The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-06-12
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

NEW YOHk-Yesterday's notable
rise in prices OF stocks brought the en-
pected result in large orders to commits
sion houses by wire and mail to buy
stocks. These were put in at the OPEN
ing and executed at the high prices to
which values were marked The pro-
feSsional operators who have been buy
ing stocks In the Inst few days met this
demand With sales to realize. After the
trading had been concluded 1t looked
as though the large operators who have
started to buy stocks in the last few
days were indlsposcd to pursue their ac-
tivities and the market began to sag on
light transactions. The low point was
made Just before the publication OF the
bank statement. when prices In many
CASES were below last nights level.
American Steel and WIRE Sugar. Atchi-
son preferred. ST. Louis Southern pre-
ferre1, Brooklyn Transit and Manhat-
tan were the severcst sufferers from the
reaction. The experts had figures that
the bank statement would show de-
crease of $5,0O0000 In cash holdings, al
though 1t was known that only sl.500.00
OF the weeks gold shipments would fig
ure In the statement. The losses Of the
banks to the sub treasury were expect
cd TO be heavy. Instead Of this there
was n decrease In cash Of less than n
million and n half and the liberal ex-
pnnsion in loans Of over $t0.00G000 was
evidence of the easy feeling OF bankers
over the outlook for money. Prces OF
stocks hardened as a consequence and
recovered most Of the enrlier decline.
Sugar touched the top price for the day
and Consolidated Gas rose about bis
points. Pennsylvania was consistently
fhrn1iDhpItf on bio I.In Tow -
the new president. and st. Pau! enjoyed
the benefit OF It's Increase of s102, 900 In
gross earnings for tho first week in June,
The bull leaders undoubtedly counting
on the favorable effect to be produced
by coming reports of railroad earnings.
which for the next few weeks will COM
pare with the period last year. when the
Letter Wheat denl reached It's collapse.
The bull movement sought TO be inau.
guruted yesterday In American Steel
and Wire proved nbortlve and the stock
failed to rally. from Its weakness to-
day. Sugar wns comparatively quiet,
but resisted all attempts to force It
down. The selling for London account
because Of the Trnnsvnal crisis was
Ignored.
The powerful bear party whose efforts
to get prices down last week were partly
~ uNlIultIi, Iti'Htu tIltlI ulluck III inc
beginning OF this week. There was
great confidence manifested In the short
selling OF sugar and when after noon on
Wednesday, the announcement was
made that the regular quarterly divI-
dcnd Of 3 per cent had been declared
and there was n Simultaneous advance
In the price OF refined sugar to the trade
which was acQuicsccd In by the rival re-
refining interests. the bears had not n
leg to stand on. The recovery In the
price OF sugar correspondent In violence
with the decline which had been forced
on tips" and rumors that the trndc
war was to be one of determination and
that 1t was only question of time when
IT would ncccsstate suspension OF
dividends In order to zee It to n finish.
On the same day came the declaration
OF n scml-annuul dividend OF IL per cent
on the preferred stock OF the AtChlson,
Topeka and Santa Fc railway This
was Y per cent more than the last Givl-
dcnd. II came out OF the earnings for
the fiscal year ending June 20 next and
was accompanied by n statement from
the directors that enough would remain
out OF the earnings for that period nf-
ter. providing for all previous charges