The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-08
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.


Markets.
NEW YORK. Feb. 7.-Money on call
steady at 292M per cent; last loan 2h
per cent. Prime mercantile paper 4@5
per cent. Sterling exchange easier,
with actual business in bankers bills at
g S7A@4 s7!k for demand and at
81 84k6p4 8l1s for sixty dHys; posted
rates "a 65 and 81 $50. Commercial bIils
81 S8Is Silver certificates 6S1Sa601ac.
Bar silver 69%c. Mexican dollars 471sc.
Government bonds strong.
State bonds firmer.
Railroad bonds Irregular.
The stock market to-day offered a
striking demonstration Of the weakness
engendered by sudden and violent adj
vance in prices and the reckless specu-
iative venture thereby invited. The
professional bear operators found an
easy prey in the swarm of spectators
who have been buying stocks for n
week past on margin with borrowed
money. In the latter part Of the day,
the bears swooped upon the market, of
ferlng prices down with apparent reCk-
Iessness and playing havoc with specu-
Iative accounts held on narrow mar
gins. The wfping out of these margins
left no alternative to the holders but to
throw over their stocks In order to
avoid losses The bull leaders Of larger
calIbre had either realized profits at
the higher level and were willing to see
reaction in prices to get Into the mar.
ket again or withhold support from the
market with q view to shaking on the
undesirable following OF spectators,
with small resources who constituted =
menace to the further advance IN
prices. This is the class Of spectators
who come into the market and buy
stocks simply because there has been
an advance in prices, with sangutne
hopes that there will be further linden T.
mite advances. They buy stocks on n
small margin with borrowed funds and
when prices advance re-inVest their
paper profits IN further holdings Of
stock ON margin. Large numbers OF
them have no resources to protect their
margins In case OF a sudden decline in
prices. They have no sources Of infor-
nation except the runiors and tips
which nv IN the street. The weakness
OF their position makes them tlmid
and they are quick to sell at the iirst
note OF alarm. It was this class that
were the principal sufferers IN to-day's
shaking out, people who control large
capital and who bought In the panic OF
December and stHrted the bull move
ment last week have taken profits on q
very large scale. Their selling was
met BY 90 large a demand up to to-day
al TO keep up the level OF prices. There
was evidence during the morning OF
continued large absorption mt some
points in the list, notably in Sugar,
said to be covering for the bear nc-
count and Pennsylvania, Union Pncihc
md Tobacco. Some stocks OF minor I'M
portnnca also continued TO advance, but
il soon became manifest that the SELL
ing pressure was greater than the new
demnnd could absorb It was then that
the bears made a fierce raid on the Vul-
nerable spots. They clipped i've and a
half points from the price Of Tobacco
and IN n number OF the metal stocks,
conspicuouSly National Steel and Steel
Hoop and in Sugar and the local trae-
tIon stocks, they drove down prices
from 2 to 4 points. In the railroad list,
Baltimore & Ohio reacted ". Rock Is
land nearly points and PennHylvania,
New York Central, st. paul. Burlington
and Missouri Pacific froIn to IA AZ
the low level the rush Of che bears to
cover caused same violent rallies, Met
ropolithn being pushed up 5M points.
In Third Avenue, Sugar, Tobacco, Ma
tiOnal Steel, Baltimore h Ohio, and
Rock Island, the recOverioG ran from
N 10 over points. There was very
heavy absorption all day OF Union Pa
cihc at all IeVelB and in the Anal rally
was pushed uD W. The Closing was