The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-31
FINANCE AND TRADE
The Features Of lhs sIopsy aud Steel
Markets.


AIaFksts.
NEW YORK. August so.-Money on
call steady 292aGc per cents Inst loan
2isc. Prime mercantile paper S&0lh
per cent Sterling exchange weak. with
actual business in bankers bins at
a s4R6I IS for demand and az q $50
{ s2N for sixty days. Posted rates
81 s46I sEh and - SO. Commercial bills
81 S26I SEX. Silver. certificates 5sk@
6OIlc. Bar silver 5sfc Mexican dollars
461sc.
The bears attempted TO continue their
campaign against prices OF stocks to-
day. Their efforts were at one time att
tended With moderate success. But be-
fore the days session had ended they
found themselves under the pressure OF
advancing prices and they were obliged
themselves to contribute to the adyanc-
ing by covering short contracts, There
were several elements Of the situation
tn their favor. There was continued
firmuess in the rates for money and
continued losses by the banks TO the
sub-treasury to pay for government
bond allotments, causing apprehension
of money squeeze at a later period.
There was also some evidence that the
opening advance In prices was manipu-
lated to AFFORD opportunity for profit
taking, thus giving announcement 20
the bears. During the FIRST hour acute
depression developed In the coalers on
account of the report from Philadelphia
that Tidewater prices for anthracite
had been cut CSC and that the companies
had abandoned the effort to control the
i. IL 4 NUa hkan n
extended to 3iG per cent and coupled
with Weakness In some Of the special
ties, broke the whole market to prices
materially below last nights level. The
BurlIngton's statement for July show
ing the small increase in gross earn
ings wiped out more than five times
over BY the increase in operating ex-
penses was used by the bears, although
the ST. Paul statement showing actual
falling off for July In gross earnings,
has long since been counteracted by the
increases for that road shown by the
August traffic returns. Burlington's de-
tailed statement also showed that while
freight earnings decreased on account
OF the light grain movement there was
an Increase Of over 100000 In the pas
senger earnings rejecting the improve
ment in general business and the more
prosperous conditions. Nevertheless,
Burlington Jagged in the late recovery.
There was evidence OF powerful sup
port In many stocks at level slightly
below yesterdays prices and there was
large general buying also invited by
any decline. Evidence OF this Influenced
the recovery. Buying for London ac-
count, which held number OF the In
ternatlonal favorites firm nearly all
day, formed an effective point Of 49,
slstance. There were authoritative de-
malls late in the day on behalf OF the
officials OF the coalers OF any extensive
price cutting. Further weakening OF
exchange gave promise OF early gold
Imports though the reported buying OF
gold In London yesterday for New York
account was not confirmed. There was
some growth also OF assurance that
tightness in the money market would
be soon relieved by the early distribu-
tion OF the new government per cents.
This distribution will serve to release
large loans made by New York banks
to Interior banks for payments OF sub
scriptlons TO the bonds. All these factors
tended TO the recovery in stocks and n
late break of three points In Manhat-
tan caused only a fractional reaction in
the general list, which closed at net
gain In nearly all cases.
Some Of the speculative bonds react
ed early in sympathy with stocks, but
prices generally recovered before the
close. The total sales. $3,03j.O 900.
United States IS when issued declined
Il per cent In the bid price.
Government bonds were otherwise un-
changed.
The total sales of stocks to-day.
45S,60O shares.
BONDS AND STOCK QUOTATIONS.