The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-11-14
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.


NEW YORK. Nov. ,13.-Money on call
firm at seas per cent; last loan 81 per
cent. Prime mercantile paper 4k@5i4
per cent. Sterling exchange firm. with
actual business in bankers bills at
81 S4,s94 s45: for demand and at
81 S0X@4 SOS for sixty days; posted
rates "a SlH and 81 s5N. Commercial
bills 81 SOG4 so;k. Silver certificates
e4h6C5hc. Bar silver 64c. Mexican dol
lars 50Ac. is.r
Government bonds Irregular.
State bonds steady.
Railroad bonds Irregular. g
To-day's relapse In prices was quite
vigorously contested by some powerful
interests still long Of stock. or which
had fixed on a considerably higher price
level rs desirableyto unload old holdings
by speculative pools. But the reaction
was too closely in accord with skilled
opinion and observation to be opposed
with hearty conviction. The real ques-
ton this morning was not whether or
not prices would decline, but how far
the decline would extend. The question
still remained undecided when the mar
ket closed with speculative liquidation
still in force and prices on the down
grade, except where the professional
room shorts were taking hasty profits
by covering their contracts. As re-
suit Of the days trading prices in
number of prominent industrials, In
Guiding Sugar. Tennessee Coal, Steel &
Wire and Peoples Gas suffered declines
OF from 2 to points and Metropolitan
Street Railway lost AZ. A still larger
list OF industrlals fell between and :
pnty,tc Nd IN no Itup
few losses reached between l and 2
points. The more substantial commits
sion houses In the street have been ad-
vising their customers for several days
past to take their profits and to buy no
more stock for the present. Profession
al operators except some powerful
speculative pools, have sold out on
very extensive scale and taken their
profits. Up to this time since the cleo
ton, buyers outside the street have
been unhcedful OF their brokers' ad-
vice and have continued to buy stock
without much discrimination. Ye3tcr-
days late yielding Of prices had the
inevitable effect. which no amount Of
advice could have. Of discourasIng some
OF the outside demand. The extent to
which the advance has gone made the
market Us matter OF course, top
heavy. filled as It was by speculative
accounts on light margins and backed
by weak financial holders.
Professional bear SPECTATORS who
have been alcrtly looking for the mo-
ment Of reaction ever since last We'd
resday, found that the free selling to-
day for the first time was not efrectu-
ally absorbed. Their efforts were re-
doubled and when prices began to
make wide declines stop loss orders
were dlslodScd and the fall thus pre-
clpltntcd. The bears were In a reckless
mood and were quick to take profits,
causing frequent rallies rs they covered
their short contracts. While some out
side demand continued during the day,
It was ut no time resumed in force.
The resumption Of selling for London
account dissipated the hope OF an
enormous short demand for that ac-
count to be covered. II London Is still
short In the New York market Il Is on
contracts due at some future settlement
and the continued selling from there In
dicates an unchanged conviction that n
reaction I'M p.ces will intervene here
before that time. The expectation of
another large war loan to be ,noated In
London depressed thnt market and was
direct influence In Now York. as well.
1t emphasized the apprehension hither-
10 lelt OF u luTtHcI tclIIliNi government
Issue also. II Is not to be supposed
that with the huge Indebtedness OF the
foreign money markets to the United
States, the foreign government author
tiles can hope TO successfully float their
loans without assistance from Amcrl-
can money markets and experts be-
levc that an outward movement OF
gold from New York would probably be
necessary. The money which Is used
for speculative purposes In the stock
market is money for which no moro
substantial demand exists. and II ls in
variably the rule that when any nd
ynntagcous opportunity IL offered Tor
fixed Investment OF capital, speculative
borrowers nrc chilled upon to repay
their credits. With this prospect In the
future call money In New York adj
vnnccd TO per cent to-day, notwith-
standing the considerable speculative
liquidation. An active demand spcnng
up for short time loans which forced
the rnte up for sixty and ninety day
money TO per cent. The tone OF the
money market wns In fact decisive
influence on the days speculation, md
II was not without Significance that
sterling exchange was firm In spite OF
the higher money rate. t
Business In bonds was on q large
scale, and there was free profit taking
In some Of the speculative iasues. while
others advanced strongly. Total sales
par value H,77O,0OO.
All United States bonds declined Y