The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-06-29
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

The stock market showed sympathies
during the early hours of the trading
to-day of having fallen back into the
condition of lethargy and sagglng
prices which marked the trading last
week But the large outstanding short
account showed Itself very sensitive to
developments in the wheat market.
With the continued fall in the price Of
that cereal and reports of the enormous
quantities of wheat thrown upon the
market to llquidate the courage of the
bears oozed out at the tips OF their fin
gers and they scrambled to cover their
short contracts in the late dealings with
considerable precipltancy. The result
was a strong closing at the top level
with the rally still in force and at a
level of prices from one to two points
over last night for many native stocks.
The bears were in full retreat all
through the list, even Baltimore & Ohio
turning from It's persistent downward
course with rally of three points
from the early decline. Sugar, Brook
Iyn Transit, Peoples Gas and American
Tobacco all made notable upward
movements, the latter apparently on a
belated appreciation yesterdays div
tdend declaration. While the break In
the wheat market was unquestlonably
the dominant influence there were 9th
or points of strength which radiated a
favorable influence. The coalers adj
vanced on the rise in the price of an
thraolte The southwestern stocks
moved upwards in company on the
more favorable prospects of the Texas
cotton crop, compared with that in 9TH
er cotton states, on, the large winter
wheat crop and on hopes of the corn
crop. Estimates by western trade
Journal that the winter wheat crop and
the wheat reserves would make up the
deficiency in the shortage in the spring
wheat crop had much to do with the
days movement both In wheat and
! railroad stocks. 1t was made evident
that prices of stocks have not only kept
pace with the damage to wheat, but
have been dlscountins continued deter
loration The rains in the northwest
caused sharp check to the speculation
on tnIs basis.
The iron and steel stocks showed de-
cded strength and marked disregard
OF the rather pesslmistlc views ex-
pressed of the trade outlook by the
Iron Age. The movement of prices in
the steel group gave pretty clear In
tlmation that increased demand is be-
ing met on the decline In prices. Opin-
ions are heard that any further reno
! lions in prices viii insure n violent re-
bound. when the consumers needs be-
gin to be felt and orders are placed. and
when the turn of prices has evidently
been made. Certainly the course of
the steel stocks to-day was in singular
disregard Of the current news Of fall
Ing prices and probable difficulties over
the adjournment of wage scales for the
coming year.
The money market continued quite
unrufled. The decline in exchange was
checked to-day. with the sharp advance
in call loans in the London market and
the marking up by IA OF the Bank of
England's price for gold and for Ameri-
can eagles. The decline In exchange Is
said to have been caused by the COM
ing upon the market Of long sterling
bills which have been held for maturity
and are now being sold as sight bills
As they had figured meantime MS col
lateral for loans their liquidation now
Involves the paying on of loans and
may thus help to account for the cur
rent ease Of the money market.
The bond market was not active, but
prices were firm. Total sales par value,
Sl,OjO.OOO.
United States bonds were unchanged
In bid quotations.
U. S. Bonds.
U. s. RofnndIns ~. new q rcg,i93ii
-. '''''' 'tn1ay IN 4 ntd A. $40 III