The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-06-13
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

Markets.
NEW YORK, June l2.-Yloney on call
easy at 1N@2 per cent; last loan 2 per
cent. Prime mercantile paper Stk0iH
per cent. Sterling exchange steady,
with actual business In bankers bIIlsat
"a S7%G4 sly for demand and at 81 Si5S
"a So for 90 days; posted rates 81 S5la0
4 SSIs; commercial bills 81 S4Gp4 sli4, Sill
yer certificates GOq6lc. Bar silver 6Oc.
Mexican dollars Aye. Government
bonds easy. State bonds inactive. Rail-
road bonds weak.
The small contingent Of professional
room traders, whose operations mnde
up to-day's stock market found difi-
Guilty in causing any movement Of
prices. The prevailing dizziness was Il
characteristic of all the securities mar
kets OF the world. Speculation waits
on the developments in China and In the
money markets in Berlin and Paris. The
nrmer tone In London and PUrls on
early reports of British success in
the Transvaal caused prices to open
higher here, but they quickly declined
on realizing and on short rates by the
traders, induced by the renewed
strength strength In wheat on the
continued druuth in the northwest. The
outlook for the crops was dominating
influence in the market all day.not only
In the movement of prices shown but in
the intense dullness and hesitnt!oni the
trading. A slight nip was given in
the last hour by the weather bureaus
predictions Of rain In the northwest.
The weather bureaus weekly report Of
crop conditions, while 1t reflected the
unfavorablc condition of spring wheat
as was expected. brought realizing In
wheat and contrarywIse, short covering
in stocks.
The rally in the grnngers aud some
Pacilcs reached point or over, but the
rise was not well maintained and the
closing was seml-stagnant and un-
steady Mt concessions. The prospect Of
gold exports on Thursday was de-
pressing influence in the market. No
actual arrangements for shipment have
been completed but exchange bankers
generally admit that n profit il posi-
Bile on the operation. Sterling exchange
held firm to-day in spite of decline in
London discount rates. Sterling ox-
change at Parts declined ana the Bank
of England sold gold for Paris. Paris.
in fact, seems to be the real point OF at
traction for gold. The easing of the
London discount rate Is attributed to
expectation OF further receipts Of Rus
Sian gold and the stiffness Of the money
market In Paris and Berlin. where Rus
sla usually borrows to meet her inter-
est obligations TO London, Is the real
cause Of Russian gold going to London.
Thus It happens that Russia instead of
borrowing In Paris Indirectly furnishes
the means which enables London to
gupply gold to Paris, The French de-
mand Tor gold Ia attributed 10 the ac-
tive need for money in circulation, incl
dent to the exposition. But the policy
of the Bank Of France IN reducing It's
note issue and In contracting It's loans
is in conflict with this view and indi-
cntes rather a desire to fortlfy The POSI-
tlon Of that institution. London ad-
Vices report uneasiness In the stock
market there lest crisis shall develop
in France after the exposition ~ cnuNd'
This helps to account for the persistent