The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-12
FINANCE AND TRADE
Th' Features .. ,le money aud Stock
Markets.

tile paper 3ad4I4 per cent, Sterling ex-
change steady, with actual business In
bankers bills al 81 s5EG4 ssh for de-
mand and at 81 Sld4 Sih for sixty days.
Posted rates 81 S4ia04 S6N and 81 $500
4 81. Commercial bills 81 SO, Silver GER
tlticates 5Gg57c, Bar silver 55lsc. Mexl-
can dollars 42lAc.
The only interruption to the upward
course of prices of stocks to-day was
due to occasional profit taking by room
traders, The offerings on this account
We're easily absorbed with only mo-
mentary halt, after which the rise was
resumed. During the morning the in
fuenCe OF buying for London account
was evident, arhltrage brokers taking
all the International shares quite freely,
London prices also came higher at the
opening, But before the day was over
London had turned sellers again, and,
It is estimated, sold $4,000 more shares
than were bought. The effect Of this
selling had no appreciable effect
on prices. The low priced shares
OF non-dividend paying stocks
We're largely bought by London,
and were favorites also In the local
speculation, the argument being that
such stocks are bound to ADVANCE If
the promise of better times holds good
and IL II does not they cannot recede
far. Union Pacific was the fayorite in
this class end was the leader Of the
whole market In point OF activity, $1,000
shares being bought during the day
The stock was helped by revival of an
old story that the forthcoming foreclo-
sure sale would make the road part
Of great trans-Continental system un-
der one control. The stock was heavily
bought by professional traders for spec
ulative account and closed with a gain
OF Sh points on the day. The excitement
In tho wheat market was reflected In
the stock market and was a large ele-
ment In encouraging purchases, espe-
clally of the granger stocks, the grain
carrying roads In the northwest, west
and southwest all showing substantial
gains and great activity. The dealings
in the high priced grangers were Of
enormous proportions and the Atchlson
securities and Northern Pacific prefer
red were also prominent features. Re-
ports from western points were of in
creasing demand for car space to move
the grain crop and of the necessity of
great eXertlons on the part OF railroad
managers to avert car famine. State
ments OF earnings also continue en-
couraging. st. Paul showed an increase
for the first week in August of S50225
over last year. For the same period.
Canadian Pacific gained SG4, 900, Missouri
Pacific $4,000 and Kansas & Texas Sl2,-
1873. Northern Pacific gained SiS3,9T for
the last week In July, Louisville &
Nashville was active all day, but all
moved within narrow limits, until near
the close, when II Jumped to O leading
place In the advance, with a net gain
of 2M per cent. one Of the features OF
the day was the steadying OF the sterl-
ing exchange market and the conse-
quent cessation OF talk OF gold imports
In the immediate future. The stiffening
OF the discount rate in London added to
the continued heavy sales here Of Lon
don holdings OF securities are probably
responsible for the check to the fall in
exchange. Continental exchange con-
tlnued weak and downward. Gains eX-
tended over point in a large number
OF railroad stocks and to ten points In
Cleveland, Cincinnati, Chicago & st.
Louis preferred; ~ In Metropolitan
Traction: 2% in Minneapolis & ST. Paul
first preferred; 21S In Pittsburgh, Gin
cinnati, Chicago & st. Louis, and 2 in
Rubber preferred. Losses OF over q
point were shown in Laciede Gas pre-
ferred, (5&), Chicago & Alton, Console
dated Gas; Lake Shore and Long Is
land.
The inquiry for railroad mortgages
continues heavy and reflects the in
| creased confidence in the general sltu-
| nj ,,f nj nHnrtt no
forged to the front, and purchases OF the
middle grade liens were on large
scale. The general market maintained
a very strong tone throughout. The ag-
| gregate sales were A,2IQ,QQO,
Government bonds were slightly ir-
regular on dealings of $4,000.
The New York Evening Posts Lon
don financial cablegram:
The stock markets were Irregular to-
day, being entirely shaped by New
York. Thus. Cousols, English rails and
oil kindred stocks were fiat on dearer
money based on fears of gold exports
to New York while Americans and KAT
frs were booming.
learn that yesterdays and to-day's
| Withdrawals OF gold from the Bank Of
| England were exceptional transactions,
due to gold having been sold forward in
open market for given date against
which arrivals have not been sufficient.
| No arrangements have yet been made
for shipments to New York
Americans were good all day. The
public 10 buying, the interest is spread
ing and the dealings are becoming very
heavy. There was run on all the
| preference stocks OF reorganlzed lines.
| Louisville and Nashville was also very
strong. Prices closed a shade under the
best, but with confident tone.
1t Is significant that some of the
most confident buying OF Americans
comes from members Of the Baltic eli
| que, who see the grain movements, and
from financlers In the money market
| who see the American bills offered for
discount. These are said In some quar-
tiers to be almost unprecedentedly large,
The sharp rise in discount rates here
to-day TO 1%dlhc shows to what ex-
tent business In that branch OF the
market Is disorglnIzed. Best opinion
favors no change In to-morrow's bank
OF England rate, sun, such Is the fear
Of exports of gold to New York that a
change In the rate Ia discussed. All the
continental exchanges on London con-
tlnue to advance.
The Paris bourse opened dull, but
closed firm. with buying OF Kaillrs,
The Berlin market was Arm,
BONDS AND STOCK QUOTATIONS..
u. s. 2s reg."... D7islOre. H. & Nav. %
u. s. As reR,u.nillA Pittsburgh lids
u, s. ~ coupon. .il2b Reading ..,.,.. 2GAi
u. y. Now a. reg l2tN Rock Island 80. 70
| u. y, New is COu RON ST. Paul ....,, O3is
u. s. Or reg. u.llaA do preferred, "ll2l!