The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-23
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

NEW YORK. Oct. 22.-Money on call
firm ut 3G5 per cent; last loan s per
cent. Prime mercantile paper SOS per
cent Sterling exchange easy, with ac-
tual business In bankers bills at
81 S37s for demand and at "a, Sof.4
A SO% for sixty days; posted rates
81 S1EG4 So and 81 S5G4 So'1ss. Com
merclnl bills 81 sOA@4 sos.. Silver GER
.tIhcates. 6lhG65hc. Bar silver 6t!ac.
Mexican dollars .508c. .tge
Government bonds 1iirmer.
State bonds strong.
Railroad bonds strong.
To-day's furiousy active and buoy.
ant speculation was brought up with
sharp turn In the final hour OF the
trading by a furry in the rate for call
money which carried 1t UP to 5. per
cent. This was accepted as an admoni-
ton that the speculation was overr,in-
ming the newly acquired resources OF
the money market and very heavy SELL
Ing to realize profits Immediately set In.
In some Of the stocks most affected by
the late selling the earlier gains were
entirely wiped out and the average
level was carried down considerably be-
low the best OF the day. The effort OF
the bulls to retrieve their ground caus-
ed very unsettled tone. but the clog
ing was on the whole easy, with thu
buoyant snap apparently taken out Of
the market. Notwithstanding this late
back, there were some very striking
upward movements OF prices, especially
In the stec. group, and the largest days
business In stocks since the earlier part
of the year was transacted at q leyelsof
prices well above those OF Saturday.
spectators rnveled In the reVivifying
streams OF gold which are pouring into
the New York money market from
many quarters Of the world. Yester-
days incoming steamers from Europe
brought up the total receipts OF the.
gold engaged there for import to over
So, 100000 and Saturdays receipts Of
81, 500 600 at San Francisco and made i'm
mcdiately available to New York by
telegraphic transfer. The balance OF
the total engagements In Europe which
amounted to upwards Of S9,000.000, Is
fast following on the heels Of the ship
ments already received. Neither on
Saturday nor to-day was there single.
dollar deposited Mt the sub-trensury for
transfer TO the south or west. which Is
conclusive demonstration OF the
marked decline OF the Interior needs for
currency. Sterling exchange fell weak-,
~ back to nearly the gold import point
and the continued downward tendency
of interest rates London and Berlin
seemed to offer acGuicsence In. the,
threatened further demand for gold for
New York. 1t is important to note that
the weakness for sterling exchange is
largely due to the heavy buying OF
stocks for London account. which
amounted. according to- reliable esti-
mates, to $4,000 shares. Exchange made
from this source, unlike that due to the
cotton movement, does not involve,
corresponding drain from New York
such MS is required to move the cotton
crop. London's large buying was re-
ported TO bp due. in q degree. to specu-
lativc covering Of calls for American
stocks, which London has sold quite
freely for some tInlo past and which the
current rise in prices forceB that market
10 provide Itself with. The consequence
OF these various favoring factors was
what the brokers called the best open
market for stockB since last spring.
This was takon advantage OF from the
outside to realize on very large scale,
and tho professional operators, became
somewhat uneasy ns thcy detected EVIL
dcncc OF inside selling. The squirt In
the cnli money ratio was all that was
needed to prccipitatc. the general scl!-
Ing movement. This. development scrv-
ed M reminder that It may not be ex-
pedicnt to lend all the newly available
money resources ut once for speculn-
tive purposes The time money market
was dull to-day. borrowers expecting
lower rates and lcndcrs holding out for.
the higher rates. but bankers looked
for considerable additional require.
ments for loans to be met In the near
future. n. a 81. S..
There was greatly Increased activity
in bonds, MS well MS In stocks and
prices advanced very generally. High
grade bonds were not conspicuous III
the dealings. Total Ealcs pur value.
s2.70J.0OO. ag
United States 30 registered advanced
X per cent on tho Inst conl.
U. S. Bonds
U. s. RcfindIng III. s, new 4s reg l3a1s
2g when Issued U, s. now N cou. l3iia
registered ,...10l U. s. old As reg. .lli&