The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-11-19
FINANCE AND TRADE.
The Features Of the Money and Stock
y . Markets.

: NEW YORK. Nov. 17.-Money on call
nominal. Prime. mercantile paper t9
5 per cent. Sterling exchange nominal
with actual business in bankers bills ut
81 S4ss for demand ana at "a S0H for co
days; posted rates 81 S1h@4 81 and
81 S51s. Commercial bills 81 so34 SOls:.
Silver certificates 64@65c; bar silver
64Mc; Mexican dollars 50kc.
State bonds inactive.
Railroad bonds firm.
Government bonds steady.
Yesterdays definite resumption OF
strength In the securities market and
the evidence OF large and aggressive
buying for Investment had an influence
upon speculative sentiment to-day that
the most sanguine could scarcely have
foreseen. Such speculative excitement
as that on the exchange at the opening
has rarely been seen In the history Of
that institution. Brokers had orders to
buy In large amounts without any price
limit, apparently. Such orders were
sheer recklessness In q market where
stocks are rs strongly held as at pres
ent. and the sensational advances
which resulted were almost instanta-
neously lost. The urgency OF the bid
ding gave color to the superstition that
large short interest was In process Of
closing out by forced buying. There
has been more or less short selling at In
tervals ever since the election and an
uncovered bear account after yester-
days market was In perilous state.
The general advance of q large fraction
and running up to over point was I'M
posing. but in n few individual stocks
the rise was sensational. Consolidated
Gas was sold for POI at the same time
that 1t was selling for 1874, and Tennes-
see Coal opened at 761Tk, rising after
wards to Az points over last night. Cen
eral Electric jumped 5 points. which IS
less than Its average daily rise for sew
eral days. This speculative excess
quickly brought its penalty in the eager
selling pressure Induced by these high
prices and the relapse was so violent as
to awaken uneaSlness. The relapse car
ricd prices back to within fraction of
last night and in some conspicuous in
stances. notably Pennsylvania, fell be-
low. But after the appearance of the
favorable bank statement, buying was
renewed with confidence and prices
were lifted again. In some cases to the
best, making the closing active and
strong. No special influence could be
assigned rs the cause OF the large de-
mand, the movement being based evil
IDENTIFY on confidence In the comprehen-
sive nature OF conditions making for
prosperity and large earnings in al
branches OF business and Industry.
There has been considerable abate-
ment this week in the inordinate specu-
latlon in stocks. which threatened last
week to extend to reckless extremes
and to run the money market into
squeeze by putting too much money
into speculative holdings OF stocks. Sell
Ing to secure profits by the more eau
tious and increasing boldness In the
bear attacks on the market Mt last
caused reaction. This forced out some
Of the weak speculative accounts. which
made the market top-heavy, and dis
couraged the headlong rush Of outsiders
to buy.
The bond market has continued active
and broad, but the principal buying has
been OF bonds OF speculative value or
with contingent interest payments.
United States 3's and SIS declined 4
per cent. the refunding 2's q per cent,
and old As y per cent below the. call
prices of week ago. The new As ad