The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-06-05
FINANCE AND TRADE.
The Features ofthc Money and Stock
'6 Markets.

euSouEuBluS EtAe lOTInutlOu OIL Dull
party in the stock market and they
made 1t sufficiently obvious at the OPEN
Ing OF the trading and even before that
they had fixed up on the stocks OF new
steel combinations and few other In
dustrial specialtles as the most prom
ising field for operations Tips were
disseminated through inspired sources
and by publication Of coming dividend
declarations on several of these proper
ties and their prices were bid UP In an
ostentatious way ut the opening. There
was not the expected enthusiasm, how
ever. In supporting prices. either by the
outside demand or by the professional
traders. The higher level of prices In
vited profit taking by some OF the buy
ers OF yesterday and the advance came
to a standstill. There was hardening
OF prices on covering by shorts in eN-
pectation Of favorable bank state
ment. But the statement. was on the
contrary unfayorable and the gains
which had been esta bfished by the bull
clique were quickly marked out. There
WINS very little liquidation induced by
the decline and the closing was quiet
and somewhat Irregular In tone and
showed net losses In the majority of
cases. The holiday In London deprived
49, VI "hhk DCth u bUutCe
OF strength In the last few days. West
ern Union, Brooklyn Transit and Sugar
showed evidences of rather acute weak
ness. and In the railroad list Northern
Pacific and the COalers were centres of
depression. Fractional gains were re-
talned In few stocks. enrly advances
not being entirely wiped out In the iron
and steel group. The bank statement
was n surprise as 1t was expected that
the liquidation In the stock market
would have resulted In contraction of
loans and q decrease In deposit llabili-
ties. Instead Of this there was n small
Increase In loans. The decrease In cash
was expected and was due to the en-
gagement of gold for export and to
losses by the banks to the sub TREASURY
by reason of the small daily excess of
revenue returns over government ex-
peRditures which Is now the rule. There
was very little business transacted In
the bond market and price changes were
small
The short week on the stock exchange
has been characterized by dashing
campaign and quick retreat by the
bears. They found number Of c0ndi-
lions In their favor when they returned
to the street Wednesday after the three
days holiday and they sold stocks with
great confidence and soon broke the
market. The exhaustion Of margins on
the decline brought out flood Of long
stock which enabled the shorts to cover
extensive lines Mt good profit. Proba-
bly, the most influential factor In deter
mining the bear attack was the aban-
donment Of the purpose to sustain the
price Of the new Amaigamated Copper
stock at or above par. The $4,000, 900 of
stock of this organization was largely
over-subscrihed at par and the payment
OF subscriptions was completed week
ago Monday. The subscribers were I'M
derstood to Include some OF the most
powerful financial interests In the coun-
try, and the new stock was supported
at or above par all last week. = When
the price was allowed to slump to IS on
Wednesday and Thursday in the out
side market It was interpreted 10 mean
that powerful hackers were not disposed
to combat the reactionary tendency In
prices for the present. Fortified by the
ncqulescence on the part of an element
which had frustrated previous attempts
| TO force down prices, the powerful bear
party proceeded to work their wifi with
no important opposition. a large body
Of security owners had for some time
been In the position Of inertly holding
on. waiting for further rise in prices.
When the bears began to offer prices
down by wide gaps and the owners saw
the value Of their holdings being cut
away from under them they became
| alarmed and threw oyer their holdings
Unfortunately. There was n number
of potent factors In the general situa-
ton which aided the bear campaign.
There was growing conviction that the
yield Of wheat has been seriously cur
tailed by the damage. to the winter
| grown plant.
There was hardening tendency in
| exchange foreshadowing an outward
movement Of gold. which came in the
announcement after banking hours on
Thursday Of an engagement OF 5, 900. 900
for shipment to Europe. The fact that
this engagement was made after an cas-
Ing OF the rate for sterling exchange led
some exchange bankers TO question
whether the operation could yield n
profit ms IN ordinary exchange transact
ton. The favt that it was made by the
institution that financed the amalga-
mated copper company and also the
payment Of the Philippines Indemnity
| may serve as an explanation. The pur-
pose was to provide for the payment to
Spain so rs to avoid the export of gold
and n sufficient amount of foreign cN-
change was accumulated to cover the
amount due to Spain so that the gold
Tor certificates Of goid) could be trans
ferred from the sub-treasury In New
York to the banking institution. It IVES
| obviously corollary OF the plan to set
OFF foreign obligations to the bank. In
Guiding presumably foreign subscrip-
lions to the new copper company, to
make up the foreign credits turned over
to the government.
Bonds sold of In sympathy with
stocks. but they were later In yielding
and declines were much less marked.
U. S. rs and old IS registered advanced
!: per cent and the new Is and 5s u per
cent in the bid price. The old Is coupon
declined 4 per cent.
STOCKS AND BOND QUOTATIONS.
y. 8. Is rcg.....lC Pittsburgh ......iS
u. s. Is rcg..,.. .lOg%l Reading ~ 20
U. S. Is coupon .lOJisI do first pre-, 5I,4
U. s. NV Is reg. I70t, Rock Island ,lIGis
u. 5. my a. cou. l3gHI ST: Paul. ...,.... .l23is