The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-19
E1EAacR ASD Trade
The Features 81 tns l.oBsy- aud stos
aIArksts.

aANFllnAls
NEW YORK. Aug. 1s.--Aiouey on car
steady; lH91S per cent; last loan ~
ser cent. Prime mercantile paper S1tGi
per cent. Sterling exchange easier. with
actual business In bankers bills at
8 S5h for demand and at s. s3S94 81
for sixty days: posted rates 81 Si1a1f So
and 81 s6Q4 S6N: commercial bis 81 IS.
Silver certificates closed at s. S3&G
s si3s; bar silver 5s%c; Mexican dollars
lsc.
The reaction In prices OF stocks, which
has been looked for for several days,
came In the late trading Ahsday. The
professional traders have been eagerly
anticipating this action Of the market
and have several times sought to bring
1t about by attacking stocks with short
sales- They were having fair success
yesterday when the announcements OF
the increase in the Burlington dividend
put them to rout. The Subsequent up
ward surge Of the market served to
make II an the more vulnerable to bear
attack, and they opened their guns AMI
made an onslaught on Tobacco. Peoples
Gas md Brooklyn Rapid Transit. AZ
though this assault came with very
heavy realizing offerings in the grang-
ers and Pacific and some other recent
faYoNtes, the outside demand was so
enormous as to take the market away
from the professionals and lift prices
upwards In furiously active and very
widely distributed trading. But there
came time later in-the day when the
outside demand was for the time satis-
fed and when the recent purchasers OF
stocks were still anxious to take the
handsome profits accrued upon them.
The bears kept nibbhRg at the list and
made an aggressive attack In the last
hour, which carried prices down suftici--
emily to wipe out weak margins and
bring out stop loss orders. The group
OF low priced railroad stocks and Indus
trial specialists into which the tide Of
speculation shifted had not sufficient
strength to hold the market in the face
Of this liquidation, although they held
stubbornly through most OF 1t. Some OF
them finally succumbed with the rest OF
the list when 1t fell generally below last
nights level. The bull clique apparently
offered no resistance to the decline, but
support was forthcoming before II had
proceeded to any great length. The ac-
tlvity Of the market greatly decreased,
and the volume Of business was mater
tally smaller than yesterday. II Is strik-
ing evidence OF how far the New York
market has cut loose from the leader
ship OF London that to-day's decline
came when London for the first time
practically ceased to sell stocks In New
York and turned buyer Of many OF the
leading internatiOnals Sterling ex-
change weakened in response to this de-
Velopment. Money rates continue easy
and unchanged. but there is a growing
demand for funds from the interior. AS
gold Is unsuitable for this purpose and
there IS almost a famine Of legal ten
ders, there is lively demand for the
new government per cent for the bank
circulation. This bond commando lO5h
on the stock exchange to-day, which is
4 per cent above the previous high
level. The treasury statement shows an
actual decline in the government depos-
It's in national banks, neutrality-suspicious.
the continued losses OF New York banks
to the sub-treasury for payments OF
bond subscriptions. The explanation IS
that the banks prefer to use the new
bonds for circulation in the form OF
bank notes to meet the interior demand
rather than as security for governments
deposits, which would keep only addi-
uonal gold in the money market. Ship
ments OF the new bonds are being made
an too SOW to meet the desires OF the
banks with the newly developed require
merits for currency TO move the crops:
There was good market for railroad
bonds to-day and u slightly yielding
tendency to prices in the late dealings.
Total sales $S,550,0O0 Bid prices for
government bonds were unchanged, eX-
cent, for the threes when issued, which
advanced Y per cent,
nONsDSa AND STOCK QUOTATIONS.