The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-11
FINANCE ANp TRApE.
The Features Of tho Money and Stock
Markets.

The Features Ofthc Money and Stock
Markets.
NEW YORK. Oct. 1O.-Money on chll
firm at 4010 per cent; last loan per
cent. Prime mercantile paper 6h9s
per cent. Sterling exchange firm with
actual business In bankers bills at
81 96H "a B6h for demand and at q SIX
for 90 days; posted rates s. 63h44 E3
and 81 s73i. Commercial bills a SIG
{ SIN. Silver certificates 5S869e. Bar
silver 6slsc, Mexican dollars 47c.
Government bonds easy.
State bonds inactive.
Railroad bonds Irregular.
The stock market to-day demonstrate
ed in striking manner Its reliance on
the domestic money situation and It's irt-
difference TO the events In foreign
lands. The London market advanced
prices under the lead of Kafiir mining
stocks, In which there Is merry specp-
lation, based on the assumption Of early
control by the British government OF
the Rand mining district. The local
market responded only partly to the im-
proved quotations from abroad and
more than lost the opening gains before
the end Of the hrst hour. Then came
the announcement from Washington Of
the decision Of the treasury department
to anticipate the November on govern
ment bonds without discount and that
Of the entire fiscal year at discount OF
two-tenths Of one per cent, about the
regular rate on government bonds. The
response was prompt and emphatic,
prices rising With more appearance of
strength than for a long time past. The
gains ranged from one TO over two
points In many active stocks, The buy
Ing was undoubtedly In large part due
to the covering Of short contracts by
the bear interest which has been. con-
slderably extended during the last few
days on the continuing appearance Of
money strlngency. The speculative IN
dustrlals were most affected, including
those in the metal industry. The most
notable movement in the railroad list
was that Of Burlington, which rose an
extreme 2h points. When the demand
from the short interest was satisfied,
prices began to sag again and with the
exception OF sharp bidding up Of sugar
to the top level In the late dealings, the
the close was inclined to heaYiness. The
action Of the treasury department on it's
face offers something like twenty-slx
millions for the relief OF the money mar
ket, and over $4,300,e00 Of this without
discount. The amount provided for
Immediate release, however. is only
about 81, 500, 900, the payment OF the bal
ance Of November interest being fixed
for weekly periods up to October rs. The
extent to which this privilege will be
awaited OF Is problem, but last years
experiment on the same lines did not
bring striking results. The anticipated
interest last year was that due on Octo-
Der and November. 80 that this years
offer Is greater by more than $22, GOO, 900.
SO far us interest is concerned, but last
year the government anticipated re-
demption Of S14,000,O0o of Pacific rail-
road bonds In September and increased
Its deposits with the depository banks
by 100000 In September and October.
The treasury was paying out money
freely then, while this year the govern
ment surplus Is constantly taking
money out OF the market. On the
whole, the relief offered by the govern
ment to the money market appears
rather meagre by contrast with last
year, when the rate for call loans was
at no time over per cent during the
Crop-movlng period. The call loan rate
worked rather easier to-day. though
the majority Of loans were made at 10
per cent the maximum rate. In time
loan lenders were more willing to give
accommodations for short periods,
whereas they hnd Deen nOlulnB out LOT
the six months period. The rate for
all periods continues at 6 per cent The
money situation abroad was again dis
tInctly easier and the weekly statement
Of the Imperial bank of Germany, as
well as the. continued receipt of gold on
balance by the Bank Of England indi-
Gated progress toward recuperatlon.
Nevertheless sterling exchange held
firm and French and German exchange
advanced fraction.
The bond market continued dull and
changes in price were mixed. Total
sales, par value, $2,035, 900.
United States new IS declined Y per
cent in the bid price.