The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-11-06
.Painin Head, Side and Back.
FINANCE AND TRADE.

FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.
NETWORK, Nov. 5.-Money on call
strong ut 1o025 per cent; last loan, 15
per cent: ruling rate, Is per cent. Prime
mercantile paper, AZ Q5h per cent. ster-
ling exchange weak. closing flrmcr. with
actual business in bankers bills at
81 8cS@4 s3M for demand and at 81 so
for sixty days: posted rates, 81 s1@4 sly
and 81 S4lhG4 So; commercial, bills,
81 f9H; silver certificates, 64h0G5Nc-
Bar silver, 64Ec, Mexican dollars. 50Ec.
Government bonds Irregular. State
bonds inactive. Railroad bonds firm.
There was a very ardent speculative
spirit manifest in the stock market all
day. It was repressad at tmns by the
difficulty Of securing accommodation in
the loan MARKET but before. the day
had closed the market burst into great
animation, after following relapse in
the call loan rate. riL the activity con-
tinued up to the close, almost wholly
Ignoring recovery 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 and there. but the last prices were
generally very near the top. The feel
Ing in Wall street this morning was
that Fridays jump in the call loan rate
had been dur. to manipulation, that
Saturdays bank statement did not
truly represent tho available resources
of the banks and. in short. that all OF
the usually trustworthy indications of q
pinch in the money. MARKET wcrp mrs
leading and artificial. It was IN thi,
spirit that spectators rushed to buy
stocks at the opening. They raised
prices from to 1;i points over satur-
days level in large number Of proml-
ncnt stocks within few minutes. Then
began the calling OF loans by some OF
the banks. Loans made to-day carry
over until Wednesday. and when specu-
lutors began to look about to find new
Recommendations with which to carry
their holdings OF stock over election day
they ran the call rate loans up raidly to
rs per cent. The first loans wero made
at 10 per cent. One broker loaned
$l.ooo.o00 at that rate, another at IL per
nd. rs
million. This suddenly checked the
animation Of the stock market, and was
followed by 4 period OF contemplation.
A conspicuous feature OF the market at
this time was the largr number OF
transactions for cash and the small con-
cesslons from the ruling prices at which
these were quoted. The conditions in
the money market was OF course respon-
sible for this. When tho rates for
money fell away to 10 per cent again.
the spectators very promptly awaited
themselves Of the resources offered and
rushed prices up to the top levc! OF the
day. Tho strength In the market was
very general, and on the whole quite
uniform. The steel stocks. the promI-
nc,t 1ndustrials and the Southern and
Southwestern railroads, especially the
Atchison and Union Pacific, were the
leaders in point OF strength, with gains
ranging from to ~ per cent. The
closeness with which the speculation
kept pace with the resources in the
money market and the sensItvcness Of
the sterling exchange market to the
developments In the money market were
very striking. The rate for sterling
exchange fell weakly at the time of the
furry In the money market, but became
flrmer again when the money rate
weakened. The rate went well below
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 sums on time were
secured last week to guard against the
possibility OF an unsettled money mar
ket after the election. The same feel
Ing prompted the Withholding OF funds
to-day for speculative purposes. excep.
on the most approved collateral. 1t Is
the belief In Wall street that money
conditions win relax during the course
of the week.
Standard OIL sold In tho outside mar
ket ut s625. compared with the previous
record OF 1913 on Saturday.
Quite n large business was dono In
bonds, and prices were well maintained.
United States new As advanced * per
cent, and the old As declined Is per cent
on the last call.
U. S. Bonds.
U. S. ref. Is rcs.i0n$l U. S. new is cou. 1874
U. S. ref IS cUu .l0fjfl u, S. old IA rcE. ll54l
n 6 ar rep - In,tl n c Aid 4. 90, tigrI