The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-15
FINANCE AND TRADE.
The Features Of the Money and Stock
J@' Markets, y

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The Features of the Money and Stock
Markets.
NEW YORK, Oct. 13.-Close: Money
on call nominal. Prime mercantile pa
per soc per cent. Sterling exchange
steady. with actual business in bank
ers' bills at 81 S3% for demand and at
81 So14 S0,S for sixty, days: posted rates
81 S1@4 SIZE and "a $500 s5M. CONNER
cIal bills 81 79Id.4 79N. Silver certIn-
Gates 62;.9G4c Bar silver 62ssc. Mex.
lean dollars 49Nc. liS
State bonds steady.
Railroad bonds steady
Government bonds steady.
The lndertone of tie stock market
continued firm to-day. and the appear
ance of the bank statement was q Sig
nal for buying movement which car
ried prices up sharply. making the
closing firm at the top. Net gains In q
4 few instances are point. Peoples
Gas was the feature. and the continued
demand from the short interest carried
1t up ~ per cent, with relapse of
only slight fraction. The case Of call
money yesterday had prepared the pub
lie for some modifying factor to the
heavy drain of cash to the interior.
That movement itself Is not fully re-
Elected In the bank statement, as the
heavy shipments towards the end of
the week counted for little in making
up the daily averages. Add to this the
heavy loan contraction, which served
to bring down the reserve requirements
sS.g05,525 thus reducing the Inroad upon
the surplus to sl.777,9I5.
The room traders were disposed to
discount at once favorable bank
statement for next week, as the $780,
4 900 In gold coming from Europe will
figure in the reserves next week. Some
receipts of klondike gold are expected
next week, and the pension payments
4 by the sub-treasury are looked to for,
some relief. The bullish traders also
argued that the advance In interior ex-
change on New York might be the har-
binger Of falling OF In the interior de-
mand for currency: but this view did
not find countenance In banking cir
cles. Aside from these ebullitions OF the
professional spectators. there was n
substantial growth Of a sense. of secur-
| ity In financial circles by reason OF the
declared policy of the bank of France
to furnish export gold for the relief OF
any threatened monetary crisis. The
announcement of this policy by an otl-
cial of the bank attracted wider atten-
ton in Wall street than any other Incl
dent OF the day. The Bank OF France
now possesses the largest single accu-
mutation Of gold in the world. Its
holdings stand Mt s457, 3l4350. the lar
gest In Its history. compared with the
S4ii. 543.2S3 in the United States treas
ury, which includes that In the reserve
and trust funds held for redemption
purposes. The French institution has
accumulated this vast holding, 1t has
been supposed as safeguard against a
reaction following the Paris exposition
and also, 1t was rumored. to float q
Russian loan. That 1t Is now made
available, for the relief of any threat
ened crisis In the worlds money mar
kets is n fact Of Worldwide Importance
Last Saturdays bank statement has
left its Influence on the stock market
throughout the week and has brought
home to the financial world once more
how completely the money markets re-
sources and the demands upon 1t had
been miscalculated. The events OF the
week, notably the abstention OF the
Bank of England governors from ad-
vancing the official discount rate.
show that foreign money markets have
even yet failed to grasp entirely the
excess Of the money requirements In
this country over the preliminary esti-
mates last summer. Possibly the ex-
pectation that the South African gold
mines will soon resume supply to Eu-
rope Is n factor In this apparent conf
dencc abroad. but 1t seems based rath-
er on the assumption that the present
conditions OF cotton export are tempo
rary and will change with the move
ment OF the new crop. The liquidation
in the cotton market by both foreign
and domestic holders following the un-
expectedly favorable monthly report by
the government give some point to this
assumption. New York banking author
tiles have shown some reluctance to
press demands for gold remittance from
abroad. Various explanations might be
offered for this reluctance. II Is certain
that the underwriters OF the British ex-
chc0uer bond allotment were under OBJ
legation, although they drew on London
for the gold instead of shipping II from
New York. These subscribers evidently
feel themselves under an implied obll-
I, CATION at least TO further the purpose
OF England and Germany to conserve
their gold supply. From broad view
point, American iinanciers see n motive
of self interest In refraning from pre-
cipitating money stringency and
forcing liquidation In foreign markets.
That liquidation abroad may have n
reflex action In New York Is shown by
the recent large selling for Berlin ac-
count of Northern Pacific. II ls certain
that wholesale recall OF our foreign
credits would operate to curtail our eH
port trade very materially. II foreign
ers cannot obtain credit for our mer-
chandlse, which they continue to need
largely In excess OF our need for theirs
they will likely find n way TO do with
out II. The desire of spectators to
borrow money cheaply with which to
hold stocks on margin IL not likely to
prevail with capital to force gold I'm
ports over the consideration thus in
VOWED, and the gold import movement
is therefore likely TO depend on the
more substantial needs for money.
even ut the sacrifice OF some OF the
spectators already committed. Last
fall events demonstrated this tendency
and the December panic Is stlll wildly
present to the minds OF Wall street
spectators. The restraining influence
thus exerted supplies the key to explain
the renewed letharBy OF the stock mar
ket this week. A more serious phase Of
the problem Is whether or not, speculn-
tive requirements aside. there Ia nuil-
Client supply OF money for the domestic
requirements for substantial business
without drawing such nm amount OF
gold MS will upset calculations In for
cign markets. which nre heavily COM
mItted TO new Industrial ventures
whose collapse through forced liQuidn-
tlon might have far-rcnching effects on
Industrial and business conditions
throughout the world. There Is no more
talk henrd that the reaction In general
business md the country's Increased
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