The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-20
r1rAncr A. TRApE
ms Fcaiarss % IAo Money asa stosL
Markets.

NEW AOHAs GFPhs 49, -Ae4ted -"
call hrm at 10Th per cent: last Ian
per. cent. Prime mercantile paper 4d5
per cent. Sterling exchange steady.
with actual business in bankers bills
al 81 ssE "a "a for demand and at 81 SIX
a. So for sixty days. Posted rates 81 So
"a ssh and 81 s564 S5is. Commercial
bills 81 81. Silver certificates s. 6O1a9
4 6lM. Bar silver 6O5tc. Mexican dol
lara l7Hc
The. stock market started on this
morning as though It had shaken of the
Incubus of the recent tight money scare.
but the marked weakness of sugar,
which made up two-hfths of the total
transactions, unsettled the tone early,
and carried prices below Saturdays
level. The decline was quite steady
and general for the remainder OF the
day. Evidently last weeks sharp re-
covery was the result Of extensive COW
ering Of short lines by spectators, and
the general speculative public Is now
prepared to pause and take breath 70
study how far the oscillation Of the mar
ket has brought prices to the true level
of values. 1t is more and more evident
that the late apprehension of a squeeze
in money was largely fictitious. How
far the efforts to manipulate the money
rate were Influenced by the natural de-
sire Of money lenders to obtain better
rates and how far by purpose to effect
a reaction in the stock market cannot
be definitely aseertalned, but 1t might
be ascertained that very powerful finan-
clal interests who have a dominating
voice in the control Of vast surplus cap
ltal had taken their profits in stocks,
and were willing to see reaction. 1t
is obvious, however. that their motive
in taking profits must have been con-
ylction that prices were equal to or in
excess OF their true value. The problem
OF to-day's specuIatOr is whether the
reaction has carried prices below their
value or whether conditions have SO
tar changed as to have Increased their
value. The monthly report of the treas
ury bureau OF statistics, just issued.
throws light on the money question.
The amount Of circulation, after deduct
ing sums in the treasury on August ],
was $162, 727,?O5 greater than one year
before. Saturdays treasury statement
showed that the cash balance in the
treasury had increased since thar time
a little over S63.OOO.OOO This would
leave an Increased circulation for the
year of about SlOO.OOO.OOO. not counting
the imports OF gold and the increase
in bank circulation since August l.
Neither does this amount take account
OF the large Increase In the last few
weeks Of government deposits with the
banks. There is room. therefore, for a
very largely increased ease of money
in the country. in spite OF the treasury
absorption by the loan. The actual sur
plus reserve Of New Yorks banks. al
though reduced to less than S5,OOOOOO,
also requires some qualifying consider
atoms. For one thing. the government
deposits are secured by government
bonds, thus obvlating the necessity of
actual cash reserves to secure them.
Some of the banks do not report their
government deposits at all in making
gu, clearing statements. Furthermore,
the surplus reported is above the Is per
cent requirement. although the state
banks are required by law to maintain
only Is per cent OF reserve. These facts
explain why the measures OF relief Of
fered by the treasury department have
not been avalled Of
Bonds were dull. but yielded slightly
in the late trading. Total sales 1885,
900.
Government bonds were unchanged.
The total sales of stocks to-day were
S9s. 400 shares.