The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-21
FINANCE AND TRADE

.
The Features OF tho Money and Stock
h % Markets.
NEW YORK, Feb. 19.-There was
feeling of uneas!ness over the European
political situation reflected from all for
eign exchanges to-day before the open
Ing OF trading on the New York eH-
change. The collision Of British and
French authorities in tho Niger district
OF Africa and the excited condition OF
the public mind In France we're the mo-
ayes OF the heavincss which In London
resulted 10 fall Of 4 per cent In Brit
'sh consols. American securities were
Effected by the general heaviness, as
well as by the special considerations
growing OUT OF the Cuban questions.
Declines In Americans reached point
In London in a number OF cases before
the opening here, and rs consequence
selling orders were placed for London
account at the opening. There was no
local support for prices. On the con-
trary there was a resumption of liquida-
ton and the bears were encouraged TO
raid the market. Prices quickly fell not
only to the London parity, but below It.
The declines ranging up to poiMts and
over. invited covering by the shorts and
prices hardened. but at no time did they
fully recover to yesterdays close. The
weakness apparent in sugar made IL the
centre of a fierce raid In the final deal
inss. and 1t sank AZ points 10 12SG. the
whole list selling off to the lowest.
There was very determined support
for sugar at and below 1919 and the clos
Ing OF the market saw battle royal in
progress between the bulls and bears.
tiNn vi .y,gNy, ia lN
very unsettled condition. Rallies of
over point were made by number OF
stocks besides Sugar, bu; net losses were
left on an average OF over point. Lon
don selling was feature OF the day and
the supply of ST. Paul from that source
was sufficient TO meet 4 large demand
here and keep the price down. The rate
war In prospect between the Canadian
and the Transcogtinental lines in the
United States for Klondike traffic was
depressing factor. causing decline OF s
points in Canadian Pacific and OF less
amounts in the other roads affected.
Union Pacific fours were very heavily
dealt in, two individual transactions OF
par value OF S250, 900 and $3.50, 900 re-
specavely being recorded. One block OF
100000 shares OF Rock Island extension
SIS also changed hands.
The'weeks developments in the Cuban
question effectually unsettled the mar
ket. and precipltated heavy lIquIda-
tton of speculative accounts. Prices OF
securities were recognized as discount
Ing to certain extent future prospects,
out confidence In the future had been
sufficiently firm to prompt the holding
of long lines until the De Lone incident
and the Maine disaster awakened renew
ed uneas!neSs. This uneasiness caused
the bulls 10 abandon plans for any pres
est aggressive advance In prices and
caused the liquidation OF numerous hold
inss OF long stock, as we'll as the throw
ing on The market of large amounts OF
stock disiodged by answering OF mar
gins.
The bears showed some hesitancy al
times during the week. and their haste
to cover al the low level effected a rally
on two days, namely Tuesday and
Thursday, after the severcst declines
There Is a question as 10 how far the
powerful interests. who OF late have
largely controlled the course OF the mar
ket reduced their long holdings. But
the situation generally. aside from the
Cuban question, Is recognized as a
strong one. To-day's bank statement
reflects conditions that may also account
Cor some OF the weeks liquidation In
Wall street
1t was expected that the movement OF
money away from New York and the
withdrawal OF an Instulment OF the gov
ernmer.'s deposits OF tho Union Pacific
might be Offset By contraction OF loans
resulting from the liquidation on the
stock exchange. Instead, there has been
an expansion in loans OF over $1,000, 900
and 4 decline in the surplus reserve OF
s6,74S, 600.
The loan account Is probably effected
by operations in connection with the
Kansas Pacific sale. But allowing for
the undoubted reduction OF loans for
stock speculation that must have occur
red there Is stlll indicated q largely in
creased demand for money, good pro-
portion of which has gone Into CONNER
cial paper. This indicates n good basis
for the expectation among bankers that
the money market has higher rates in
prospect and may also account for the
cheap rates at which sterling exchange
for future deliveries Is sold is compared
with present rates. This, while 1t might
curta!l resources for immediate specula-
tive purposes, Is a sign OF the continued
STo"tn Ol DlSIlSaS uBtlNlly. Inc dSlO
ishins growth OF our foreign trade as
indicated In the governments report for
January, the large consumption OF iron
at advanced prices. the continued for
elgn demand for grain at high prices
and the favorable traffic returns OF rail-
roads. all po!:Jt TO an increase IN values.
but prices on the stock exchange were
unable to withstand the bear pressure
for the time being.
Bonds held relatively much frmer
than stocks during the week, and showed
the evidences OF Continued large absorp-
ton for investment. Bu6iness was not
as large as in the previous week, but
was OF considerable volume and net de-
clines In prices were unimportant. Total
sales s24 .220 900.
United States new AZ coupon, declined
y per cent: do Registered y per cent; old
As registered n per cent. do coupon u
per cent and tho Us Il per cent bid.
The Flnancicr enys:
The statement OF the Associated
Banks for the week ending February 10
Is remarkable for It's loan and caah
showlngs. Ordinarily, nm Increase OF
SO7S,s0O In loans 10 accompanied by n
proportioaatc expansion In the deposits,