The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-11-03
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

Markets.
NEW YORK. Nov. Mooney on call
strong at $4,000 per cent; last loan 10
per cent: ruling rate per cent. Prime
mercantile paper sos per cent Sterling
exchange weak, with actual business in
bankers bills at 81 S$%@4 81 for de-
mand and at 81 SOas for sixty days;
posted rates 81 SI14 S1ls and 81 SIS,
Commercial bills 81 7anG4 so. Silver
certificates 6iH 965bc Bar. silver 64Ac.
Mexican dollars Soc.
Government bonds weak.
State bonds steady. ~
Railroad bonds irregular.
To-day's developments In the money
market served fully to justify the pre-
cautionary attitude assumed by influ-
entail interests toward the speculation
during the present week. Had the bor-
rowing with which TO hold stocks on
margin proceeded this week with the
headlong eagerncss that was shown
last week. the effect of to-day's furry IN
call loans inevitably would have been
much aggravated. In the first place
the available resources OF the money
market would have been much deple-
ted and In the second place the con-
traction Of credits neccssltatcd would
have brought out much more burden
some offerings OF stocks for sale. AS It
was. speculative holGars Of stocks
seemed to be well fortified with time
loans. Those who were not had to face
20 per cent call loan rate and q ma
terial extension in the cash margin re-
CURED to carry stocks over the elcc-
ton. Cash margins of so per cent were
in l-,I Ip-
ships of borrowers were increased by
the additional stric,ncss OF lenders with
regard to collateral, the rate being
per cent higher 70: loans where there
was an admixturo OF Industrial securi-
Ties than where they were al! railroads,
Considerable attention was attracted
also by reports OF greatly Increased
demand FOR short tine loans. II was
reported TINT thirty day loans easily
commanded per cent. while those for
longer periods could be had as low as
per cent.
This created n feeling OF uneaslness
regarding the immediate future of the
money market. It was claimed that
the high rtac for call loans was due
simply TO the temp0rry tying up Of
money Incident TO the monthly settle
incnts and that there would he quick
release next week or ma soon MS divi-
dend and interest disbursements began
to find their way back into the money
market. The sub-treasury was debtor
nj the clearing house to-day to the
amount OF S2,So2.7Il on account OF thu
government irtercst payments. The
feature OF the preliminary estimates Of
the weeks cash changes Is the reversal
shown In the current OF the money
movement with the Interior. Tho
banks have gEinod on the interior
movement by express to the extent OF
probably near half y million dollars.
Not until to-dny, when 100000 was de-
posted at the sub-trcaaury for trans
fer to Chicago. has there hren any
transfer to tho interior through TINT
medium. Az IL consequence OF this and
the large payments by the Eub-treasury
on account OF gold deposits mt Pacific
coast points. the official statement OF
the weeks sub-treaslry operations
shows gain by the banks OF 1868. 900.
But II must be remembered that this
Official statement Includes a payment
on last Friday OF checks to the amour.
OF 3,o0O.0O0 for Australian gold dcpos-
tied with tho government ct San Frnn-
clFco. This gold was drawn over the
counter Mt the sub-trGnsury by the
banks md therefore figured In last
Saturdays bank statement. Allowing
for this, to-morrows statement IL like
Is to show n considerable decline In
cash reserves. Although there has been
liquidation IN the stock market. the
borrowings Incident TO the monthly sct-
Element are likely TO figure in the loan