The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-04-03
FINANCE AND TRADE.
The Features tho Money and Stool,
Markets.

..... TlNtiNAE AMI NADE. -.
The Features of the Money and Stock
Markets..
NEW YORK, April 1.-Many ad-
vances were recorded on the stock mar
ket to-day on very large dealings for
the two hours, nearly two-thirds Of n
million shares changing hands. The
Easter holidays rendered London no
factor here. but the accumulation OF q
very large volume of purchasing orders
over the Good Friday holiday brought
forth much higher quotations at the
opening. Subsequently heavy reallz-
ing caused a sharp setback to prices,
but with the appearance OF the bank
statement, which the speculative ele-
ment viewed as more favorable than
expected, there was material rally,
and the final rally We're ut or near the
best. The declines were much innu-
enced by the buoyancy of Manhattan,
which made an extreme gain Of 10
points, nine of which 1t held. The
statement Of a large holder of Manhat-
tan that he had been offered 10 per cent
above Thursdays price for his
tsocllN was interpreted as indI-
eating that the Metropolitan Rail
way sought control of the road. Shorts
in Manhattan covered large lines that
had been put out in expectation that
the new issue OF stock would depress
the price. AS they sought to cover the
figures were marked up. with the result
/ nf q rico rhn ~
ment that five per cent dividend per an
mum had been decided upon for Federal
Steel. with the first quarterly dividend
made payable in July, brought forth
enormous purchases and very wide
opening, the extreme rise being over 6
points. Talk of an issue OF new stock
to Brooklyn Transit holders at par to
provide money for betterments and
new acquisitions lifted the stock only u
point. Among the specialties Third
Avenue rose 10 points, and there were
advances Of * points TO AZ points in
American Tin-plate. Peoples Gas,
American Steel, Union Bag and Paper
and National Steel, the latter recording
the extreme gain. There was COM
paratively narrow movement made in
American Tobacco on the announce
ment Of 100 per cent commission on
StoSh lllt StUNh 1
point Of the 3h point advance. The
proposed increase of $4,000, 900 In the
capital stock Of Continental Tobacco re-
suited In n recession OF Is per cent in
the common and IL per cent In the
preferred. There was q decline of IL
per cent each in Metropolitan and
New York Air Brake. The railroads
averaged fractional advances, the
strongest stocks In this group being
New York Central, Burlington, Atchi-
son preferred. Lackawanna and c., C..
c. &. st. Louis. which We're lifted nj
one time 1G1E per cent. The extreme
high:prices In many stocks, particularly
the specialties, were accompanied by
lively bullish bidding up by local bro
kers.
The influences at work In the stock
market this week were very diversified.
embracing citation ut the success OF
American arms In the Philippines and
uneasiness as to possible complica
lions oyer Samoa. but most attention
ccntcred on the increasing stringency
or money and the strength in sterling
exchange. Money, which not long since
loaned ut per cent and under, reached
l. per cent. the highest figure in a long
period. The banks gradually advanced
rates for call accommodations TO the
extreme legal limit, 6 per cent, and the
bulk of the weeks business was near
that figure. Discrimination was eXcr-
eised against some Of the highly ntu-
nipulativc specialtics. and when they
were taken as collateral the highest
money rates prevailing were charged.
The money scarcity was due to n var
lety OF causes, among them being the
gradual increase OF government re-
ceipts over disbursements, the neces-
sary denominations for April dividend
ana interest requirements amounting
to nearly S5000O.0OO. exclusive of gov-
ernmcnt interest payments), the
financing OF the Industrial trusts, and
moreover some eight and one-half MIL
lion dollars was taken from the market
In connection with the Chicago 6 Alton
deal, the Manhattan issue of stock and
the Baltimore & Ohio Southwestern re-
organization. These operations were
partly reflected in n decrease OF $4,000,
600 in the bank cash holdings. The
strength In sterling exchange may have
been connected with April dis
bursemcnts for foreign account
or may have been due to
preparations for forwarding the
philippine indemnity of 10000, 600. Ex-
cept LOT n spasmodic burst of strength
49, "ttN HlutIl neglected. ma
Interest centercd In the speclalties. Tho
dealings averaged over million shares
daily. but on several days n few of the
specialtles monopollzcd more than half
the dealings.
The operations OF the week were gen.
orally OF Il professional character, but
genuine investment demand also an
penred In Il number OF standard stocks,
There was rise OF IL points net in
Northwest, with lesser APPROPRIATIONS in
the other Vanderbllts on renewed Talk
OF some nmalgamationE. Pennsylvania
and Rock Island were strong, with the
movement narrow In the rest of the
Railways, the Pacilics being up and
the Conlcrs tagging. There were MANY
sensational advances among the spc-
cialtics. Brooklyn Transit sold over 100
points above tho current quotations of
year back, tho stock showing net
advance OF over 1G points for the week.
n