The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-07

" per cent lower and the now AS 4 per
cent lower Did. Sf ~ lili. Il
Total sales ., stocks to-day :s5.eoo
shares. *
Evening Posts London financial ca.
blegram.
The stock markets here were quiet md
dull to-day, the only signs nf life being
In Industrial ehares, the activity III
which Is stimulated by fresh issues Of
concerns such as Aptons Tea Company,
with capital OF 2, 800, 900 pounds. There
Is quite q boom In such company pro-
motions which are being overdone how.
ever.
Americans werea tribe above the New
York level, but were fiat and dishcarten-
ed. Grand Trunk was also lower on
cables about the rate war. Gold 10 IN
strong demand for New York AZ rs 9Sd
ATS 10d, but gold arrived to-day from
the Cape which was not actually bought.
but was held over until Monday. a
large amount OF Japanese Yen has been
bought by bullion dealers ut 76s ID on
the belief that American gold importers
win take It. More gold Is going from
Paris. There Is a slight Increase In the
amount OF American bills Offering. III
The Chinese loan negotiation will
probably end next week. lN
The Financier says: &
Tho statement OF the associated banks
OF New York reflects In full the disturb
ing causes which have been making for
nearly three weeks past. The heavy de-
creases. however, cover period longer
| than the seven days which the totals are
supposed to represent. AS was outlined
in this analysis last week. the averages
did not include the losses which the
banks were then sustaining through the
shipments to the interior. The latest
statement reveals very clearly the ex-
tent of this decision. The decrease OF
| s23, 1900 Z in deposits can be traced
through a list OF twelve OF the largest
banks ranging from one to four mil
lion dollars In each instance. The only
inference ls that this money has gone to
interior institutions and this Is further
borne out In the fact that New York eS-
change at all important sentres has ad-
vanced from heavy discount to par and
in some cases to a substantial premium.
The amount shipped has been more than
| sufficient to meet legitimate trade de-
mands. AT the present time the move
| ments seem to have ceased. Future de-
vclopments Of q political character must
decide whether 1t Is to be resumed or
whether the tide will turn and the money
again flow TO New York. In view OF the
revelations made public In the current
| statement, the heavy gold Imports do
not appear at oil strange. In fact the
wonder is that the engagements were
| not larger. As might have been expect
| ed, there has been a corresponding re-
| duciOn In, loans, and the decrease of
| $13,622, 900 Is accounted for by the liquida-
| ton In speculative circles, and the call
made In order to strengthen reserves.
| The heavy sales Of accumulated sterling
| exchange at this centre are also to be
considered In this connection. But for
all that the banks lost last week nearly
$4,000, 900 cash, the reserve reduction is
only $2,l35, sos, and the excess is still
| over S20,000,000 The gold coming from
Europe will more than make up the loss
| in reserves for two weeks. The treas
| ury did not call the usual Union Pacific
| transfers from depository banks last
week,and while Kansas Pacific payments
will require within the next thirty or
| forty days nearly 6.000. 900 now in banks,
| It cannot be said that the outlook favors
anything more than moderate firmHess
In rates. The exchange situation is so
sensitive that sudden advances are
bound to bring additional imports and
thus restore the equilibrium. If the de-
velopments OF the next ten days are
such that a peaceable conclusion of our
foreign complications is assured, the
money market will probably weaken.
AS 1t is rates have actually declined
from the high point reached early last
week.