The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-07-16
FINANCE AND TRADE.
The Features Of tn" Money and Stock
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The Features Of tn" Money and Stock
s.lt35iE. Markets.
4 NEW YORK, July 1.-THE sole inter-
est attaching to to-day's stock market
wps as an example of dizziness. In that
rs3ect It was a true index OF the spec
ulative condition. which Is one of en-
tire uncertainty and lack Of conviction.
Even the professional traders who have
constituted thems..ves the cham
plons ~ OF II certain stocks dur
Ing the week were not IN evidence,
and only small trades between the reg
ular frequenters of the floor were made
at any time. Offerings to sell made un-
duly large tnroads on prices because no
one stood ready, to buy, and any de-
mand to buy; caused "a rapid advance,
because no one was on hand to sell.
Most Of the board members were out of
town for holiday, confident that moth
Ing that could occur would induce any
sudden activity to develop. Some de-
suitory efforts were made to advance
Union Pacific by making bids for the
next dividend on a specified number of
shares at n higher figure than the pre-
vafiing dividend rate. But these efforts
secured little attention. The market
was as whele lower than last Night
when the bank statement appeared.
There was some light buying to cover
shorts. but the large Increase In re-
serves and In 4 the surplus attracted
even less attention than did last weeks
unexpected decrease.
There was no explanation of the large
gain In cash and 1t was generally ac-
cepted as the working Of the average
system IN the rectifcatIoR of last
weeks unwarranted show Of 4 loss. The
sterling exchange market was nominal
as usual on Saturday. but the posted
rates for demand sterling was adj
vanced u cent In response to the rise
In London discounts. 1t Is pretty Cur
tain that these developments fore
shadow an advance In the bank Of Eng
land minimum discount rate and nN-
port Of gold from New York next week
Prices of stocks'arr higher again this
week. but the movement was very ir-
regular and the highest prices were not
maintained In any case. The move
mant was practically a duplication of
that Of last week and gave every ap-
pearlnce of being almost entirely in
professional hands and under maninu-
lationS'T The, news ofEfhe week offered
no, reasonable Fbasistof sxplaua lion for
the action of.tlis market and It is mac
essary ito fall back ION technical. conGi-
tons to- find an explanation. 1t Is. evil
dent forrone thing; that there has bs.n
formed q professional bull party which
Is considerably more aggrs ssive and
commands greater resources than any
element that has been active for some
time past.
New York money lenders are anxious
to place call loans on easy terms, but
the sitter rates demanded for, loag.r
periods reflects 4 feeling of uncertainty
over the futures. which Is doubtless lu /.
TO the extraordinary conditions OF ,h3
International exchanges. II Is cvilent
that uncertainty In the stock market Is
almost as great and outside the profess
sionai operations referred to- tharr l.
little interest In the market. With the
reduction Of the short interest ana thu
taking OF profits the market has been
reactionary during the latter part Of tn.
week. Bonds have been yer; little
traded In. In spite of the pasc Of money
and prices have changed little In either
direction.
United States refunding IS when is
sued and the IS advanced Y per cent
ana the old Is X per cent in the bid
price.