The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-12
FrNANoE AND TRApE.
The Features Of the Money and Stock
Markata.

4MhTk9GSs
NEW YORK, Dec. 1l-Money on call
firm at 5915 per cent; last loan, s; ruiz
ing rate, l0912
Prime mercantile paper, 5h96 per
cent. Sterling exchange irregular, with
actual business in bankers btiis at
81 S6% Ca 81 for demand and at NslQ
4 Slk for sixty days; posted rates, q S2
"a s2iA and 81 S11z; commercial bills,
81 5000 son. Silver certificates, 5sG3Soc.
Bar silver 59hc. Mexican dollars, 47hc.
Government bonds strong.
State bonds weak.
Railroad bonds weak.
A perusal OF the net changes IN prices
OF stocks as a result Of the days trad
ing win give but faint conception Of
the violent vlcissitudes through which
the market passed during the tive-hour
session. During She morning hours the
drastic liquidation which was forced
! upon the market caused great gaps in
the values Of securities and the mar
ket took on the appearance Of demor-
allzatIon. The wide variations in prices
between sales, running as high aG 3
points. were evidence of the urgent
character of the selling. AT the low
point the ecale OF prices presented q
decidedly ragged appearance, the de-
clines in the long list OF spectatties
ranging, as compared with Saturdays
close, all the way from to q points.
| The latter was in Tennessee Coal. Not
wIthstanding the days violent fuctu-
atlons the market closed with few net
losses exceeding points, The llquida-
ton seemed to have been very thor
ouglI and the great Improvement In the
tone OF the market during the latter
part of the day reflected the benefit to
the health OF the speculative situation,
The influences at work were so broad
and well defined that they are soon
stated. One leading cause Of the weak
ness was the large decline made last
week, which wiped out or nearly ex-
hausted margins on speculative &C
count. and the calling for additional
margins forced large blocks OF stocks
ON the market. Many were forced to
iiquldate and there was q very large
contingent whose hopes OF an upward
turn In prices had become exhausted
and who threw over their holdings IN
disgust, determined to await q more
favorable opportunity. The news Of
the heavy reverse to the British arms
in South Africa helped TO unsettle this
MARKET. as Il did all the other mar
ketS Of the world, London bought
stockE here In the first hour, but this
was simply to cover sales made earlier
IN London at better hguFe. The very
violence OF the selling movement
worked Its own remedy, and the DAY
was not hnlf over when evidences Pc
gan 60 appear that urgent speculative
| accounts had been thoroughly shaken
| out and the loan contraction pushed 20
a sufficient extent to atord material
relief. The bears were steady buyers
/ for the rest Of the day and there was
4 suficIent contingent OF bargain -huut.
era ON hand to afford assistance toward
fine recovery In prices. The character
~ the interests which were more
HcuteIy distressed was shown by con-
Snicnoua weakness IN the highly spec
Native Industrinls Besides the de-
CLING OF u points in Tennessee Coal
there wore losses OF 4 to points IN
members Of the metal group. sugar
Tobacco and the New York 5peci9lties,
The net loss Of Tennessee Coal ana iron
for the day was 10 points. In the fall-
roads only few cases occurred W i,
decIInes reached over points, New
York Central. Pennsylvania, a number
~ eoaierg, Louisville and Southern pre-
ferred being conBplcuous examples.
| Kannag & Texas was down nearly
noIats The enormous and determined
sTDnort IN Sugar was the turning point
IN Die davis market. This speciality was
run up In the late dealings ~ points
above the low point, scoring a full re.
CoveFv NOT only Of the e7gly decline, but
If Inc quarterly dividend. which was
Ssauoted from the price to-day. There
80 n Eubseduent decline OF TX points
and Inc stock closed tH higher than
saturday, The general list closed Tor
ne most part GrIn at the recovery.
sTbe weARneSB in bondl.waa much less
..,,,.,,..I and acute than IN stocks. Total
ISnitsd states old - and IS advanced
Y IN tho bid price