The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-08-14
FINANCE AND TRADE.
The Features ofthe Money and Stock
Markets.

The Features of the Money and Stock
Markets.
NEW, YORK, August 12.-To-day's
stock market started lower on foreign
.adyIces. London tnnfiIfestIng anxiety as
to the future OF the money market. The
local bears fostered the depression and
trying to make capital out OF the stu
alton in France and predicting a south
western freight rate war. The strong
bank statement, however. changed the
tone OF the market and the close show
ed net gains In the more active stocks.
In the early weakness the grnngers
and high-priCed specialtles were the
principal sufferers. Sugar, Brooklyn
Transit. People, Gas and American
Steel & Wire declined about q point
each.
The bears were disposed to cover at
tho decline and prices rallied rather
quickly, but remained below last
nights level. The dullnesg and hard
ness Of the market which succeeded,
continued until the bank statement
made It's appearance on the tape when
the market burst into great anlma-
tIon and developed surprisingly buoy
ant tone at some points. The stocks
which had yielded most easily In the
early trading came back most readily
and as n result show net gains on the
day.
The shorts were in a scramble to COW
or and bid up prices on the moves.
Chicago Greatwestern debentures soar
ed upwards by successive jumps. sell
ing mt 103Is ut last. 5H above the lowest
and AZ net advance. The preferred A
stock of this company made net gain
OF 2M. Tennessee Coal also made
very vigorous advance to Sc. net gain
OF az. The closing OF the market was
active and firm ut about the top.
What was generally expected to be
dull week in the stock market turned
out to be n more active one than for
some time past. The strength has been
largely in spots and groups 0nd has
becn not q little due 10 heavy covering
operations by large bear traders. At
GONE poltns In the list there has been
realizing going on at the same time ana
the readiness with which this was alb
gorbed helped to lessen the bearish
sentiment. For the present money has
become slightly easier and this has
been a large factor In the strength oil
stocks.
The buoyancy has been most consplc-
nous In stocks OF companies In the
metal Industries. particularly the iron
and steel Industry. This was n Logical
response to the extraordinary condt-
lions prevailing in that trade where or
dprs for delivery In 1900 at the present
high level of prices are increasing
showing n growing confidence In the
continuance Of the eager demand Tor
iron and steel products.
There has been special strength IN
other industrlals, the causes OF which
hive been left to guesswOrk by the
FWbn nnnFnuph IN Tho
end Of the period Of anxiety regarding
the crops has led TO some buying OF the
railroads In the grain region. the con-
ylction having become general that no
set back to the country's prosperity VIII
arise from the years results " the ng-
rlcultural industry.
Tho outlook for the anthracite trade
has led 10 strength In the group Of rail-
roads Interested IN the transportation
branch Of that trade. quite number
az railroad stocks have enjoyed large
gains from individual causes. such ms
prospective Increases OF dividends or
settlements Of competitive irlilG us
mites or movements towards nDsorp-
lion Inv more powerful companies.
Tbe financial centres Of the world
have continued to pay large attention
10 the Developments of conditions In
tho money market In this country ana
the foreign exchanges at New YORK
have moved strictly In response To the
tone OF the local money markets with
out regard to foreign money centers.
Thug tho rates for both sterling and
continental exchange fell on Tuesday to
the lowest level OF the present move
mcnt, notwithstanding jump OF q
per cent in the private discount rate Mt
Berlin on Monday and the hardening Of
shade In the London rate on Tuesday.
when the New York money market
began 10 tend towards greater case "a
ter In the week there was n Rlgnlhcant
hardening In the local rates Tor toreisn
exchange and the bank Of England re-