Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-07-25

financial cablegram:
The stock markets here were quiet
to-day in view of the settlement to be-
gin next week but the tone was good
Spanish tours were especially strong
on peace prospects and foreign buying.
It is difficult, however, to view Spanish
finance hopefully and everyone is now
inquiring on what footing the Cuban
debt will be In the future.
New York is still offering bills, large
ly against cotton, etc., and it looks like
repetition of last years exchange OPP
erations.
Stocks-The dullness Of the stock
market was not relieved in the closing
hours of the week, though there were
one or two incidents of Interest in the
days trading. One was the buying for
London account. This was not large
but it was influential and was pretty
well distributed through the interna-
tional list. Later the local traders
took the market away from the for
eigners and bid up the prices of the
Pacific railroad stocks. This move
ment grew out of the consultations re-
ported as having taken place between
the executive of the Canadian Pacific
and the Great Northern and the result
ant rumors that the long drawn out
dispute over transccntinental passeT-
ger rates had been adjusted. The buy
ing by London in face Of the downward
tendency of sterling exchange which is
already within measurable distance of
the gold importing point, was rather
unexpected. Money continued easy in
London, but it showed itself sensitive
to demands for gold. The present ease
in exchange Is due as yet to offerings
of grain and cotton futures, but rates
are bound to yield further as grain and
cotton come forward and the pressure
on London is likely to lead to borrow
ing in New York Or an import move OF
gold.
There was a fair demand for bonds
to-day, but prices were not we'll held.
There was a reaction of 70 to ia in
the price of the new government As
when issued"
The bank statement reflected con-
tinued operations on account of the
government loan, the decreases in cash
being clearly due to payment of sub
,scriptions into the subtreasury. The
heavy decrease in deposits and the con-
traction loans are not easily accounted
1,o HI
due to operations in government bonds
by banks which have held government
deposits, reduction in which seems
clearly indicated.
Sales of all stocks for the week were
only little over 10000 shares, against
nearly 100000 last week and more
than 2.C000G0 in the corresponding per-
iod last year. Such business as there
has been was almost entirely confined
to industrial specialties. Speculation
reflected the midsummer dizziness of
general business and is likely to halt
until the commercial future Is better
defined. The hesitation in speculation
is due to doubts as to the ability of the
railroads to make encouraging COM
PARSONS of earnings with the cores
pnding periods of last year from this
ime forward. The decline in the grain
Movement leaves the Granger roads
particularly at a disadvantage compar-
ed with last year when the demand for
export had already commenced to move
igran in large quantities. Wall street
Us eagerly seeking light on the puzzle
ri how far Europe will be able to sup
ply its own grain needs and at what
price the country's supply will be mar
keted. There is significant dropping
tendency in wheat futures.
Railroads, however, are making pre-
parations to handle the largest traffic
in their history. Money is abundant
and cheap, even with the large increase
in the country's business. The firm
ness with which prices OF stocks are
held through the period of dullncss is
due to the confidence of holders that
the country's condition will result in
a rise in values.
The latter part OF the week has wit
messed largely increased investment
demand for railroad bonds at advanc-
ing prices.
United States Is have advanced 2,
the new Is IA, the IS coupon q and
the 5s registered and the old is cou-
pom " in the bid price.
Total sales of stocks to-day were
84.100 shares. Quotations closed bid: