The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-11-08
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

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The Features Of the Money and Stock
Markets.
NEW YORK, Nov. Mooney on call
easy at los per cent; last loan, . per
cent. Prime mercantile paper, 4A@5
per cent. Sterling exchange firm. with
actual business In bankers bills at
"a S41s for demand and at 81 soSG4 S31s
for sixty days: posted rates. "a SlG4 SIZE
and 81 S.; commercial bills, 81 7sh14 so.
Silver certificates. 63%G65c. Bar silver
637c. Mexican dollars. $3.50. Govern
ment bonds strong. State bonds strong.
Railroad bonds strong.
No such excited demand for stocks
has been witnessed on tho New York
exchange since the boom days Of tho
floatation Of the securities OF the new
Industrial combinations In the spring Of
1899. as to-day kept all departments of
the stock exchange at a fever heat OF
animation and activity. 1t Is rarely in
the speculative world that precon
ceived plan Of operations which has
been widely discussed in public results
so successful as the taking on Of long
stocks by professional operators for
some time past, In anticipation Of the
large demand to follow the election. The
effort to discount the result Is almost
certain to overdo Itself, and the flood Of
selling to realize often carries prices
down on the very elimination OF q fa-
| NtA I'M IN r11rh tr. Ia~ n
buy stocks was so overwhelming as TO
absorb all the very large selling, ruth
no great effect on prices In the open
Ing dealings there changed hands In
simultaneously with the sounding Of the
gong no less than 5000 shares OF Union
Pacific, 5000 shares Of Atchtson, 5000
shares OF Southern Pacific and Of Amer.
lean Steel & Wire and several thousand
shares each of number Of other i'm
portant stocks. This was as near as
could be ascertained by the usual meth
DDS Of records.
The same socks sold at tho same time
at prices IL points apart, and It was
believed that the record OF a large
number Of transactions was entirely
lost In tho feverish excitement of the
trading. Many commission houses re-
ported that they were so overwhelmed
with buying orders as to be obliged to
decline to undertake tho execution Of
many that were offered to them. Dur
Ing the carly part of tho day small in
divldual transactions had no place
whatever In the trading. Tt was n no.
ticeablc fact that later In the day, when
prices were at the high level, the small
orders, Including whole strings OF lots
began to make their appearance. on the
tape. A very large business In Amer
loans had been done In tho London mar
ket before the stock market opened in
New York. Commission houses kept
their Offices open all night, and took or
ders which were executed In London as
early as O'Clock, New York time. For
elsn arbitrage brokers In New York es-
timated that as a result OF New York
buying and the London selling In New
York, no less than 10000 shares OF
various stock. changed hands from for.
eisn to American owners. But the op-
crations by cable were largely confined
to professional operators. The events
OF the day In the New York market
proved that the great mass OF outside
spectators which Is attracted by 4 ma
tonM political event waited to place
their orders In the New York market.
The professional operators who have
been taking on long stock for several
an enormous scale to take advantage OF
the outslde demand. The buying con-
tined with such animation and spcculn-
tive sentiment became so buoyant that
buying for long account was renewed
on very large scale by both profess
slonal and outside speculators. Tho
sudden relapse In the money market
had much to do with the renewed out
burst OF speculation. II became clear
that the pinchcd condition OF Monday
was the outcome OF the conservative
safeguards against contingent disturb
ances OF the money market, and funds
were poured into the market very FREQ
iy. As against ths Is per cent rato on
Monday. the FIRST loan made to-day was
made at 8 per cent, which was the high
est Of the day. In ths late dealings.
after needs had been largely supplied
the rate fell TO one per cent. The c1-
change market promptly responded, de-
mand sterling rising fully 4 per cent
over Mondays nomin,i rate. The large
transfer Of stock ownership from for
eisn b American hands ai,p affected
tho exchange market very materially.
In general terms II may be said that
tn, price OF railroad stocks 10 from IL
10 points higher on an average m a
result OF to-dey's trading. This move
mcnt IN Pennsylvania was very notable,
even In tho days broad and active
mnrNrs, and Northern Pacific shared
THIS prominence In 4 less degree. This
c1trema advance In Pennsylvania uas
rs points, md In Northern Paoinc az
pionts. In the industrial department
gains were even more marked, but the
movement there was far more feyerIsh
and Irregular. The steel ntocks were In
tho foreground. and many OF them nd
vanced bstwen 4 and points. There
was late reaction In the market on
proft-taklns. led by Sugar on report
ed cut In prices by rival rrnner1cs. A
number OF indnstrials reacted between
l and points, but in tho railroads tn.
last prices were only fraction below
tho best. and tho market was in pro-
| GreNs OF rccuvcry and clnSt.d Nrm