The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-25

ket IS coupled Win something Nety iihS
stringency in the Berlin money mar
ket, owing 10 the keen activity in bus
mess and to a stlffeping Of rates in the
London market as a result OF efforts by
the Bank of England to prevent gold
coming TO the United States These eff
forts consisted of raising the price OF
gold bars and OF American eagles and
of borrowing largely with view to
bringing up the open market rate OF
discount TO q parity with that of the
bank, which remains at per cent. The
open market rates In London yesterday
and to-day had about reached that
point. and II is reported that applica-
lions for loans are making to the bank
itself. The London rate OF discount has
crossed the New York rate, and the
disparity tends to increase so that the
important movement OF gold has come
to q stop, In spite of the heavy trade
balance in favor of this country, Elk
change Is being allowed to accumulate
at this center. Exchange bankers sell
demand sterling for future account at
a rate which makes 1t profitable to buy
these futures and borrow money on
long sterling bills as collateral until
llltA IldAults nc NlANNA - w HN'AAN
as though gold due to creditors In this
country were placed at higher interest
In London instead Of being Imported.
The operation is based on the tendency
OF the balance of trade 10 shift again
later In the season. The greater ease
in money has not resulted in any in
crease In speculation In the stock mar
ket, the underlying sentiment being
that general business has not fully held
its own with the first improvement
Railroad earnings continue large. but
some question has began to rise wheth-
er general traffic viii keep up earnings
after the grain movement and the ar
rearages OF soft coal traffic have sub
sided. Some speculative activity has
been shifted 10 the wheat market With
the fresh advance there. The rise In
stocks carly in the week seems TO be
largely due to covering Of shorts and
the latter days have seen reaction due
TO profit taking and renewed short SELL
Ing. The market has been duh and pro-
fessionai throughout. London was a
buyer early In the week. The advance
at the high point ranged from 10 .
points In the leading active stocks, but
the later reaction has left the net
changes unlmportant. Pullman, which
fell almost points on the announce
ment OF the death Of the head of the
company, shows only small net
change. Sugar has risen over 5 points.
Otherwise net gains OF over 3 points are
infrequent.
Bonds have been moderately active
and have held their advances more
H., Tyatna paE,uiner ~ IN
2 per cent. Total sales 100000, u.
s. new Is coupon have sold at Is, the
highest on record. The bid prices of
other issues have moved up In conse-
uuence with the ease In the money
market.
Evening Posts London financial
eablegram: The stock markets were
duIet and steady to-day, despite the
dearness OF money. Rates for money
on the market again drove borrowers
to the Bank OF England to-day, FL
nanclal houses are drawing bills on
Belgium and Paris. thus raising money
from those quarters.
Americans were steady. The publ
cation Of the full details Of the cores
pondence with the United States BIZ
metallic commissioners on the silver
question had a good effect, although the
demands made In behalf of silver were
even greater than the city had i'm
agined.
The Financler says: The statement OF
the associated banks In this city for the
week ending October q shows an IN
crease in reserve Of S9,4l92O0 In two
weeks. Loans in the same time have
decreased almost In the same proper
ton, while deposits have remained sta
tlonary. The liquidation, therefore. ap-
pears TO have been carried on In n
manner that has not disturbed the de-
poslt item. but this affords no eXplana-
ton OF the current business Of the week.
The gain In cash has been largely In the
form of specie. the banks holding s24,-
900 900 more gold than legal tenders. The
specle Increase OF course Ia due to the
imports Of the last month, and the eX-
panslon In legal tenders probably repre-
sents the first OF the return tide OF cur
rency from the interior The flow Of
money to the west Is checked for the
present. That the banks recognize the
general tendency to ship idle money to
this center for the interest II brings Ia
revealed In rumors Of general effort
to reduce rates on country balances from
2 to ~ per cent This has been tried be.
fore, not only In New York, but IN other
cities but II does not always prove ef-
fcctlvc for the reason that the different
banks cannot be brought to work in con.
cert The official statements Of the M.
tional banks In widely different sections
Of the country, indicating very large
cash resources, shows what may be OK
pected when money begins to flow In this
direction In full tide later In the season.
Country banks are now In tho New York
market for commercial paper.