength display
| ed during the day was by some OF the
great Industrial stocks which have re-
Gently been rather neglected. Sugar be-
inn the most notable example, These
succumbed with the rest OF the list to
the downward tendency before the day
was over.
No little effect was produced on the
| market by the heavlness In Northern
| Pacific preferred, which has recently
been prominent for strength. The liqul-
datIon, which set In In this stock yes
| tecday upon the announcement OF the
new presidency continued to-day.
Friends of the property called 1t profit
| taking. The stock sold down TX and
lost ~ per cent net. Louisville &
Nashville also suffered from profit talk
Ing. London bought and sold this
stock II Is beginning to appear that
while regular arbitrage brokers have
been persistentiy selling In this market
| for London account some large foreign
| banking houses have been buyings stocks
| in this market for foreign capitalists,
The coalers took quite q prominent part
| In the downward movement of the mar
| ket. The gTangers, Burlington, st,
| Paul and ChicaGo Greatwestern were
most active, showing sharp declines at
one time from the early high point Of
| from 1M to 2h per cent, the latter In
| Burlington. But subsequent recovery
left the net changes fractional. Union
! Pacific, which continued quite active,
receded at one time l% per cent, but
partly recovered. The extreme decline
| reached near or over a point In large
| number OF active stocks, but net loss
of point or over Is shown only In the
following: The Tobacco stocks, Brook
| iyn Union Gas, Canada Southern, Cana
I dian Pacific 2b; Iackawanna 2; Della
ware & Hudson, Louisville & Nashville,
| the Minnesota g. st. Louis stocks, New
| Jersey Central, Susquehanna &c Western
| preferred, Northern Pacific preferred,
Pittsburgh, Cincinnati, Chicago & st.
Louis preferred ca; Spirits preferred,
Oregon Navigation preferred and few
other less prominent stocks. Pacific
Mail was strong, but reacted later. a
number of obscure cheap shares showed
o net gain OF point or over.
Northern preferred rose 4 per cent;
Llnseed oil 4 per cent, and Consolidated
| Gas, Denver & Rio Grande preferred,
| Illinois Steel and Mobile & Ohio point
or over.
A fairly strong tone permeated the
| bond speculation during the greater
part of the day, but In the late dealings
| the marked depression In the stock
market exerted an unsettling effect on
| the speculative issues generally The
| Aggregate sales were S2,S25,0O0.
Government bonds displayed n sag
cling tendency on moderate trading.
The total sales of stocks to-day were
569,57O shares.
The Evening Posts London financial
cabegram:
There was n general reaction IN the
stock market to-day. Americans open
ed dull on the New York quotations of
| this morning, There was sharp rally
at midday. but MS sharp fall at the
close. the Gn!sh being Hat at the lowest,
The decline was partly due to New
York tactics and partly to the fall in
| wheat.
| am told that French buying has
| ceased for the moment, This In no way
contradicts what cnbled about French
exchange,
In spite Of the recent selling OF Amer
leans here, the best opinions consider
| that American securities are too well
| established now to be shaken by any
moderate reaction. A healthy shake
| out will, It Is believed, induce fresh
| buying,
Bar gold Is quoted at 77s liAd. but
| there has been no further sale OF bars
| by the Bank of England thus confirm,
ing the exceptional nature Of the sales
early In the week, as cabled you.
Klfllrs were dull. Interest in them
centres upon the mining reforms and
| the concessions by the TrnnsVaai gov
eminent