The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-08-07
1-.-T. 49, - 2 -3IIIsl TI7-II75' 2 w
FINANCE AND TRADE,

FINANCE AND TRADE.
The Features Of the Money and STOCK
Markets. II
NEW YORK. August s.-Money on
call easy at ~ 91h per cent; last loan,
III per cent. Prime mercantile paper
4h95 per cent. Sterling exchange
firm. with actual business in bankers
bills at 81 1904 s51s and 81 so Com
merclal bills, "a saA045 sax. Silver
certificates, 61h962hc. Bar silver, 6o%c.
Mexican dollars. 4shc. Government
bonds weak. State bonds firm. Rail-
road bonds Irregular. ~
The early. dealings in the stock mar
kes showed a survival OF Inst weeks
strength, but it gave way in face Of
the days Developments. and the mar
ket.ylelded whatever gains had been,
established. The final prices, meas
ured in comparison with the high level
OF the day, show some considerable
losses. and are the general rule. The
early movement was especially notable
in the Pacifics. Northern Pacific taking
the lead on the theory that its price
was not commensurate with the level
of Union Pacific and Missouri Pacific.
Union Pacific also continued firm.
Reading first preferred was taken In
quite large amounts, on the supposltion
that the dividend rate would be In
creased at to-day's meeting. The
stock fell back " per cent when the
declaration of the same rate OF divi-
dend,as the last was announced. Sugar
weakened on the report Of the shading
OF several grades Of soft sugar, which
was taken to indicate renewal OF
competition In the trade. The more
cheerful feeling regarding the. iron and
steel stocks, which has been in evidence
for some time past, lifted prices in that
group. Colorado Fuel was conspicu-
Gus. The preferred stock was bid up
from. yl2O to 125,, ut which price 100
shares changed hands. The bid price
was then further advanced to 127s,
without bringing out stock. This
stock Is cumulative. and is entitled to
20 per cent in back dividends. The
movement is supposed to foreshadow
the payment OF an Installment Of the
a pa Of ttytAa
group weakened later in the day. The
circumstantial accounts from Pitts
burgh OF extensions by the Carnegie
company looking to competition with
some OF the new combinations affected
the group. especially Federal Steel and
Steel and Wire. The. more serious
phase deyelopedin the Chinese situation
had some effect on the market although
the London exchange. was closed. and
the influence OF the news there could
not be well measured. Preparations for
exports OF gold on Wednesday were re-
ported, though no definite! announce
ment was made of engagements. Ster-
ling exchange rose an additional trac-
tion but still falls short 4 shade OF what
had been regarded as the export point
to London. The subscriptions in New
York to the new issue of British ex-
cheQuer bonds are generally regarded as
the immediate cause OF the outward
movement. tits evident that these
subscriptions would not necessarily de-
mand an outward movement OF gold, as
the country's very large credits abroad
would be ample to cover the subscrlp-
tons, but the urgent need OF the Lon
don money market for gold may have
led to some special provision that the
underwriting syndicate should provide
that metal In payment OF the bonds.
There is 4 large demand for the bonds,
as matter OF course. in view OF the
fact that the American railroad bonds
OF high grade are finding their way
home on every steamer. and foreign
railroads and Industrial securities are
not In favor Of the American capital,
owing to the declining tendency OF
earnings abroad. Opinion here as to the
effect on the money market has crystal
liked into 4 conviction that no severe
strain need result. Tht feasibility OF
any large speculative movement, In
view OF the coming demands on the
money market. Is much doubted.
The bond market continued at a very
low eob OF activity, and the movement