The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-10
ALL INTEREST IN
MONEY MARKET
The Great centers Kept Under
Closest Scrutiny.
LOCAL CALL RATE HARDENED.
Speculative Activity Was Considerably
Paraiszed, and the Movement of
Prices Was Narrow and Unim-
portant-Bonds Irregular.
lBy Associated Press

NEW YORK, Oct 9.-The attendance
OF the nIIancial and speculative EHoTla re.
NAMED 1Scd to-day on the problems oA
Tie international money markets All the
asoria'S great money centres were he!t
under careful scrutiny TO detect develop
nleIlIs winch NIGH. throw Hgnt upon d4S
outcome OF the contest now inauSuFalSu
ior the possession vi the available money
Supply. The engagement OF t3V,Voo IA
gold and its withdrawal from the l1dilh
OF England for Shipment TO New YORK
marked the beginning OF the contest, ana
confirmed yesterdays estimates that stei-
ling exchange at New York had 1allen
within the margin OF profit Tor soia
imports.
NO announcement was made in Ne"
York OF this engagement, and 1t WAS
commonly supposed that the ~1ttlqfd"ai
was maze in anticipation OF az! advance
IN gold prices with d view TO tuture snip
lnent. The withdrawal promptly pre-
clpitated an advance in the Bank OF Eng
land $ price OF gold. gold bars ana AmeIl-
can eagles both being marked up Y penny
an ounce. The margin OF prohts on I'M
ports TO New York was thus wiped out.
-~eriins exchange in New York, winch
had steadied this morning after yester-
Gays downward plunge, thereupon re-
sGmed i downward course, and closed
easy and still tending towards the new
level of gold imports established by the
Bank of EnglanCs action.
The discount rate in London also re-
sponded for the first time 10 the threat
ened demand for gold and hardened
Berlin and Paris. weakened notably TO-
day on account Of the heavy continental
demand for cotton. buying from that
source having superseded for the time
being the English demand. and in the
afternoon it was announced that one
million francs had bee engaged in Paris
for import TO New York. The Bank of
France is undoubtedly best equipped OF
all the great European banks to spare
gold at this time. But ii has pursued
a policy OF boarding for some time past,
and the policy of the institution in the
protection of its gold reserve is exceed
ingly arbitrary. 1t is taken for granted
that it will interpose an obstacle to the
drain inauSurated to-day upon the Paris
market gold supply. AS for Berlin, to,
days weekly statement of the Imperial
Bank shows that it has lost nearly two
million in cash during the week, in spite
OF receipts of gold from London, although
it has contracted above half of the enor-
NOUS note issue of the previous week,
and has recalled nearly 100000 of last
weeks loan expansion, which exceeded
$50 900, 900.
1t is clearly evident, therefore, New
York VIII have to make q more urgent
call to effect a movement hitler of gold
of any considerable scale. Meanwhile the
local money market continues TO harden,
and the proportion fcall loans placed
at So per cent was considerably greater
than yesterday. To-days transfers of
currency to the interior through the Sub
Treasury again reached three-quarterS of
a million dollars. and the banks have lost
TO that institution since Friday S2,2aO, 600.
The movement by express is a matter
of conjecture, but is known to continue
large.
Speculative action was considerably
paralyzed pending the solution of these
money market prepleNitieS. and the move
ment of prices was narrow and unimpor-
tant. There was a notable movement in
the iron and steel group, pretty much all
the members of the group coming into
tht movement as the day progressed.
with advances of from / to over . points.
This movement and the announcement of
the enga gement of gold in Paris served
to overcome some of the early depression.
Strength in the local traction group was
also a factor. But the market closed dull
and irregular, with few net changes of
Importance.
The movement in the bond market was
narrow and irregular. Total sales, par
value. S6S0, 900. United States refunding
e's, the SIS registered and new As de-
clined 4 per cent. on the last call
rhe total sales of stocks to-day were
1885, 400 shares.
MONEY AND NEUTRALITY-SUSPICIOUS. on
call firm at 36S1a per cent: last loan at
:: per cent; prime mercantile paper, 56:'&
actual business in bankers bills at 81. $40
4S41S for demand and at S4.S01@ for sixty
DAYS: posted rates. S4.S11&6f. S51a: COM
mercial bills S4.19$4d4. So14. Silver certffi-
Gates G41zG65: bar silver, 633S: Mexican
dollars 5015. Government bonds weak;
State bonds strong: railroad bonds
irregular
STOCK QUOTATIONS.