The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-16

hOlun RhAAe
so.cIal Correspondence OF Inteliigeneer.
NEW YORK. Oct. 1l,-wall street has
suffered another weeks embarrassment
from the effects Of money pressure. Not
that the stringency has Increased In
severity, but that there iSiasyet no ma
terlal alienation. nor any sign Of Inn
mediate effective relief. # Is true that
about 32,750OOO OF gold has,oome to the
banks from abroad ana the Pacific
coast and that the settlements of the
sub-treasury at the clearing house have
been more than usually favorable to the
banks; but the shipments Of currency
to the interior have been dlsappoint-
ingly large and the foreign exchanges
suggest no hope of early importation Of
specIe. The balance 81 the money
movements Of the week cannot be close
" estimated at the hour Of writing;
hut II does not seem Improbable that
next week may open with d somewhat
improved condition Of the banking re-
serves. stlll, the situation Of the mo-
ney market Is less favorable than It has
been hoped 10 be at the middle Of Octo-
Der.
The coming week. however, may be
expected to bring some relief. The ofter
OF the treasury to pay out the whole IN
terest on the public debt up to the LIST
OF July next. places an important re-
source Of gold within reach.
The interest due on November /,
amounting to $l,sss.sll. payment Of
which begins with Monday the 18th
inst, may be expected to be collected
promptly; and, as large proportion of
the disbursements VIII ind their way
10 this centre, an appreciable relief to
the local banks win result. which may
be expected to appear in next weeks
statement. During the succeeding
eleven weeks, bondholders will have
the option Of collecting interest In adj
vance maturing up 10 July LIST, 1900;
but It seems doubtful whether that
privilege will be awaited Of to any large
extent.
ON the interest due during the first
half of 1900, the treasury imposes re-
bate for advance payment OF one-hfth
July Item would amount to LEO per
cent OF the interest. It Is an open ques-
ton how far the treRsury's olter may
be accepted in respect to the interest
maturing on LIST OF January next,
amounting to S5.596526. The rebate up
on 1t would be three-fifths of one per
cent, II the demand were made before
November i; and the willingness Of
bondholders to pay such a rebate would
depend principally upon the condition
OF the money market.
It does not seem likely that much OF
the january interest would be collected
unless the market rate for money
s!:ou.l, continue pefsistently high for
come time to come; and that does not.
appear very probable. It would be en-
tirely exceptional to experience II a
considerable proportion OF the money
sent to the interior did not find it's
way back to New York in the second
half OF November and during the In
terval before that the loan market
would be growing gradually eaEier from
receipts of currency. 1t therefore seems
quite possible that, In respect to the
January Interest. bondholders may pre-
fer waiting for It's receipt In due course
to paying a considerable rebate for
getting II enrlier: the more so as the
immediate disbursement of the Novem-
Der interest can hardly fail to afford
quite appreclable reli.f. II. however.
the money market should remain un-
eSpectedly stringent, the hve and
half millions of January Interest is
within reach Mt the pressure OF the
bondholders and lenders may be found
willing to pay the rebate in order to be
able to use the money at high rates.
This Is an Important stay against fur.
Their apprehension.