The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-08-02
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

NEW YORK. Aug. Money closed
on call easy at IL per cent. Prime
mercantile paper 494% per cent. Ster-
ling exchange firm. with actual busl-
ness in bankers bills at 81 sfss for de-
mand and at 81 S35s for 60 days; posted
rates 81 S4Is9! S. and 81 Ss,s: CONNER
cial bills 81 S3a4 S3E. Bar silver 6O3sc.
Mexican dollars 4Skc. Government
bonds weak. State bonds inactive.
Railroad bonds Irregular.
Except for the dealings In n handful
of stocks the list of stock exchange Sc
curlties was stagnant inert mass to-
day. Many usually active stocks drop
ped out OF the dealings entirely and
transactions In other prominent stocks
fell to Insignificant proportions. Sugar,
Union Pacific, Baltimore G. Ohio and
Brooklyn Transit made the market and
all the rest OF the dealings might hav"
been dropped out Of public notice for
any significance they had on cnrren.
conditions. There is not much eXpecta-
tluii mat CuIiuitiois VIII ShahpV ~ shS
stock market for some time to
come. The world OF capital
awaits the solution of the problem
In China ana the resulting requirements
on the worlds money markets; the ulti-
mate fate OF the crops In the United
States. the settlement OF the basis or
which future business In the iron and
steel Industry Is to be done, and the
settling down of political conditions.
The future OF the money market 10 es-
pecially confusing and complex. and
expert opinions differ widely rs to tho
course to be- expected. The imminence
OF European war loans prompts 0n2 sat
OF prophets TO argue drain ana result
Ing stringency. while another school
urges that the creation of credits and
their prompt outlay will be relief
rather than detriment, to the business
and financial world. The expected drain
OF gold from the United States Is halt
Ing and 1t Is not expected now that gold
will go out this week. Sterling ex-
change and London discounts failed to
advance to-day and London exchange
In Paris jumped n full centIme. The
bank OF England also reduced Its prica
for American eagles I'd. Whether this
policy indicates 4 confidence on the part
OF the English institutions that 1t VIII
secure gold ultimately without offer
Ing special Inducements remains to b.
seen. The benefit which the money
market has had from the government
deficit for July cannot be expected TO
continue In August. .cEvcn for July thu
81, 900 900 deficit was only about half
that for July OF last year. The redemD-
lion OF the old 2 per. cents, Interest on
which ceases OH August Is. will be q
feature OF the month, but Of the $lo.COO.-
900 of these outstanding, over sl3,O0O,0O9
are on deposit In Washington TO secure
circulation and government deposits.
In order to avoid Il contraction In cir.
culatlon and withdrawal of deposits In
the banks. these bonds must therefore
be replaced bv other government bonds
for deposit. The net result to the money
market viii therefore be small. Tho,
generally firm underton OF the stock
market to-day was In sympathy with
strength In special stocks. Yesterdays
dividend action In Union Pacific and
the expectation of u dividend declara-
ton tomorrow on Baltimore 6 Ohio