The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-07-21
FINANCE AND TRADE.
The Features Of the Money and stocl
Markets.

. i s. O. e
The Features Of the Money and Stock
Markets.
NEW, YORK. July 2O.-AIoney on call
steady at 1AalE. Prime mercantile
paper 44iR per cent. Sterling exchange
strong. with actual business In bank
ers' bills ut 81 S7E for demand and at
81 S75sG4 IS for sixty days. Posted
rates 81 Siis and "a So and 81 IS. Com
merclnl bills 81 S3A94 SAY. Bar silver
Gle. Silver certificates Glha62kc. Mex
lean dollars 4SHc.
Government bonds weak.
State bonds inactive. gs-
Railroad bonds irregular.
The stock market made q greater
show Of animation and strength than
for some time past and the advances In
price from the low point to the highest
we're in many cases fairly impressive.
During the period of the advance the
market looked strong and varied. But
closer analysis of the days results
shows that the strength and animation
were apparent rather than real This
is due TO the fact that the advance be-
gan from the vantage ground OF u con-
siderable decline in sympathy with de-
preston in London and expectation
that there might be announcements Of
gold exports by to-murrow's steamers
1t was upon this stage of the specula-
ton that there came the sudden and
unexpected news that United States
Minister Conger had been heard from
by the state department. The bears
hastily covered their short contracts
when this became known. But the
publication of the text of the message
which quickly followed caused chill
to speculative sentiment us 1t did to
warmer sentiments OF humanity
throughout the world. The market did
not relapse to the low level again and
was held by the notable buoyancy IN
different portions of the Industrial list.
Sugar was the central feature OF the
market all day, the dealings In the
stock far outnumbering those In any
other in the list. The ground for the
advance was the very large business re-
ported in the sugar industry. This was
supplemented by all sorts OF rumors
circulated by the bulls OF prospective
extra dividends. Their efforts were d.
rected against n persistent and long
standing short interest which was
forced to cover largely ut the advance.
Other points OF strength were the To-
bacco stocks on talk of good forth
coming statement, the New York public
utilities on the hope OF defeating as
sessments on the new franchise tax
law, the leathern stocks, the rubber
stocks and Peoples Gas. The steel
stocks were generally strong at ad-
vances of from l to 29s per. cent, the
argument being that the troubles in
China would increase requirements for
that product. There was late ad-
vance In Lacklwunna of 3h and In
New Jersey Central OF ~ per cent.
With these exceptions the railroad list
shows no striking net gains The
whole market turned downwards In the
late dealings when profit taking became
evident in Sugar. Tint stock lost about
points and reactions in some other
stocks extended from to pulnts. The
closing was thereby made heavy and
the net changes were reduced to frac-
tons except In, a few OF the specialtI2s
mentioned. The movement was almost
entirely professional throughout and
the late decline was wholly due 10 profit
taking, with the exception OF some SELL
Ing by foreign arbitrage houses In nm
tlcipatlon OF lower prices In foreign
markets Tomorrow. The foreign ex-
change market was strong and moved
up Nc. but the foreign exchange houses
report that Paris Is still the point OF
creates; attraction for. gold and that
the next shipments will probably be
made there Instead Of to London. AS
to-morrow's steamers do not touch ut
Il French port, no engagements for cx-
ports were made. a favorable bank
statement is expected Tomorrow. ow-
ing to the continued movement OF cur
rency from the interior. which 1t is
thought has Offset tho losses to sub
treasury (Which include the gold ex-
ports and the taking up OF government
dcposits) by more than u million dol
lars, The more remote prospects OF the
money market continues to engage con-
lecture. The bond market continued