The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-24
FINANCE AND TRADE.
The Features Of the Money aud Stock
Markets.

Markets.
NEW YoRK,July 22.-To-day's stock
was unimportant even an insignificant
AFFAIR. London manifested some con-
tIneud interest in American securities,
marking up prices rather above the
point reached on this side. even on the
opening rise. The opening advance
here quickly succumbed to the sympa-
thetlc influence of reaction In Sugar,
which lost something over a point.
Heaviness in few other industriala
helped to hold back the market. But
the bears were no more disposed to
operate than the bulls and the market
held suspended near last nights level.
The bank statement brought a realizing
movement, which carried prices of in
some cases a point from the best Rock
Island and a few other stocks, which
has been going IN for several days be-
ing most effected. The offerings were
well absorbed and the short session
ended with quotations not far from last
nights prices.
The oppressive heat prevailing had
something to do with the extreme lassI-
tude of trading. The American linseed
oil and Iowa Central stocks showed
good advances In prices. and the Fort
Worth and Denver City first mortgage
bonds rose ~ per cent on the require
ment OF tracknge rights between Den
yer & Pueblo from the Atchtson by the
Colorado and Southern, which controls
the Texas road. The bank statement
showed the surplus reserve increased
by reason OF contraction in loans. as
was expected. but the loss Of over a
million in cash was n disappointment
In view Of the low prevailing rates for
money at interior centres, 1t was ex-
pected that funds would have been at
tracted to New York during the week,
but no such movement is reflected IN the
bank statement. The continued high
| rate OF sterling exchange causes some
anxiety as well as bewilderment, in
view OF the lower discount rates In Lon
don, and the well marked disposition
Of London to buy stocks In New York
in the last few days. The sterling rate
has only yielded n fraction and still
hovers within n cent OF the gold export
| point.
Net changes In prices OF stocks for the
week are mostly small and show both
gains and losses. There we're some
sharp losses in the early part OF the
| week and tho movement after that was
Irregular. II was the smallest weeks
business Of the year .. Even dealings by
professional operators had dropped to
n minimum. Looking bRCk over perl
cd OF month II IL easy 10 discern that
the best judges failed to correctly estl-
mate the worlds need for money and
the release Of large sums which was
confidently expected after July has
been successfully delayed from day to
day and from week to week. Large
loans were repaid to the Bank OF Eng
land IN the first days Of July. but be-
fore the week was over the market was
again borrower from the bank and
has been ever since at rates up to Va
per cent, as against the banks Official
minimum rate Of 3h per cent. Only In
the last three days has there been any
marked relaxation In the money Strtn-
gency ut the British capital.
II ms been obvious az the situation
developed that London and the CONT
ncnt were going to be more dependent
on the United StntcE for relief than was
contemplated and the continued hard
ness Of money here has aroused doubts
as to the availability Of that relief.
The situation is conclusive evidence OF
the continued strong Influence OF
America in the money markets OF the
world
The Industrial activity In Germany,
especially in iron and steel and the
speculation on the Berlin boerHe nave
kept money high at Berlin. In Great
Britain itself there has been expanding
trade aHd interior demand fol. money
beyond what hns been counted upon,
and the calling OF portion OF the