The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-02-27
FINANCE AND TRADE.
The Features of the Money and Stock
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Markets. Va
NEW YORK, Feb. 25.-The stock
market worked fractionally lower to-
day on dealings of half million
shares during the short session. The
Philippine situation continued to be
used as bear argument with the pro-
fesslonal element, which was largely in
control of the market. There were var
ious rumors afloat favorable to the
specialties. including Tobacco. Sugar,
American Steel & Wire. international
Silver and Third Avenue railroad. but
lacking of confirmation. Insiders were
said to have given assurances that the
regular dividend disbursement might
be expected in Sugar. and forthwith the
stock rose over five points from the
lowest. It was asserted that Tobacco
earnings were large and that the COM
pany was backing those securing con-
troll OF the Cuban cigar making plants,
but this was In q measure Offset BY de-
mails from Union Tobacco company
sources that there would be a consoli-
dalton with the American Tobacco
Company which made only fractional
gain. Reports of the acquisition OF
other concerns and earnings gossip
were responsible for n sharp rise In
American Steel and Wire. only frac-
tlon Of which was retained. Favorable
trade advices lent strength to Interna-
tonal silver. The feature OF the deal
ings both here and abroad was the
large demand for New York, Ontario &
Western on the expectation that be-
cause OF It's new acquisitions IN the
coal lands the company would profit by
any improvement in the anthracite
trade. The stock gained two points on
transactions OF almost 100, 900 shares. In
the general market the opening was
hesitating. but q pronounced tone soon
developed and prices ran of sharply on
liquidation In the speciaities and sue
cessful drives against the Changers,
Atchison preferred and Northern Pa
c!fic. Renewed buying OF Sugar and
like properties rallied the market, but
the bank statement fulfilled bear ex-
pectations. showing another decrease in
reserve OF over ;i.000.000 and an In
crease in loans OF nearly $4,000. 900 and
brought heavy realizing. particularly
among the high-prlced stocks. Toward
the close Sugar and Tobacco started
upward again and the general market
tailed on.
The movement of stock prices for the
week was extremely irregular with
losses prevailing among the standard
stocks. including Northwest 1, Burlins-
ton ., New York Central 2I, Pennsyl-
vania 2Ss. and declines of 2is for South
ern Pacific and 9 for Central Pacific.
There was some very pronounced
gains. however. among the local stocks.
Including Third Avenue railroad Az,
Consolidated Gas 1873. and Brooklyn
Union Gas 6. Among the ildustrials
the maximum gain was that of Tobacco
3lh. while the preferred rose I, Ameri-
can Steel & Wire 1875, the preferred 5.
and Sugar 3&. The enhancement OF
these shares conveys an idea Of the
part professional manipulation played
in the weeks market. Other notable
advances were New Jersey Central l4kt.,
Ontario & Western 3%. and Chicago
Great Western 5. Generally speaking
stocks were inclined 10 advance until
London reversed her tactics and pur-
chased some stocks on Thursday for
the fortnightly settlement.
The continued demand for the finish
ed iron products at advancing prices
with many works running at full ca
pacity served as a tonic 10 the Ameri-
can Steel and Wire stocks while the
Federal Steel stocks at one time SYM
pathIzed In the movement. but later
lost their advance. The punishment OF
the Tobacco shorts begot apprehension
among those having outstanding short
commitments In Sugar, resulting in
hastr covering.
A constantly large excess OF exports
over imports and easy money as well as
favorable wheat crop adviceS even after
the storm, were features Of confidence.
The sterling exchange market wasstrong
for several reasons, the return from
abroad of American securities. COM
parative scarcity OF commercial bills
and some discounting Of the probable
payment OF the indemnity 10 Spain.
Pending a complete and satisfactory
explanation of the words political rea-
sons" used by the commander of the
American naval forces In the Philip
pines in requesting the presence OF a
battleshIp. sinister Interpretation was
put forward by some speculative in
terests, but generally there was some
disposition to be non-committal until
the circumstances were elucidated. The
dealings for the week were about l,00G,-
900 shares in excess Of last weeks.
The weeks bond market, while some.
what Irregular showed good UNDER
tone. Striking gains were made in
many issues which hitherto moved
narrowly. United States new Is cou-
pom advanced 4 per cent in the bid
price.