The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-11
FINANCE AND TRADE
This Features OF ths Money and Stock
Markets.

Markets.
NEW YORK, Aug. 1O.-Money on call
easy at 1d1h per cent; prime mercan-
tile paper per cent; sterling exchange
weak, with actual business in bankers
bills at 81 S5%a4 S5A for demand and
at 81 S3Sdi 81 for sixty days; posted
rates "a Siza4 SGlh and 81 s6Ia94 S71s.
Commercial bills 81 SO. Silver certlh-
Gates, no quotations. Bar silver 559sc.
Mexican dollars 42hc.
The price OF most stocks this evening
was distinctly higher than last evening,
the gains extending to over point In
some OF the most prominent stocks.
There are several reasons why this net
result Of the days trading IL purtIcu-
iarly notable as indicating the recupera-
tive power of che market. In the first
place the market opened with yester-
days disposition to take profits appar-
emily still rampant. The offerings for
this purpose was very heavy and the
market sold off sharply under the large
transactions. The decline was acccler-
atcd by the pressure Of short sales, pro-
fessional operators being convinced
that a reaction OF considerable proper
lions was impending, The grangers
were subject 10 the severest pressure
but few active stocks escaped n loss OF
near a point By the time the decline
had reached this proportion the offer
lngs began to show signs OF dminul-
ton, that unfaillng indication Of an
undcrtone Of strength IN falling mar
kct, and prices soon became Arm After
a period Of dizziness they resumed an
upward course and advanced steadily
ana strongly for the rest Of the day ON
continuing Increase Of business, A large
part OF the shares which were preClp-
lately thrown over yesterday IN the
desire to realize profits, were bought
back to-day many Of them below the
level Mt which they were sold. The
early short sellers many OF them felt
lmpcllcd TO accept the Inevitable ten
dcncy to advance In view OF the dec-
slye test of the rclctlonary power OF
the market which was given In the
morning. This rccupcrnllOn was effect
ed In tho face Of selling for London 0c-
count In rather larger volume than usu-
oil, and Of especially severe declines Of
Americans on the London exchange.
lN-NNS WIZ NUt lVlNllEWNlN bNANl'll'Ht
or delivery day on the London cN-
change. Tho belief had prevailed In
some minds that the recent selling OF
Americans by London was for short ne
count and the settlement would disclose
tho fact In an increased demand to
cover shorts Contrary to the cXpcctH-
ton OF this class, London sold all the
international stocks very freely, with
the exception Of Northern Pacific pre-
fcrrod. This goes to confirm the Inn
preston that foreign capitalists have
really been llduldhtIng thclr hol1lnus Of
American securities on q very largo
scale The only symptom " the cNlst-
cncO Of amy short interest IN London
was some demand to borrow sloclu
here on the part NJ tic representatives.
of London interests Tho dlHrognrd Of
tho sentimental eject Of London'B nl-
titndu by thr rniiy here wHa ail the
more marked In Wow Of these facts,
Tho day was marked 10y further de.
cline IN sterling EXCHANGE Of posted
rates Ia u Mh aud ~ SGlb FOR long ana
short respectively ana " actual rates
to 81 6JA aud n Sbt for long and short