The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-07-05
FINANCE AND TRADE
The Features Of lho Money and stori.
Markets.

GuUlIIleINlul Ulllot ~ ob' loil eANNAl NVs
Mexican dollars, 47c,
Dealings were small on the stock eN-
change to-day In the aggregate, and
about one-third of the small total was
absorbed by tobacco, In which there was
heavy selling and notable decline In
price. A half days session of the stock
exchange preceding an interval of two
days suspension OF trading would nat
urally account for the dullnesa In part.
Many dealers and brokers left town
yesterday, and took no part In the trad
ing to-day at all, But 1t was expected
that there might be large volume of
transactions during to-day's short ses-
sion, when the exchange authorities de-
clined to grant u request by members
last week to adjourn over from Friday,
July 2, to Tuesday July 6.
The animation OF the market at the
time this request was denied warranted
the assumption that n suspension for
the extra half day might cut off large
volume Of business. The decline In ac-
tlvity to-day cannot all be attributed to
the fact that two days suspension of
trading is to follow The dizziness re-
fleets the continued conviction OF dealers
In securities that tho present level OF the
market Is as high as conditions warrant.
The prevalence OF this sentiment might
be expected to hold the market without
causing actual decline, But the heavy
liquidation In Tobacco, n sharp decline
In Tennessee coal and iron and the intu-
ence OF the lower prices for American
securities In London affected the tone of
the market, and were added to as far as
possible by the efforts OF the bear con-
tingent.
Manipulation for the decline and short
selling were quite palpable, and proved
effective In the narrow and rather neg
lected market. Nevertheless there was
not lacking evidence Of reflex of conf
dence In the general outlook for busi-
ness improvement, which must be given
due weight in an estimate Of the days
results. These results showed no wide
recession, Notwithstanding the heavy
tone OF the Market outside of the two
special cases mentioned and Reading
first preferred, the latter stock closing
point lower Tobacco sagged at one
time 81 below yesterdays close, and
closed at 74A. which is rally of y.
Tennessee coal and iron fell 2a, and re-
covered only the fraction of that figure,
the weakness being due TO reports Of la
Dor troubles with the company's en-
ployes, Brooklyn rapid transit was a
marked exception to the general weak
ness and gained ~, closing strong at
the top. Rio Grande Western preferred
also showed a further advance of 2
points. Otherwise fractional net losses
were general, and in the CHANGERS and
international shares quite marked.
The reflex of confidence in the general
outlook indicated as being factor to-
day has been manifest during the week,
and perhaps In u progressive degree as
the week advanced. The recognized or
gans on opinion IN the iron and steel
Industry have expressed n degree of dis
satisfaction with the progress making
toward Improvement In that business-a
business which Wall street habitunlly
looks to as fairly reliable barometer Of
business Mt large,
The strike of coal miners In the BIZ
luminous coal districts Of Pennsylvania,
Ohio. West Virginia, Indiana and ILL
nOls has grown in impresslveness to the
minds of the security holders. The soft
coal industry Itself and the railroads
which transport its products have been
recognized as drag on general I'M
prOvement, and the prospect of further
DISCRIMINATION and Generalization In
the industry IL regarded as n serious
drawback to Industries In The revival.
These facts came to reinforce the argu-
ment so constantly harped upon by the
bears during the period Of the present
advance In stocks, that prices Of securl-
ties were outstripping the Improvement
In business and indeed dlsCUunting an
improvement that was, as yet, only
promised.
As a result the week has witnessed
the elimination, for the time being at
least. Of the advance IN prices OF Gecuri-
ties and the first clearly defined reaction
81, RV,Y la, "a