The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-05
FINANCE AND TRADE.
The Features Of the Money and Stock
Markets.

NEW YORK, Feb. 3.-Speculauon IN
to-day's short session Of the stock mar
ket was swayed by long ventures en-
Outraged by the statement Of the st.
Paul railroad for the fourth week Of
January, and disposition to take pro-
fits. A level Of prices had been early
established which indicated handsome
rise on securities purchased earlier in
the week. The tendency to realize was
very manifest after the publication Of
an exceptionally favorable bank state
ment.
Although the downward movement
assumed some force near the end, owing
to violent break of 81 per cent In
Sugar the earlier advances gained by
the st. Paul's showing, and that OF
minor roads was not entirely cancelled.
Interest was revived to marked eX-
tent In a number Of the iron and steel
issues, National Steel moving up two
points and recedlng fractionally
Tennessee Coal fell into comparative
dullneFs and although It covered a
range OF three points terminated un-
changed. Some comment was excited
by a rise Of five points, which was
generally attributed to reports Of en-
couraging earnings. Sugars plunge
downward was ascribed to gossip con-
corning the trade war. Third Avenue
occupied less conspicuous position in
the market than Of late and moved In
somewhat narrow limits. A tendency
to cover in some directions, coupled
with free selling in spots, caused a very
irregular close to the days business.
Transactions were unusually heavy for
n short day, and the number OF stocks
:. L., aIE nGRYuI1ad that nj UaufnF-
day.
During the past week dealings have
averaged near half q million shares OF
stocks day and on one day ran up to
three-Quarters OF a million shares. AS
for the money market outlook, the con-
dltlons have been no easier than during
the recent period Of neglect, and the
course OF the foreign exchange market
and OF operations with the sub-teaBury
have given limitations OF renewed
drain on the New York money supply.
But whatever the cause OF the previous
dullness, the most influential factor in
arousing the market from It's lethRrEy
was Internationally the action Mt the
annual meeting OF the American Steel
& Wire Company, in setting aside n
full years dividends on the common
stock at the rate OF per cent to be
paid quarterly. The publication of
balance sheet, certified to by chartered
accountants, was an answer to much
sceptlcIsm that has assalled this COM
pany and from the same causes the
whole group of industrial stocks. The
statement published by the Steel &
Wire company did not answer all the
questions which investors would want
to know, but It served to digsipRte some
Of the suspicious which have hung
around the iron and steel stocks.
A legal obstacle developed last year
to the payment Of dividends on the
common stock Of corporations before
the full yenr'B dividends on the prefer
red had been dlshursed. But the non
forthcoming Of the dividends had new
ertheless excited suspicion and dlstrust.
The persistence OF these sentiments
made the bears very bold, and when
Steel & Wire shot upward early In the
week and other metal stocks followed
in sympathy, there was a very short In
teregt caught. The demand from the
shorts accentuated the rise. The bears
endeayored to recoup their losses by
some reckless plunEing on the bull side
after the market turned.
Prices have plainly been subjected to
manipulation by operators long Of
stocks, with the object Of inviting re-
newed outside buying. The higher
level Of prices brought out increased
offerings, showing that O considerable
volume OF stocks to realize on is over
hanging the market. Railroad stocks
have moved upwards, but not rs wide
~ as the industrialB, and the volume Of
dealings In them has been much SMALL
The weeks events in the stock mar
ket may be said to mark n distinct in
crease Of confidence from the Wall
street stand point In the continuance OF
the prosperous condition of the coun-
Bonds have been well.absorbed dur
ing the week, but there has been irreg-
ularlty IN price movements.
United States old Is advanced Y, the
5B half and new Is Y per cent In the
bid price. The SO declined v per cent.
b. 8. Bonds.