The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-23
FINANCE AND TRADE
This Features OF tho Money and Stool
Markets.

Markets.
NEW YORK, Aug. 2l.-Money on call
nominany at 1AGlM per cent. Prime
mercantile paper 3K@4h per cent, sterl-
ing exchange steady, with actual busl-
ness In bankers bills at 81 S5S9i S4&
for demand and 81 S3rsa4 S3% for sixty
days. Posted rates 81 S4is@4 Sc and
81 S6is94 81. Commercial bills 81 So. Bar
silver 5lTc. Mexican dollars 4Oc.
The dominant tendency of to-day's
stock market was still distinctly reac-
tionary. Notwithstanding the fact that
the days trading resulted In fraction
ally higher average OF prices. There
was a large falling OF In the volume of
trading and the rally which brought
prices up at the close was on compare
lively light purchases by the short in
terest to cover over Sunday. There was
no evidence OF any re-awakening of the
large speculative interest which has
carried the market for so many weeks,
For the first time In considerably over
q month no one stock was sold TO to-
tai amount as great as 10000 shares, st.
Paul leading the list with sales OF 1900
shares. Burlington, Leather preferred.
and Reading were the only other stocks
the Gales OF which reached 10000 shares.
The total sales for the day were consid-
erRbIy less than half OF the total OF Sat
urday week ago. These conditions
left the market to large extent In the
hands of professional traders, whose
main object was TO manipulate prices 70
their own ends. The crop prospect was
the principal weapon of the bears, as IL
has been all week and In the condition
presented of the withdrawal OF the bulls
for the time being from the market,
they were able 30 achieve sharp declines
in number of the active stocks, the
Changers and the internatlonals being
prominent examples In none OF these,
except New Jersey Central and Rubber,
did the fall reach point and the sub
sequent rally on covering more than
wiped out the declines. Only In two or
three instances did the net gain reach
as high us point, Susquehanna &
Western preferred, Leather preferred
(2it) and Colorado Fuel showing the
exceptional gains. Leather preferred
was conspicnousiy strong all day and
in the prices In the product. Sugar was
active and gained IL per cent over the
low point The rally extended to ~ in
Burlington. IL in st. Paul. Louisville q
Nashville and Reading FIRST preferred.
and point In Tobacco and New Jersey
Central.
The reaction In the stock market.
which set in late on Monday has contin-
ued practically without abatement all
the week Monday morning looked like
continuation OF the eager buying and
continued rise of prices which had been
the characteristic Of the market during
the previous week. But It was only the
working of of the orders which had &C
cumulated IN the hands of the commits
sion houses over Sunday When these
had been disposed OF the market began
to fall, and each succeeding day, with
one exception, saw an average net de-
cline In the level OF the market The
nominal motive for the decline was the
alleged damage to the corn crop and the
disappointed yield developed by the
threshlng OF the spring wheat crop In
the northwest. There are other condl-
tons In the market which may ac-
count for the decline Some OF the lar
iized enormously on the advance and
sold out on the belief that the reaction
was normally due In prices. even with
all conditions remaining even. This
element was willing to see q reaction In
order to enable them TO reparehase
stocks at a profit, The professional
bears we're ready to aid them with short
selling OF the market. There was feel
ing prevalent In all circles that specu-
latlon was taking n reckless tone that
BODIED no good for the future. II was
felt that stocks were getting into weak
hands and that such state of affairs
afforded an unstable basis 10 values,
and the bull interest retired for the time
being perfectly willing to SEQ a reac-
ton sufficient TO shake out weakly mar
gihed holdings and which would i'm
prove the tone Of the market and put II
on more substantial basis This state
OF mind In Wall street must he taken
account OF In properly estimating the
Importance al the weeks reaction as a
barometer Of business conditions In
general. At the same timo there u
known to be an enormous speculative
interest In wheat on the bull side Of the
market For many weeks past the
stock market has moved In sympathy
with the grain markets Reduced crop
yields ore a bHli factor in the grain
market aud bear factor In the stock
market
Evening Posts London financial ca
blcgrum:
Tho stock markets we're Inactive to-
day IN view Of che settlement TO COM
mcnce on Tuesday next CHILEAN bonds
were FIAT on unfuvurdbiO cables about
that cOuntfy'R finances. llrazllR we're
better on improved exchange.
Americans were weak the effect NJ
the rise IN wheat being onset by the ro-
porId shortage Us the crops Largo ship
mcnls Of stock have been made to Now
York by this weeks steamer II IN gtlll
believed here, however that New York
viii Initiate a further rise.
BONDS AND STOCK QUOTATIONS.
u. y, ~ rOg.,,., aIHlpltiabuf{h nuiGY