The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-30
FINANCE AND TRADE
the Features OF tho Money and Stock
Markets.

49, NANAht AAAt1s 49, eiApAANJ va NNAA
nominally 19lh per cent, Prime mer-
camille paper SM@41s per cent, Sterling
exchange easy with actual business in
bankers bills at 81 s51s for demand and
at "a SSA@4 Ss1a for 80 days. Posted
rates 81 s4t94 $50 and 81 S6is@4 81.
Commercial bills 81 S2@4 S2iS. Bar sill
yer SIC. Mexican dollars Ale.
NEW YORK, Aug. 2S,-The stock
market made remarkable show of
strength throughout the short session
to-day, practically the whole list tend
Ing steadily upward with scarcely q
halt. There was profit taking at inter
walls during the morning, but the sales
to realize were absorbed at gulp, with
scarcely an impression, and the buying
resumed and kept up steadily until the
close. Sharp advances In the prices of
American securities In London gave the
impetus to prices at the opening, Arbl-
TRACE brokers, also, bought some OF the
international stocks. This buying was
not of large proportions, but at least
one banking house not regularly engag-
ed in arbitrage dealings, is known to
have been buyer for account of for
elgn investors, The seesaw effect OF the
decline In whelt was again strikingly
manifest to-day and the crop damage
scare OF last week was displayed by re-
newed confidence in the yield Of wheat
and the safety OF corn. The grangers
we're largely dealt In on the strength of
this factor, but they moved over q
somewhat restricted range on account
OF realizing sales, which affected no
very marked reactions.
Omaha was the centre of interest in
the whole market rising by leaps and
bounds to 7lSc and closing only &c I'M
der that with q net gain OF three points.
The buying was in execution of large
orders. Buying OF the same character
continued In, Chesapeake & Ohio and
carried It up nearly point. The So
called Gould roads IN the southwest
showed advances ir the prices OF their
shares on accoant OF the good showing
in earnings OF recent trafilc statements
Wabash preferred point and Missouri
Pacific and KansaH and Texas preferred
Y per cent each. Illinois steel jumped
three points a.,a other iron and steel
stocks were firmly held on the favorable
outlook In that Industry. The industrial
stocks otherwise were somewhat neg
lected. The coalers also were not con-
splcuous and lacked strength. Local
gas stocks were In good demand and
higher or the prospects OF a consolida-
ton OF interests. The buying move
ment was In full flSNd at the closing,
and prices were at or very near the
best OF the day.
The week in the market has seen
the almost total abatement of the crop
damage scare, which eXerted pressure
on prices, all last week. Even the pub
LEGATION of the governments weekly
crop estimates on Wednesday with its
unfavorable Views of the condition o.
the corn crop, and the yield of spring
wheat, only effected temporary reac-
ton and that not OF large proportions
Otherwise, the market has tended stead
lly upward all week. The total average
decline of the previous week was oblit-
Grated on Monday and the weeks rise
had carried prices to the top level OF the
movement A detailed analysis OF some
OF the railroad reports showed that in
creased earnings were due as much to
west-bound general merchandise as to
east-bound grain traffic. This increase
in general freight business and the re-
ported growth Of telegraph business
were made effective use as reliable indi-
cations of the expansion OF general bu-
slness In the country. The sentimental
effect of dollar wheat was no small fac
tor In effecting the resumption OF the
upward movement in the stock market,
even with the doubt as TO the safety Of
the crop still unsolVed. No serious
doubt is any longer entertained that a
market Is assured for an unusually
heavy crop in the United States at
prices which are extraordinary. The
prosperous year thus assured to the
farmers Is felt to he the certain basis
for Improvement upward from the
first producers through all the industrial
and commercial community A feature
OF the week has been the reduced vol
ume of transactions, Thus the reaction
in the middle Of the week brought out
no large offerings to llquldate. on the
other hand the sharp lvances on Mon
day and some ether days we're on a to-
tai volume Of transactions only about
one-thIrd as large as some days during
the recent period Of greatest activity
At the same time, II ls evident that very
heavy orders to realize are placed at n
certain level, above the market In the
prominent speculative stocks, which
checks any advance above certain
point. on the other hand, there Is evil
denee Of heavy buying orders, come OF
them on an Increasing scale downward,
which are n strong buttresa to the
market below the existing level and
which demonstrate the faith Of large
operators In the continuance of the
Improvement This condition gives a
remarkably firm and steady tone to
the market. The less prominent stocks
which are brought forward into activity
and whore this condition Of things does
not hold to the same extent, move more
ensIly. 4 number Of stocks have thus
attained prominence during the week.
Missouri Pacific aud Chesapeake II Ohio
nrc the most noteworthy examples, and
to-day Omaha was added to the list
with lump OF three points In the one
half days trading The fact that the
money market rs New York has be-
come castor during the woek II hard to
cxplnln, In view of tho continued In
crease in business activity all over the
country. The failure Of the money mar
Rct to harden IN attributed to the fact
that the heavy retronchmcnt ana onor-
NOUS liquidation which has been going
an Tor months IN every department In
business have lcfi large surplus funds
available NJ interior points M vel az
In New Yorlt The plethora NJ money IN
the cause of dorcrrlnR the gold Import
movement lnloa for money ruling
hlRhor Ia the London market than here,
The notably ncllvo features IN The
bond lltt which was strong throughout
were Chounpciko 4 ONO ~, Kansas
and Pacific conrol GH and oregon I'M
movement u.s. Gains fnr the week
reached u point or more IN tho Atchl-