The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-07
FINANCE AND TRADE
The Features OF the Money and stoci
Markets.

The Features OF the Money and Stock
Markets.
NEW YORK. March 5.-Money on call
| nominally at . per cent. Time money
during the week has been more closely
| held, and n fair number of loans have
been made. The disposition OF lenders Is
to confine their output to the shorter
periods as much as possible. The rates
are per cent for 60 10 90 days, 4 per cent
and upward for longer periods. Mer-
camille paper this week has been quiet
This is due TO the smaller number, of
buyers, as well as, to the effect produced
on the mind OF the average merchant by
the higher, basis OF rates. which is nat
urally distasteful after the long preva-
lent ease. Consequently the output OF
really desirable paperis somewhat cur
tailed. Rates are per cent for GO to 90
| days Endorsements, iIils per cent for
choice four TO six months single names
| 545k per cen. for names less well
known. Rates at interior money mar
kets were unchanged from yesterday.
Quotations at the four important domes-
tic centers are reported by telegraph as
follows: Boston-Call, 2IsI3k per cent;
time, 3AG4 per cent. Chicago-Call. 3k
@5 per cent; time. 4G6 per cent. Phlla-
delphia--Call, 21s per cent; time, 81 per
cent. Baltimore-Call. 3a4 per cent;
tine, iG6 per cent.
Bar silver in London 4 penny higher
| at 25Sd per ounce. New York price for
commercial bars Nc higher at 5iEG55ssc
| per ounce Government assay bars &c
higher at 55G56c. Mexican dollars I'M
changed at 45c bid, Acc asked.
Liquidation was renewed with energy
on the stock exchange to-day and the
Saturday short session was long enough
to effect some very striking declines.
Large selling orders were executed for
Washington account as was The case
yesterday. There was NJ news 10 ac-
count for this selling, beyond general
feeling OF apprehension over the Spanish
situation.
There were occasional runners OF new
developments set afloat. but 10 a large
extent they represented the guesses OF
room traders as TO the, motive for the
Washington selling. A rally In the late
dealings was in part the result of COW
ering by the. shorts, who had sold early
In the day, but the coincidence Of the
rally with the appearance OF the bank
statement seemed at variance with the
"
a disagreeable surprise. The coRtrac-
ton in loans, the failing off In deposits
and the decrease in cash were much
larger than had been expected. The fact
that the financial world had been going
through trying period with SO little
harm resulting was accepted as bull
card. in view of the underlying strength
of conditions which IS thus demon
sirated. Nevertheless the general list
shows marked net declines extending to
over a point in some cases. Union Pa
clfic preferred. Northwest and Manhat-
tan were the special points OF weakness.
The Srangers were relatively firm and
the coalers also showed resistance to the
decline.
Dealings In Sugar were large and
there seemed to be good support for this
stock.
AS q measure of the uneasiness felt
by the financial community over the
status of the country's relations with
Spain, to-day's statement OF New York
clearing house banks makes a striking
exhibit. There Is In Il evidence of a
great drawing in OF credits, and fixing OF
reserve. The statement was q surprise.
1t has been known that the demands of
the country for money for active use
have fallen off considerably this week,
but the statement nevertheless shows q
decrease in cash reserve OF nearly S.
100000. That this reflects the Withdraw
al OF deposits In New York banks by In
terior Institutions as u precautionary
treasure to strengthen their reserves Is
beyond doubt. The enormous contrac-
ton in loans OF sl3.G92 900 represents the
precautionary measure OF the New York
banks and explains why money for
purely speculative purposes has become
scarce, why liquidation on the stock ex-
change has been forced and why prices
were acutely depressed. 1t Is possible
that some part of the loan contraction Is
due 10 liquidation on sterling exchange
collateral, which has been withdrawn
from use in Importing gold. But It Is
the general belief that the gold imports
have been made on the Gale OF new bills
against London purchases of'AmcrIcan
securities, which were heavy last week
and against grain shipments from mere
The net result to the clearing house
banks Is decrease In deposits of $685.
l93900.
Gold In transit for New York or re.
ceived to-day amounts In the aggregate
to $500. 900. which will serve ms an offset
III pdTL u INC DbIlk Iu5SeS VI CubI1. Inc
situation in the stock market Is closely
analogous to that which followed the
elimination OF the rise In prices last
September. The movements OF
money then to the interior TO, move the
crops caused stlffenIng of money rates
and liquidation Of speculative stock
holdings. Whether the import muvc-
mcnt OF gold will result In renewed nd
vance in stocks with the easing of the
money rate remains 10 be seen. That
the disposition for the moment Is
against speculative, outlay In securities
10 evident. though large capital appar-
emily stands ready 10 buy stocks at any
considerable declines In prices. The de-
cline OF ;hc latter part OF the week has
not In all cases wiped out the early ad-
vance and net changes are mixed.
Bonds had not been us actlve'as stocks
but have moved In sympathy with them
within narrower range.
United States old As and the ends arc