The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-10
FINANcE ANp TRApE.
The Features n the Money and Stock
Markets.

The Features n the Money and Stock
Markets.
NEW YORK, Oct. s.-adoney on call
easier At eos per cent; last loan per
cent. Prime mercantile paper bt0B
per cent. Sterling exchange hrm. With
actual business in bankers bills at
a ssA04 ssM for demand nnd at
81 s1N@4 sc for sixty days; posted rates
a S2is94's3 and 81 ss1sG4 81. CONNER
clal bills 81 1904 S0It. Silver certiii-
Gates 6S(35sc. Bar silver 5S1sc. Mexican
dollars &c.
Government bonds steady.
State bonds inactive.
Railroad bonds weak.
Buying by srbitruge houses for Lon
don account made the highest prices OF
the day in the general list ct the OPEN
ing, AS soon as that demand was sat
Isfed the market began to drag. There
was some support when prices Of the
iron and steel stocks were bid, but the
fact was obvious that there was no vi.
tai demand for securities and the down.
ward drift was renewed. BY the close
OF the day gains were wiped out except
IN few cases and q number OF indus
trial stocks showed quite large losses.
Steel and wire was notable exception
and raRe three points on reports Of new
properties acquired, most OF the gain
Tobacco enjoyed their period Of
strength. but both Of them closed at
net losses. There was some large buy
ing of United States leather, but Its
gain was not maintained. Omaha pre-
ferred which Inst sold at 1856 was offered
at 1873 and from that down to 176 with
out finding takers. st, Paul preferred
sold early at IN and later at 1863. The
bond market also was rather weaker
than has been the case up to this time
rejecting the high prevailing dates for
money, The situation In the local mo-
ney market showed very little change,
loans being made as high as 10 per cent
and as low as per cent. The majority
Of loans were made at from to 10 per
cent. Predictions were heard that mo-
ney was to be easier this week, but no
evidence was forthcoming to corrobor-
ate the prediction. The gold shipped
from Europe Is now In New York
vaults and no more Is to be expected for
the present from that source. 1t was
reported that the treasury department
had decided to anticipate the November
first payment Of interest. as was done
last year, but no announcement OF such
a decision came from Washington. The
detailed statement Of New York banks
on Saturday showed that considerably
more than half the members OF the
clearing house are still below the legal
reserve limit and the necessary conse-
quence was a further calling OF loans.
Banks in the west and even In Canada,
are reported to be placing call loans on
the stock exchange. It is evident that
western banks are drawing on their de-
posts in New York banks to meet de-
flands upon them for moving the crops
and for regular commercial uses. The
calling OF loans by New York banks
which is thus made necessary PUSHES
up the call loan rate in New York and
the western banks are getting the ad-
vantage OF the higher rate for their
surplus funds which are placed in Wall
street, Earlier in the season Wall
street expected to be relieved from the
usual pressure for crop moving mo-
ney, on account Of the large reserves in
western banks. But the latter have
found more profitable method Of con-
Quoting operations. London took a
more cheerful view Of the outlook to-
day and the open market discount rate
fell below the banks official rate. Steri-
ing exchange eased of IN sympathy at
Paris and Berlin, but held stitf In New
York for demand bills and cables. The
bond market was dull and weak. Total
sales par value, $l,510,0OO.
United States bonds were unchanged
in bid quotations.