The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-24
r1NANcE ANp rRApE
The Features OF the Honey aud Stock
Markets.


Markets.
NEW YORK, Aug. 2s.-Sioney on call
steady at is@3 per cent; last loan l&
per cent. Prime mercantile paper $40
~ per cent Sterling exchange firmer.
with actual business In bankers bills at
81 S5A@4 s5ls for demand and at 81 ss%
al 81 for sixty days; posted rates 81 81
"a S4M; commercial bills 81 s2lE@4 50.
silver certificates 5shGSs%c Bar silver
6Ohc. Mexican dollars 46lsc.
There were nothing in the general sit
uatIon either in the political or the bus
iness world to account for reaction in
stocks to-day. The market was simply
overbought and was subjected to pro-
cess of testing, whcih. whether designed
TO do so or not, inevitably readjusts
prices to the true basis OF value. Yes
terday's heavy profit taking on the part
OF some powerful Interests who had been
buying stocks in the confidence that
they would advance In price, led the
way naturally to the days movement
It became evident at the opening that
the strong support for the leaders had
been withdrawn. In the grangers even
the outside buying which has so eagerly
absorbed these stocks for come time past
showed marked diminutiou. There
were even selling orders in the commits
sion houses for outside account, thus
showing that large part of the recent
public interest has been for speculative
account. But the outside speculative
public failed to show the aggressive con-
fidence in their holdings recently mani
tested by the powerful bull clique.
Neither had they the combined resources
at their command to come In and sup
port stocks at the declining market. The
weakness of the hands into which large
amounts of the granGers had fallen was
made evident by the heavy stop loss or
ders which were uncovered by the de-
cline Of 4 to Y per cent in the grangers
at midday. But the torrent Of offerings
at the low point fell to interests that
were waiting and willing and which eff
fected a substantial rally on compare
lively light transactions. The railroad
list generally moved in sympathy with
the grangers, the break in them putting
an end for the time being to the strong
upward movement which had set in in
some Of the low priced southern and
western railroad shares. The early
weak was accumulated by the persistent
sagglng Of Manhattan which has fallen
about points IN the day. Brooklyn
Transit was also under severe pressure
and Consolidated Gas and some Of the
other specialtles suffered from with
drawal of support. The early weakness
of peoples gas and the subsequent
strength probably reflected the passing
phases OF efforts to adjust a business
dispute. Metropolitan street railway
rose at one time Z points without any
news to account for the movement. The
International paper stocks, Rio Grande
Western, West Chicago. Northwestern,
Chicago Terminal and number OF other
stocks gave evidence of special strength
in face OF the general tendency of the
market. There was 4 very marked fall
ing of in activity after the midday
shaking out suggestive of pausIng to,
take breath. The days mel declines are
most small but the greater part of the
days business was done at prices ma
terially lower than the closing.
The disposition to take profits was
also manifest In the bond market, and
the price changes were irregular on a
decreased volume OF business. Total
sales sS.415,OOO.
United States Is and fne old IS regular
decllnedA and the old As coupon ad-
vanced Y per cent in the bid price.
I,oNDs AND STOCK QUOTATIONS.