The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-11-03
FINANcE AND TRADE.
The Features of the Money and Stock
1Inrketg.


Markets,
NEW YORK. Nov. 2-Money on cali
Hrm at 46s per cent; last loan per
cent; ruling rate per cent. Prime
mercantile paper per cent. Sterling
exchange firm. with actual business in
bankers bills at 81 ssK@4 81 for do
mand and at s. s2K@4 s. for 60 days;
posted rates 81 81 and 81 So; commercial
Bills 81 S2z. Silver certificates 5SA@
8 i.c! Bar silver Csc. Mexican dollars
41i!e Government bonds strong. State
bondd inactive. Railroad bonds strong.
The stock market5took on show of
great animation and strength to-day
and some very striking net gains result
ed. The general list. however. though
higher in price at the close. developed
little activity. The operations which
totalled $4,000 shares sold, were largely
confined to the professional element.
The upward movement was obviously
based upon the easier tone OF the money
market. The largest operations were
by powerful pools and strong financial
interests which have at command
money resources outside the usual
money market circles. The prevailing
opinion in Wall street ls that prices Of
stocks would move upwards easily II
the obstacle of stringent money were
removed. The large outstanding short
interest in stocks has been patpably un-
easy for some time past and any lndi-
cation OF relaxation in the tlghtness of
money makes them Inclined to cover
their short contracts. The professional
pool operations in a number Of promi-
nent stocks to-day were obviously d.
rected against the bear contingent and
with good succesS,s;;I 1t is very probable.
however, that the large buying at other
points is based on expectation Of a rise
in prices on account OF growing pub
lie interest in stocks. 1t is in the
period of the year which under normal
circumstances the extra uses for
money in the moving Of the crops be-
gins to show dlminution, releasing
large funds for employment in stock
speculation. Export opinion, however,
is by no means unanimous that funds
win be released in the usual volume
this fall, owing to the marvellous bust
ness expansion. Outside the highly
speculative industrisls. the movement
in the railroads centred in the south
western group. The special strength
and activity in Southern Pacific helped
the southwesterns and was based on
current rumors Of readjustment of con-
troll. The belated movement in cotton
was a factor ofIstrength among both
southern and southwestern railways.
There were special movements besides
in Cleveland, Cincinnati, Chicago & st.
Louis and Chesapeake s. Ohio. and
some demand for the coalers. The up
ward movement in the iron and steel
stocks encountered difficulties as did
that in Brooklyn Transit. Speculation
In Leather continued on an enormous
scale, the stock rising an extreme Sh
per cent. sugar was also very prOmI-
nent and rose at one time points.
There were notable movements in
Standard Rope, Peoples Gas, and Man
haitian. The extent of the advance In
vlted heavy realizing, especially dur
ing the last hour and some stocks show
ed reactions of between / and 2 points
from the highest. The general ten
dency was yielding in spite of a fresh
advance in Southern Pacific to AK and
in Chesapeake & Ohio to 20, The up
ward impetus at the opening was
caused by higher quotations from Lon
con and the effect was exaggerated by
the circulation OF canard alleging a
disastrous defeat of the Beers at Lady
smith. Manipulation for the rise was
very apparent all day. The bond mar
ket was active and strong. the demand
being very well distributed. Total
sales par value $3.395,OOO.
United States old As advanced Z Pc
! cent, and the Ss new, As and IS " per
cent in the bid price.