The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-16
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IN. Featnr.s Of lAs Money aud steel
Markets

Ths Featnres Of the Money aud siesA
Markets
NEW YORK. August i5.-Aioney on
call easier at 1stG2 per cent; last loan
ia per cent Prime mercantile paper
sH@I- per cent. Sterling exchange
steady with actual business in bankers
bills at 81 s51tG4 s5R for demand and
at 81 slai s4H for sixty days. Posted
rates a S4h94 IS and SSg4 Sesa.
Commercial bills = SS9f s4iS etiyer
certificates 6s%d59h. Bar silver " 70
The market for stocks was reInell4
ably active and buoyant all daH to-aay'
There was an occasional matt IN tne Up
ward tendency when the price Of some
LEADING stock was advanced TO Level
which invited unusually heavy offer-
inRa But no volume OF offerings SEEM
ed sufficlent to check the steady up-
ward tendency OF the market and ev-
erythlnE was absorbed with eagerness.
The st. Paul took the lead OF the mar.
ket with rise OF 3h percent, and total
transactions for to-day footing up 81
900 shares. This advance was undoubt-
eddy due to the movement OF a large
combination Of speculative interests and
was based primarily on the fact that
the advance in the price hitherto has
been In commensurate with that In the
other RranEers. The reason for this
probably was that the stock has been
more largely held abroad than the 9TH
er granEers and London has been per-
sistently liuuidating its holdings Of
American stocks. Engtand's unfaVor-
able trade balance and the strong mar
ket presented in New York for profit
taking OF course have been the motives
for this selling. But It was neverthe-
less effective In holding back the price
Of st. Paul. It Is now said that these
London offerings have been steadily abb
sorbed BY the powerful speculative
clique which started the present bull
movement in Burlington and which has
now shifted the leadership OF 81. Paul.
The buying was accompanied by ru-
tnors that the next semi-annuat dtvt-
dend Of per cent Will be supplemented
BY an extra dividend. The preferred
stock was bid up 81 per cent to-day
and the high grade bonds OF the COM
pany were also strong. But while st.
Paul was the conspicuous centre OF the
market the other grangers were uni
Eormly strong. The buying OF Northern
Pacific continued very large and ag-
gressiye. Brooklyn Rapid Transit was
also heavily bought and number OF
other, industrIals, notably Tobacco,
some OF the iron and steel companies,
New York Air Brake, the Rubber stock
and American Mailing, were buoVant
and active. The strength spread from
the leaders as the day progressed and
embraced q continually growing list OF
stocks, most OF which show gains OF
between and . points and many Of
them in excess OF that Sugar and
Manhattan were depressed throughout.
There was no special news TO account
for the rise which was rather due to the
growth OF general conviction that the
conclusion Of peace wifi give full scope
to the extraordinarily favorable condI-
lions in the country embraced in large
crops at profitable prices. easy money
conditions and a continuing favorable
trade balance. The multiplying signs
Of business activity in all lines
strengthen the conviction in the coun-
try's continued prosperity.
Business In bonds was on somewhat
reduced scale and there was tendency
to reaction at some points In the list,
probably due to the diversion OF capital
into stocks. Total sales, $65s.60e
Government bonds were otherwise I'M
changed.
The total sales Of stocks to-day were
55S,5OO shares