The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-01-09
FINANCE AND TRADE.
The Features of the Money and Stock
Markets,

NEW YORK, Jan. 7.-Stocks re-
sumed the upward movement to-day
and in. some cases advanced violently
Efforts to bring about reaction were
successful only in the initial trading.
There were moderate arbitrage sales for
London account, which aided the re-
actlonlsts' early efforts. The gransers
and Pacifcs were off fractIonally, while
the. so-called Flower specIalties:. Brook
Ign Transit. Federal Steel and Peoples
Gas, were very. sharply of. The cxe4
cution Of an order to sellya large block
Of stock at, the market caused bad
break In tobacco. This brought out
further sales by reaching stop loss Or
ders. Floor brokers In many cases ad
vised their houses that the movement
in the gold market was too violent to
last and presently buying orders pre-
dominated over those TO sell These
purchases were largely increased on the
appearance of the bank statement,
which was far more favorable than ex-
pected. Brooklyn Transit rose five
points from the lowest, Peoples Gas
~. Tobacco 2%. Sugar. American Steel
and Wire and Federal Steel . per cent
each, the granEe-s about a point and
Atciison preferred 3S. Notable adj
vanceS were made in American District
Telegraph. which rose eight points,
Colorado Fuel and Iron preferred 10.
St. Paul and Duluth 5ls. Delaware and
Hudson OK, and Rubber preferred 2E.
The close was active and strong at the
best. Hcsitancy and irrcgularity mark
ed the weeks fluctuations in values.
.lA,I ,stt .
very favorable in mercantile and 1lnan-
cial circles and market movements
were largely technical, owing to the re-
cent steady advance. Prominent inter-
ests were ranged on both sides. one
party marking up their spccIalties.
bringing out n considerable commission
house following. while others. having
disposed. of their holdings. tested the
market for Il reaction with some sue
cess on Friday and early Saturday, but
the market moved up before the close.
The condition Of affairs in the Philip
pines and talk Of friction between Eng
land and France. as we'll. as desire to
realize profits. were assigned as rea-
sons for the selling for London account.
LordOn's persistent selling on balance
daily initiated nervous and unsettled
trend In early trading. which, except
on Friday, was as regularly overcome
by subsequent rise. There we're pro-
nounced movements in both directions
In the speCialtics while the standard
securities iluctuated less widely. The
Srangers for the week show frantically
irregular changes, while of the Pacifcs,
Northern Pacific and Union. are off Il
point each. American Steel and Wire
Is off AZ for the common and for the
at hn n ap1t In, V.I
ley preferred was 5is. Pronounced ad-
vances for the week were Brooklyn
Transit. II: Colorado Southern. first
preferred, {: New York Air Brake and
Tobacco, 5 each, and Pullman, AZ. The
traffic returns Of railways were in near
~ all cnscs unusually large. rejecting
improved business conditions. Much OF
the increase In the grangcrs' was due
to profitable return from the Seaboard
traffic. ST. Pau"s gross receipts for the
fourth week in December were unpre-
cedented, exceeding aG they did last
years returns for the same period by
over onc-Quarter OF, 4 million dollars.
The reports of the Louisville and the
southern railroads for November were
also crcdltablc.
4 hardening tendency in the money
market, call loans being often bid up
sharply, was coincident with the bear
raid. Although the rate quickly re-
coded to normal figures. 1t at times dis
tivbcd the confidence of margin holders
of stocks.
y feature OF interest was the import
of million and half OF gold. n petty
payment on account, of Europe's in
debtcdness to America, which Is at
present loaned abroad The currency
movement towards New York, which
has already set in. seems likely to con-
tinue. The bank reserve increase of
$+.2i9. 400 was largely due to this move
mcnt. Seasonnblc weather for the an
thracltc coal trade at one time helped
the coalcrs. notably Rending. although
disappointment was expressed ut the
failure OF the predicted advance in coal
TO matcrial!ze ut the beginning of the
year. The purchase of coal lands.
which. 1t was assumed. would largely
Increase the traffic of Ontario and
Western. because II was made by
parties friendly TO that road gave the
stock 4 sharp turn upwards. The
drastic character OF the reorganization