Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1853-10-20
money, &c.

a very jst,,Fbel onneatance. The latest foreign |
adyces state that the Bank of England had lncreas.
ed the rate Of interest TO per cent whlchls aoet
equivalent tol2 per cent! here, and We understand
that many of the leading bankers abroad have /
ordered their agents here not TO draw upon them
Under these circumstances we may nably look
~ r q large export of Speces The stringent con-
dition OF the money market abroad has had its Ell
feet Oh this side Of the water, and in New York
several Of the largest stock operators have failed
10 meet their engagements. In many quarters the
opinion is freely expressed that we are upon lhe
eve OF another financial revolution. Inc BAIL
more money market not being so Intimately con-
nected with the European market and withal
much less under The influence oil spectators, mas
not yet been affected to any great degree by
the unfavorable condition OF hnahcial atalrs, but
it is too much to hope that we shall escape It's IN
huence altogether. For the past week money has
been tolerably easy, no great difficulty having ex-
listed in negotiating prime business paper at fair
rates. The Banks have generally been discount- |
ing with good degree of freedom for their regular
customers. Loans are chiefly made on CALI or on
paper having very short time to run. We remark
that capitalists exercise great caution as 10 their
securities Srtetrates for loans Ito not at present
exceed per cent. per month, except IN extreme
cases. Within a few days past the Secretary OF
the Treasury of the United States has issued no.
tce that he will purchase S7,000,000 of the Unit
ed States at any time previous TO the LIST oil Decem-
Der. II is thought that this operation may relieve
the money market to some degree.-BaltmOre
American.
The New York Journal Of Commerce OF Thurs
day, P. Nj, says
There is less outside pressure for money than has
been nouced for several days, and the demand for
money is confined more 10 those engaged in regular
business operations. The Banks are, most Of them
still gradually curtailing their discount lines, and
the offerings continue large. The result OF recent
effort at collections i'll the interior are just begin
ming to be realized; and Notwithstanding that the
stringency is felt to some extent throughout the
| t1oc nUFr
very large. They are hardly sufficient, however,
to concordance the large sums sent out or drawn
! for, in payment of produce. The large exports
now going forward from this port afford less rellet
to the market than would be lett ION ms source,
if the prices Of bro dstuhs were not SO high as to
diminish confidence in the bills drawn for relm-
buTSement. .r -.... ..1lg
Foreign Exchange has been less active pending
the receipt OF the steamers news. Bills OH Lonaoh
| I094aI10.
| TIE N, Y. Commercial of Tuesday evening notes
| the state of the stock market as follows:-
There is no improvement in the stock market,
and prices generally we've lower this morning than
| at the first board Yesterday. New York Central
and Hudson River Railroad declined 1; Erie Rail-
road I; Phenix Mining Company and NoEwlch
| and Worce t. r Railroad /; Parker Vein and cum
lberland Coal Companie> 1; & Nicaragua Transit +.
In bonds there is rather more doing TO-DAY
Sales of United States 6's of 1867 to the amount
| of $4,000 were made at 1884. In State Stocks
there were no salts. Erie second mortage brought
1921; incomes, 024a92t, and convertibles OF 1871
| sS4aS9 3-9.
The suspension of Alvah Spear, member OF
the boa;d OF brokers', was announced yesterday
his deficiency being caused by the Stoppage OF MI:
| DRAPER for whom he acted as broker. he stated
THAT he had not specialized on his own account,
but flat all his contracts were on commission; ana
also that those contracts which he Lad made LOT
Mr. Draper, were as he was informed, Tor third
parties, who he believed were responsible.
The New York Post Of Thursday, p. NJ, says
| Another failure of member of the board oil
brokers is announced but the liabilities are salu
to be Smt II. Mr.. Moses a. Wheelock IS tue PatS
lis understood that no arrangement has yet
been made of Mr.. Lrapers affairs.
In regard to Mr.. Diapers failure, the New York
Express remarks
| Tbe principal topic Of conversation in financial
lcircleS is the suspension of MIR. Simeon Draper,
| which is regarded ON all hands with SURPRISE
coupled with expressions of unfeigned regret
/ Last su INNER, when the money market wnS strln-
gent and several railrord companies were in press
ing need of funds which they could not get else
where, Mr.. Draper came forward With his charac-
lteriStc magnanimity and advanced largely and
LITERALLY, Severul of these acceptanceS nave just
matured at time OF almost unprecedented pres
sure and the failure of the banks to help MI ORA
per at this moment of greatest need has led TO
suspension of payment that it is 10 be hoped VIII
be but temporary. Mr.. D. has "troops OF trends, =
who are sorry to see him "coTnered" and made
ioice 10 hear OF his going on again.
Men of such sterling integrity and remarkable
business shrewdness cannot long be kept "under
the weather." and return of prosperous times
will, we doubt not again find him in the full tide
of success. So far as property is concerned, Mr..
Draper has two dollars of securities for every one
of liability. The kind tone in which all OF the
morning papers speak Of the matter shows the
high estimation in which Mr.. d. is held as Dusl-
ness man and fellow citizen.
Gil, scow IRON MARKET.-The tightness in the
money market in the early part OF the week had
some effect on Pig Iron, together with the war-
like rumors from the Content, and prices gave
way from 63s Cd, the opening price on Monday, TO
Iron Offering for SALE reaction took pace, the
market closing firmly on Saturday at 64s for mixed
numbers; No i, 6. m. b. Cos; GartsheHie rs
The market on Monday was very firm; buyers 64s.
Blythe Atlantic.