The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-06-30
FINANCE AND TRADE,
Tho Features orthe Money and Stock
81 Markets. - \

Tho Features ofthc Money and Stock
Markets.
NEW YORK. June 29.-Money on call
firm at 2sq6 per cent: last loan 6 per
cent. Prime mercantile paper 3a3X
per cent. Sterling exchange heavy,
with actual business in bankers bills
at 81 S71s94 s7A for demand und at
81 S5hai S5S for sixty days; posted
rates 81 S6G4 81 and 81 sSG4 SO, Com
mercial bills 81 ssh. Silver certificates
'6oE962c. Bar silver 6ohc. Mexican
dollars 4Shc. 80
Government and railroad bonds
strong.
State bonds inactive.
The stock market showed the effect
OF continued profit taking to-day. II
was considered foregone conclusion
that this should prove to be the case
and most Of the traders came TO the
board this morning benrIsh in sentl-
ment.
The approach OF n triple holiday
coupled with the weeks sharp advance
In, prices was considered sufficient rea-
son for q reaction. The lively buying
after the opening for London account
seemed for time to retute the POSI-
tion OF the bears, but later In the day
when this demand had been satisfied
and an announcement was made or a
S2,OoOOOO gold shipments to go out on
Saturday, In spite Of the low price for
sterling exchange the bears gained re-
newed confidence and the market sag
ged away without much INTERRUPTION
until the last. There Is contradiction
difficult to explain In the facts that the
needs OF the London money market are
responsible for the drain Of gold from
New York with Its deletorIous effect on
stock values in this market, while the
buying for London account In spite OF
the money strlngency there was about
the only factor Of strength In New
York stock market this morning. The
weekly statement Of the Bank OF Eng
land shows that the bank has succeed
ed In Increasing Its stock OF gold only
about 100000 during the week, while
the demands upon It by the money
market incident to the stock exchange
settlement have resulted in the mean
time In an expansion in Its loans Of
over s26.0OO.0O0.
The proportion Of reserve to liability
Is thus reduced from 42.i4 to 1888 per
cent. A very striking change in view
OF the widely expressed uneaslness in
England over the present low stage Of
the banks gold reserve. The fall in
British consols of 5-lG was due TO cash
sales, probably connected with the state
of the banks reserve. That the return
did not have greater effect on the
London stock market was probably due
to the reassuring opinion of the British
chancellor Of the eSchequer expressed
last night on the subject Of the re-
serve Of the Bank OF England The
local stock market, owing to the sus-
tanning effect Of the buying for London
account. Jared pretty well in spite of
the undoubtedly heavy profit taking
Incident 10 the approaching holiday, the
depressing effect Of the gold announce
ment. the furry In call money and q
growing apprehension that the dis
bursements Of July dividends and in
terest may not be reflected In the mo-
ney market for considerable period
after July /. The profit taking was
conspicuous in New York Central and
Manhattan. The former shows n net
loss of point and the latter nearly
two points. Consolidated Gas rose. at
one time five points on rumor OF set
Element Of the call gas war, hut react
ed again. The industrials and special-
ties generally were heavy, Including
Sugar, the Tobacco stocks and the City
Traction stocks. Louisville. Norfolk &
Western preferred. Rock Island, Atch-
ison preferred and Denver 4 Rio
Grande preferred We're among the
stocks which showed the best support.
The bond market was generally
strong. the Erie and Colorado and
Southern Issues being prominent. To-
tai sales par value. $2.65O.0O0.
United States % and the IS advanced
x. and the SIS Is per cent in the bid
price.
The tota! sales Of stocks to-day were
1924 shares.