The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-07-23
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

$40 ~ rt}a. NluTRelS. isar1...s.- .4.fLs a.
NEW YORK. July .2l.-Money on call
nominal; no loans. Prime mercantile
paper 494H per cent. Sterling exchange
steady, with actual business In bank
ers' bills at 81 STE for demand, and
81 S3%@4 81 for 60 days; posted rates
81 S4Is@i So and S4SS. Commtrciaf bills
81 S3R94 say. Bar silver 6lBc. Next
can dollars 4SAc. Government bonds
irregular. 8 ~. - ,t,s Il.
There were a few sporadic cases of
strength Ia the stock market to-day,
but none of the gains held at the high
est and some of them were more than
wiped out. In the railroad list. South
ern Pacific and st. Paul were the only
stocks to make any considerable. show
of strength. Amongst the specialties
Leather, the New York fractions and
Tennessee Coal were the features. Su-
gar was lifted points ut the Opening,
but 1t was very obviously for thespur-
pose of affordng a market upon which
to realize profits. The stock closed
points below the high level and domi-
mated thewhole market
AS the London exchange was not In
session to-day and had adjourned yes
terday before the receipt at Washington
OF Minister Conger's message the effec;
of that news on the English market Is
still somewhat problematical. French
rentes rose 10 centimeS to-day. But the
sceptlcal tone of the British press rs to
the authenticity of the Congar message
left doubt In the minds OF spectators
as TO how II would, affect the market.
The figures of the bank statement are
again rather mystifying and they do
nott'prove." The receipt this week of
$3,i00,000 In gold which was shipped last
week from the Pacific coast accounts
for the large increase in reserve. The
decrease In the loan item indicates that
German borrowers are stIll repaying
loans of New York capital Sterling
exchange advanced In Paris and Berlin
ana was firm, though nominate here. and
call money hardened In London In
creasing the likelihood Of gold exports
next week. The n,Hch-mooted question
of how the large trade balance In our
favor has been paid or met Is partly an
swered by the appearance to-day ofiad-
vertscd offerings by New, York and
Chicago bond dealers and hankersrDf
varied list of foreign government secur-
tiles, including German, Russian, Swiss,
Dutch. Belgian, Swedish and Canadian
securities of many denominations. The
market closed easy at unimportant net
changes.
Prices of stocks have bren raised an-
other notch rs 4 result OF the weeks
trading. But the character of the mar
ket has not materially changed from its
strictly professional lines. Operations
by speculative pools have had some
temporary effect In moving prices OF
special stocks or individual causes have
affected others. There has been some
slight sympathetic response In the gen
eral list. But therc has. been manifest
difficulty in maintaining prices ut any
new level and the persistent tendency
has been 10 return to fixed level To
obtain an adequate idea OF the extreme
lcthargy of the market Il IS necessary
to go back three or four weeks. In
many stocks present prices vary only y
fraction from those Of the end OF juno
Some have been higher and some have
been lower In the meantime. but 1t Is
obvious that the market Is mar 10 q
condition Of stable equilibrium. The
notable movements Of the week have
been mostly In the specialties and have
been helped by the forced covering OF
short contracts. Sugar, Brooklyn Tran
sit, the Iron and Steel stocks and Pac!-
iic Mall have been notable examples.
Efforts have continued with some sue
cess to advance Union Pacific. The
conviction has become general in Wall
street that this stock Is to 40 on 4 four
per cent dividend basis at the next divi-
dend meeting.
The bond market has failed to show
any pressure Of capital seeking Invest
mcnt. The funds disbursed on July LIST
are apparently held in accessible for
awaiting developments In the money
market.
United States Refund IS when issued
advanced Y per cent and the IS, old IS
and IS per cent In the bid price. The
new. As declined x .par- cent