The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-08
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets,

:
NEW YORK. Oct. 6.--Money on call
steady at 2,s per cent. Prime mercan-
tile paper, 5Q5& per cent. Sterling
exchange steady, with actual business
In bankers bills at 81 Si7s for demand
and ut 81 SlBQ4 SIX for sixty days.
Posted rates. 81 SSG4 SS1s and 81 sS6D
Bar silver. 64%c. Silver certificates,
State, bonds firm. Railroad bonds ir-
regular. Government bonds steady.
Attention conferred on the bank state
ment on the stock exchange to-day.
But the very heavy decline in the
cash reserves Of the banks seemed to
have little effect on speculative scnti-
ment, beyond flutter amongst the
smaller class OF room traders. who Of
fered prices down after the statement
appeared. The large spectators, who
have been bulllng the market during
the week, seemed content to stand by
and watch the effect Of the statement
on general speculative sentiment. The
steadiness of the market under the
showing by the banks seems surprising,
when 1t is duly considered that great
stress has been laid by the spectators
for the rise on the offsets to the in
| .
expected TO mitigate the cash loss.
Even yesterday. when the movement
to the interior was known to have been
large. the maximum estimate of the de-
cline In cash did not reach Sc, 200, 900,
The large payment OF Pacific gold
drafts late last week was expected to
moderate that showing under the sys
TEN of computation by daily averages,
but Instead OF that the loss Of the cash
this week has run up to sS.574,7O0, and
the remaining surplus of the banks Is
cut In half. The interior demand for
cash has been larger than any previous
week of the season, and far In excess
Of any single week in the fall season
OF last year. The extraordinary cot
ton movement Is undoubtedly RESPONSE
BILE for the showing. The equanimlty
Of spectators In face of the bank
statement must be due to the convic-
ton that the heavy movement OF cot
ton to the seaboard insures u continue
ance of the export movement and the
making OF commercial exchange. With
the strain on the money market to
harden interest rates. 1t Is argued con-
tinued foreign buying OF cotton Is like
ly to necessitate shipments OF gold to
this country. probably the coming
week. On the other hand. London must
meet an instalment on the khaki loan
subscription the coming week and on
the following Monday % per cent in
stallment on the British exchequer
bond issue. of which over one-half, or
about s,0OO.0O0 is due from American
subscribers. The requirements thus
created upon the London money mar
ket and the New York sterling ex-
| change market must be balanced
against the supply OF cotton bills
This weeks further advance in the
prices of stocks can not be attributed
TO demand from the short interest In
the same degree as that Of last week.
There has been some covering of short
contracts on the rise, and the profess
sional operators. who have the ad-
vance well In hand, evidently hope TO
dislodge the long standing short in
terest. which has persisted In the sto2k
market, on thetheory that the bust
ness reaction Will continue, and war
rant further shrnkage of prices. The
bull party Is evidently playing. also, to
attract an outside buying movement of
the class which nothing but q rapid
advance in prices brings into the stock
market. The effort has not proved en-
tirely unsuccessful, but the new buy
Ing was hardly sufficient to absorb the
profit taking by professionals, who
sought to reduce their commitments at
| 4 moderate advance. The favorable
incidents OF the week have been made
the most of by the bull leaders, but the
loudest protestations are confidence In
the ultimate favorable outcome of con-
ditions over which the public at large
is still evidently in doubt. especially a
revival OF business to last years high
level Of prosperity. =
There has been only slight increase
In bond business, and prices have
moved irregularly.
United States new As declined X per
cent on call since last Saturday.