The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-08-31
FINANCE AM, TRADE.

FINANCE AND TRADE.
The Features of the Money and Stock
Markets.
NEW YORK. Aug. 3o-Money on
call steady ut 1N@1,s per cent. Prime
mercantile paper 4941s per cent. sterl-
ing exchange firm. with actual business
in bankers bills at "a SIS for demand
and at 81. SiA for sixty. days. posted
rates 81 So and 81 ssh. Commercial
bills 81 S3A@4 s39t. Bar silver 6lstc.
Silver certificates 61a@6aAc. Mexican
dollars 4SRc.
Government bonds weak. ~, = :
State bonds Inactive. y,
Railroad bonds Irregular.
The early promise Of strength in the
stock market to-day was. not MAIN
tained and after brief period of some
activity and firmness prices began to
decrease again and the, trading tapered
down to the Insignificant proportions
which have become the recent. normal.
The traders rightly concluded that this
Indicated that yesterdays advance was
due to nothing more Than a covering Of
short contracts pending the approach
Ing three days holiday. The steel
group especially disappointed the hopes
that bull movement was under way.
by developing heavy tone. steel and
wire falling back over point. The
American Tin Plate and the American
Hoop stocks were exceptions and show
ed good gains for the day. There was
no news to account for the relapse In
the group, the reports at hand showing
a growing demand for many grades of
Iron products. There was a desultory
speculation in sugar which lifted It at
one time over point after the an
nouncement was made of an advance
In the price of refined sugar. But the
gain was almost entirely wiped out by
the time the market closed. Strength
In the London market helped the OPEN
ing hour. causing sharp fractional
gains In number OF the international
stocks, but London reacted later In the
day and these stocks lost their vantage
In sympathy. The railroad statements
for July which appeared to-day. coun-
teracted the favorable effect OF yester-
days showing by the St. Paul Com
pany, the higher level of operating e1-
penscs serving to bring down the net
earnings in the cases OF Burlington.
Northern Pacific g. Southern railway,
while Cleveland, Cincinnati Chicago 6
St. Louis saved only small part of
Its gross increase for net earnings. The
explanations which were offered Of the
heavIness Of stocks formed substitutes
| for news to some extent. For instance
there was some renewed sollcitude ex-
pressed regarding the future of the
money market. The fact that the Bank
of England had again offered interest
on gold in transit gave ground for the
expectation that the export movement
of gold may shortly be renewed. Sterl-
Ing exchange rose fraction In New
York, and three months bills In London
were advanced. The London market
| apprehends some stringency as an In
cldent OF the next stock exchange set
Element, and the payment of the next
| instalment on the new loan, which
comes about the middle OF the month.
In the pessimlstic mood OF the local
market the possibility was suggested
that the treasury department might be
Obliged during the early fall to draw
on Its deposits with the national banks
In order to meet extraordinary expen-
dltures for military operations. There
was nothing In the days money mar.
ket to give color TO any apprehension
OF higher rates. The banks have gain
ed upwards OF 100000 from the sub
treasury and another substantial in
crease in reserves is Indicated for the
week. The market closed dull and
heavy ut generally lower level OF
prices.
Bonds were dull and irregular. Total
sales par value sl.l75.0OO. 4.
United States refundng os when is.
! sued and the new As declined Y J., per
cent in the bid price.
U. S. Bonds.
U.NS Is when III. s. new ;s roe, Is1Y