Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-07
FINANCE and TRADE

NEW YORK, Nov. 5.-There was
very ardent speculative spirit man
ifest in the stock market all day. 1t
was depressed at times by the diff
Guilty of securing the loan market, but
before the day had closed the market
burst into great animation after fol-
lowing a relapse in the call loan rate
and the activity continued up to the
close, almost wholly ignoring re-
covery in the money rate to about the
top rate of the morning. Taking OF
quick profits by room traders made
some slight impression on prices here,
but the last prices were generally very
near the top. The feeling in Wall
street this morning was that Fridays
jump in the call loan rate has been
due to manipulation. that Saturdays
bank statement did, not truly repre-
sent the available resources of the
banks and, in short, that all of the
usually trustworthy indications of a
pinch in the money market were mis-
leading and artificial. 1t was in this
spirit that spectators rushed to buy
stocks at the opening. They raised
prices from to liz points over Sat-
urday's level in a large number OF
prominent stocks within a few min
utes. Then began the calling of loans
by some of the banks Loans made
to-day carry over until wednesday,
ana when spectators began to look
about to find new accommodations
with which to carry their holdings
of stock over election day, they ran
the call rate loan up rapidly to rs per
cent. The first loans were made at
10 per cent. One broker loaned S1,000,-
900 at that rate, and another at Is, and
then demanded 25 per cent. for mil
limo. This suddenly checked the ami
nation of the stock market and was
followed by a period of contempla-
ton. A conspicuous feature of the
market at this time was the large
number of transactions for cash, and
the small concessions from the ruling
prices at which these were quoted.
The conditions In the money market
were, of course, responsible for this.
When the rates for money fell away
to 10 per cent. again, the spectators
very promptly availed themselves of
the resources offered and rushed the
prices up to the top level of the day.
general, and on the whole quite uni
form. The steel stocks, the prominent
lndustrials and and the southern and
southwestern railroads. especially the
Atchisops and Union Pacific, were the
leaders in point of strength, with gains
ranging from 2 to 21a per cent. The
closeness with which the speculation
kept pace with the resources in the
money market and the sensitiveness
of the sterling exchange market to the
developments in the money market
were very striking. The rate for ster-
ling exchange fell weakly at the time
of the furry in the money market but
became firmer again when the money
rate weakened. The rate went we'll be-
low the gold import point during the
day, but no engagements were made,
owing to the feeling that the days
conditions are temporary. There is no
doubt that very considerable times
on time were secured last week to
guard against the possibility of an I'M
settled money market after the cleo
ton. The same feeling prompted the
withholding of funds to-day for spec
ulative purposes, except on the most
approved collateral. 1t is the belief
in Wall street that money conditions
will relax during the course of the
week.
Standard Oil sold in the outside mar
ket at S6.25, compared with the pre-
vious record Of 1913 on Saturday
last.
Quite large business was done in
bonds and prices were well main
tained.
u. S. new As advanced Il, and the
old As declined Is per cent. on the last
call