The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-07-26
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FINANCE AND TRADE
The Features of the Money and Stock
Markets,


Markets.
NEW YORK, July 2i-Money on call
steady at l per cent. Prime mercantile
paper AGA per cent, Sterling exchange
steady with actual business in bankers
bills at 81 SIN for demand and at 81 S6N
for GO days. Posted rates 81 S7d4 SIN
and 81 SSd4 SsM. Commercial bills
81 ssh. Bar silver 59hc Mexican dol.
lars iGhc.
The forcgone conclusion that the new
tarlff question would be settled to-day
and the cereal and cotton crops contin-
ulng promising. lent the stock market
further strength to-day except In the
final half hour, when short sales on real
izatlons OF profits diminished the days
rise 20 the merest fraction, while trivial
losses were suffered by Sugar and Lead,
Chicago Gas and the Reading shares.
Commission houses bought literally In
the early dealings. as did London, al
though II was holiday there. The
movement in the grangers was slightly
mixed, with Rock Island gaining frnc'
tlon. while Burlington and 81. Paul re.
malned stationary and Omaha and
Northwestern receded slightly. st.
Paul had shown some temporary
strength on having earned more for the
third week In July than ever. except In
1892 on moderate dealings, the south
westerns showed some Improvement,
Missouri Pacific gained ~, The quota
ticns of Chesapeake 6 Ohio failed to re.
feet It's Increase IN June earnings. The
squeezing of the shorts in Tobacco
caused a rise In that stock OF point
and half.
General Electric exceptionally fell 2
per cent. from the Initial price, but
closed with net loss Of a point. Ad.
vances OF n point or more were scored
In the following securities:
Rio Grande & Western preferred ?;
Central Pacific, Delaware q Hudson,
Denver n Rio Grande preferred, and
Mobile Sc Ohio.
High record prices have been the ruli
rather than the exception for the week
under the stimulus Of the approaching
tnrlff settlement and that rare comblna-
ton OF good crops at home and short
arcs abroad. Wheat for the week, on
tremendous cxports-nbout 100000
bushes-had made an extreme advance
Of AZ and q net rise OF n. With hut
three weeks before the crop Is absolute
~ assured there being no unfavorable
advIces. stocks naturally continued the
advance af the past tive months aud
displayed Irresistible strength, and pre-
dictionE were not wanting that In 1923
might be duplicated tho boom Of lSS0-Sl.
A variety Of favorable Influences Operl
atct to bring nbont the buuynnry in the
weeks stock market, chief among which
were the compromise agreement on thu
tariff measure. knowledge that II would
speedily be enacted, and the rapid rise
In cereals. owing 10 the heavy export
orders arising from the decreased
worlds Visible supply. The large IN.
Eagemcnt OF c1rgoca for Brazil, Aus.
trla, Peru, Argentina and other wheat.
producing ccntcfs disclosed the needs II
foreign countries for our surplus staplcl
and Influenced the tremendous tTadln'
In the grain marct, where the shorti
were badly squeezed This Clrcum.
stance was reflected In the values OF the
granger and southwestern Shares 10 .
notable extent ON tho theory that tht
farmers, being enriched by the Improves
prices Tor their products would eSpeHd
n portion Of the proceeds 20 that tho
railroads would secure u lucrative west
bound tonnage aH well ne Increased
transportation rnteH on grain.
The mnrkrt w1r somewhat Etiifcr nj
time, cnll accommodations ranging M
to ~ pnr cont, although business wnt
generally transacted NJ per cent TINA
loans were IN better request with ahofI
periods In most demand rho CONNER.
clnl paper market held qulot without