The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-07-20
FINANCE AND TRADE.
The Features of the Money and Stock
Markets. rs

NEW YORK, July 1g.-Money on call
steady at 1H@1k per cent. Prime mer-
camille paper 494% per cent. Sterling
exchange firm, with actual business In
bankers mills at 81 STU for demand
/ audaat;si s3N for 60 days; posted rates
| 81 S4h@4 s5+af5 s4SsS; commercial bills
81 s3Aa4 ssis. Silver certificates GIG
ide4c! 7 Bar silver 6lRc!I { Mexican dol
s-4sAo.--Government= bonds steady.
State bonds Inactive. Railroad bonds
Irregular. - EE3Efs4S
The dizziness Of to-day's stock mar
ket was almost unrelIeved by any fea-
ture of interest until the last hour, when
n sharp upward movement developed
in q number OF specialties. This was
sufficient to create sluggish general
recovery In the market. which had
fallen considerably below last night at
some points. The closing was there
fore, firm but dull and the net changes
were insignificant except In handful
OF stocks. Sugar led the late advance
and moved up an extreme as per cent
on the expectation OF further rise in
the price of the refined product. which
is, now higher than for several years
past. The margin between the price
of the raw and refined sugar is now
sufficient. according to the experts, to
yield large profit on refining. Pacific
Mail rose sharply over Tuesdays high
level on renewed speculation over the
benefits TO accrue from transport OF
military stores Is China. The steel
stocks were generally strong on the en-
couraging view OF the Iron Age Of the
trade outlook. Steel Hoop and Tin
Plate was especially affected on reports
of renewal of buying demand from their
products. Otherwise the market was
barren OF interest. The growing seri-
BUSINESS OF the situation in China must
be ascribed as thu chief immediate
cause OF to.day's dullness. The result
most to be apprehended from the Chi
nese war seemed to be the effect on the
money markets of the world To.days
advance, from . to per cent on the
Bank OF England minimum rate of dis.
count and the departure OF a steamer
bearing over $g.OO0OOO In gold from New
York, were the impressive facts which
called attention to this feature OF tn.
situation. The Bank OF England In It's
semi-sovernmental capacity, has used
Its own and the government resources
for some time past to help the London
money market. The continued demand
for gold from the Bank OF France an
parcntly did not affect this policy. But
there are now Indications that the
French Institution has about satisfied
Its recupcrativc needs. Sterling ex-
change at Paris rose another half CEN
time to-day and the Bank OF Franca
has renewed Its loan expansion. AS
though |; had been waiting for this de-
velopment, the Bank OF England puts
its discount rate 1 per cent in spite OF
re-payments, to the bank by the open
market OF loans to the extent OF 1885,
600 during the week. The reduction In
the banks price of gold seems to havs
been made for Its effect on the market
for gold. the French demand showing
relaxation. The Bank OF England ac-
cordingly appeared In the market rs n
purchaser of gold to-day. This seems
to clearly fereshadow 4 policy OF re-
trcnchmcnt and recuperation on the
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