The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-09
rIEGHcE AID 1EADz
me Features Of lho biopey aud stse
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lIArkotA.
NEW YORK, August s.-Money on
call steadier at lM82 per cent; last
loan w per cent. Primo mercantile pa
per sA@4N per cent, Sterling exchange
steady. with actual business in bankers
bills at 81 s5MG4 1854 for demand and
at 81 SsE@I 50 for sixty days. Posted
rates 81 slM.94 IS and a 1904 seli.
Commercial bills 81 ss1s14 So. Silver
certificates 5SEGD59jkc. Bar silver 59c.
Mexican dollars 45JEc.
The stock market to-day underwent
one OF the processes which Is usual In a
strong advance. Even where the gem
aral trend OF prices Is upward for q long
leriod, the movement is very rarely un-
Interrupted. Halts and reactions are
normal processes, even In strong
market and are to be looked for even In
the continuance Of favorable conditions,
There was such a halt for time to-
day, and 1t looked as though the reac.
tlonists had gained the upper hand,
Proflt-taRlng began from the start In
some of the recent faVorltes and held
them back, even while the rest OF the
market was rising buoRantly on the
outside orders which had come into
commission houses during the Sunday
interval The volume Of these orders
was large and indicated growth OF
confidence by the outside public in the
value Of securities. But the disposition
to take profits on the strength OF this
outside demand caused a feeling OF
doubt In the minds OF room traders. and
the rumor got Into circulation that the
large monled interests which bought
stocks last week were selling out. The
professionals thereupon rushed to sell
about the time when the accumulated
commission house orders had been exc
cuted. The bears were also inclined to
take sReptlcal view OF the reported
acceptance by Spain Of the terms of
peace and they had detailed report In
circulation that new questions were
opened up by the reply which endaR-
gered the whole negotiations. This was
before the receipt of the reply IN cl-
pheF by the French embassy at WASH
reaction In spite OF the strength OF
Spanish securities in peace prospects.
Earlier gains were wiped out IN pFaetle-
ally all cases, the market falling below
Saturdays level. At this point very
large blocks OF stocks began to be ta-
ken again and before the close there
was almost complete recovery. A
number OF the industrlals, notably To-
bacco, Leather preferred, the mailing
stocks and the stocks OF some OF the
iron and steel companies showed con-
spicuous advances. The late movement
of the market is likely 10 beget the sus-
piclon that the reaction was looked up
on complacently by the monied men
who have assumed the leadership OF the
market, The speculative outlook had
become so clearly bulllsh that the
market was becoming filed with week.
" marglned accounts based on paper
profits. The volume OF stop loss orders
dislodged served to show that consid-
cradle bull following OF this deserip-
ton was shaken out by the days move
ment. The latter trading showed a de-
cline in animation and slightly Yield
Ing tendency in prices.
The pressure Of funds for investment
In securities paying fair rate OF In
terest and reasonably safe gave con-
tinued strength to bonds to-day. Total
sales. 100000. =
The new government IS when issued
showed decline of y per cent In the
bid price. Otherwise there was no
change in government bonds.
The total sales OF stocks to-day were
4SS.sOO shares.