The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-11-13
FINANCE AND TRADE.
Tho Features Of the Money and Stock
-. -. Markets.

..
~ 4E.l s 5iSH. Nta.
Tho Features of the Money and Stock
Markets.
NEW YORK, Nov. 12.-Money on call
firm at 4G5 per cent; last loan per
cent. Prime mercantile paper 4k95H
per cent Sterling exchange easier. with
actual business in bankers bills at
81 SAY for demand and at 81 S0% for 60
days: posted rates 81 sig and 81 S51s:
commercial bills 81 SG94 S0h. Silver
certificates 6iAa65hc. Bar silver 64Bc.
Mexican dollars 5oAc. Government
bonds Irregular. State bonds inactive.
Railroad bonds strong. I'd
The first decisive setback to the up
ward course Of prices which has been
In full swing in the stock market since
Wednesday morning last, occurred to-
day, and conservative circles In Wall
street breathe easier as a consequence.
The headlong pace ut which the specu-
lation has proceeded has been the cause
OF uneasiness lest some untoward event
should precipitate violent decline with
disastrous results. To-day's late reac-
ton was largely due to manipulation by
professional bears and there wero iudi-
cations that some of the large bull In
terests were acquicscent in the move
ment. A prolonged and extensive ad-
vance such as that Of the last week at
tracts q following OF weak spectators,
LII t,,.a ,rA y
dalton OH a very slight reaction are
menace and an obstruction to the more
powerful bull Spectator. This latter
class sometimes wink at bear attack
in. order to shake of this undesirable
following. There was an enormous
amount OF profit taking accomplished
during the early hours OF the day by
professional spectators. who began to
feel doubts over the continuance Of the
heavy buying demand for stocks. In
terests which had thus sold out were
willing to see lower prices In order to
buy back stocks. 1t looked at one time,
however, as though the absorptlve
power OF the market was sufficient to
carry through this realizing and hft
prices to higher level, as was the case
many times during last weeks rampant
bull market. High prices for the day.
speculative borrowers to-day but
stocks atter the early reaction. and the
speculation had shifted into the stand
ard railroad stocks. so Us to give n
healthier tone to the market than dur
Ing the morning, when the widest move
ments were In the mcrcurlal speclaltes
The stiffenng of the call money rate
was the most effective factor in induc-
Ing the late reaction. Skil!ful specula-
| tors have kept watchful eye on this
| index OF money conditions to detect the
| first signal of danger that the borrow
Ings for speculative purposes were over
| running the available resources Of. the
money market Saturdays bank state
ment was so conflicting and SO far re-
moved from preliminary estimates TINT
Its unfavorablc features were ignored
this morning more so rs money cpntln-
ucd to hold at 4 per cent. 1t Is not like
there was any actual pressure upon
the effect upon speculative sem
tlment of the rise in the
money rate to s per cent was conclusive.
The constituencies OF opinion to this in
dication and the success OF the profes-
sional attack upon the Market after the
many failures of last week, warrant
the supposition that the eager rush to
buy stocks has at last begun to show
signs OF safety. The signs were not
clear this morning when orders to buy
came Into the market in seemingly I'M
| diminished volume. but by MONDAY the
activity had sensibly fallen OFF and the
later recovery in prices had some
what artificial appearance. the rise
shifting from one stock to another.
| giving the market spotty appearance
and leaving the points OF strength some
| what Isolated. Pennsylvania, which
| has been reactionary for several days
past. was the leader OF the recovery Mt
an extreme advance OF 2& points. but It
had large following among other sub
| stan,ial railroad stooks,w which rose from
1 to lH points. Tho earlier advance In
the Steel stocks had run rs high rs
| points In Tennessee Coal and from to
| 81 In the leading industrials and spec
laltlcs, including the local traction
| stocks. Rumors have been current dur
Ing the day Of hostile intentions be-
tween the Steci & Wire and Federal
Steel companies and these stocks sur
fcrcd most severely in the late trading,
Federal Steel rcacting az and Steel &;
Wire 2N per cent. The selling on reac-
ton was prcclpltate but not in as large
volume ns the buying on the advance.
! Many OF the Industrial stocks suffered
to the extent OF between I and 2h
points. In thr railroads the losses from
tho best ran between / and ~ per cent
In the principal stocks. and in Pcnnsyl-
vanla reached TX per cent. Covering
by shorts arrested the decline, but the
closing was unsettled md with specula-
tive opinion very uncertain, Pacific Mall
was rcactionary throughout the day and
American Lnsccd OIL preferred lost ~
per cent. Sterling exchange was easier
In response to tho higher money rate
nnd without regard TO the firmcr money
market In London. London bought
stocko here early but turned seller on a