The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-07-26
FINANCE AND TRADE.
The Features of the Money and Stock
Markets. ~

u
NEW YORK, July 25.-Money on call
steady at 1A@I per cent. Prime mer-
camille paper 4a4E per cent. Sterling
exchange firm at 81 s7S@4. SS& for de-
mand and at 81 ssS@4 ss% for sixty
days; posted rates 81 !S4AG4 s. and
81 ss94 ssls. Commercial BILLS 81 $40
ssh. Bar silver 6OAc-r silverscertii-
Gates s1A@62Ac.s Mexican dollars isc.
Government bonds strong.
State bonds weak.
Railroad bonds Irregular
The attempt to take speculative pro-
fits in the market barren Of any real
buying demand had Its natural result
in further decline Of prices to-day.
The reaction which set in yesterday
also encouraged the putting out of some
fresh short lines. But the bears were
by no means aggressive in their opera
tons and the spectators on the long
side were apparently well. enough forti-
fed to be free from the necessity OF IL
quidating on rapidly falling market.
The declining tendency OF prices conse-
quently showed abatement as the, day
wore on and the closing was fairly
steady. but at fractional net declines as
the rule. There was no cvldenc:: OF re-
newed manipulation for an advance,
the one. or two, strong spots which Were
in evidence during the day appearing to
be due to independent causes. Amerl-
can Tobacco was we'll bought on the
belief that the forthcoming report will
show extraordinary earnings. Metro
poiitan Street Railway was marked up
81 from the low point without any
| news to explain the movement. There
were firm spots also in the railroad
list, notably In Southern Pacific and
Southern Railway preferred. But these
did not represent any aggressive stand
against the reaction. The cessation OF
the pressure to realize aroused q nat
ural explanation that the bulls were
ready to resume their efforts for an ad.
vance. While this expectation checked
the operations by the bears the effort to
rally prices was not Forthcoming. The
conditions in foreign markets were u
depressing influence here, especially the
\ fear reported both from London and
on the continent OF approaching strin-
gency in the money market. This fear
was based on the high rate Of interest
which the British treasury was obliged
to pay on yesterdays allotment OF
treasury bills and on the expectation
that further war loans are to be forth
coming. The absence Of engagements
Of gold for export by to-morrow's
steamer. although they had been count
ed upon; did not seem to relieve the
market OF its apprehension OF. future
demands from abroad upon the local
| money market The weeks advance, in
sterling at Paris and the remission OF
the Bank OF Frances offer on interest
on gold In transit have apparently
wiped out the profit oh exports to
France. But money in London contin-
ues firm and sterling exchange here
uuNuHceu lTucllOn ana II Is CONSIDER
ed certain that the receipt of gold from
western points VIII be followed by re-
newed outgo of the metal. The current
ease OF call loans is "a be attributed MS
much to the desire OF lenders to keep
their funds In easily accessible shape US
TO any plethora OF idle funds seeking
employment. New York bankers are
practically out OF the market for mer-
camille paper and they continue loath
to put out funds In time loans for any
long period The sub-treasury has sup
piled about sl.000,O0O to the money mar,
ket on balance Since Friday, but this.
has been on declining scale and to-
days debit balance at the clearing
house against the government institu-
| ton was less than $4,000. Reports Of
an attempted adjustment OF various
matters In dispute between the New
York Central and It's employees. the
failure to advance refined sugar as ex.
pccted. the still unsettled scale OF