The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-07-04
FINANCIAL AFFAIRS

oA tlAa NEW Lf1luO.
Special Correspondence of Intolllgencer
NEW YORK. July 2.-on the stock
exchange we have had another week of
dullness. The tone of the market, how
ever, has been decidedly strong, with
indications OF an approaching recovery
in prices. There has been a general sus-
pension of speculative selling. and any
moderate revival OF business would be
likely to give an upward impulse to
prices. The substantial backing to the
market for the coming week will be the
large buying for the investment Of the
semi-annual dividend and interest
money, which will be paid out on the
first Of the month and viii be the largest
amount paid by corporations on record.
1t will be but natural for the recipients
of this money to be appreclatIve OF the
good treatment they have received by
the various companies who have con-
trIbuted this income. which they are
Likely to show by investing in the same
properties. What better evidence to
base confidence upon can investors have
than the source their income provides?
Such buying, consequently, cannot fail TO
be large and viii be an important factor
in advancing prices in the immediate
future Besides that, additional en-
enlargement will be found In the good
crop prospects in all directions. the su-
perabundance OF money, and the contin-
ued confidence in the result OF the war
and its early termination. AS matter
of fact, there Is scarcely any cause for
distrust to come from any quarter. The
war has certainly served one wholesome
purpose in keeping Americans from in
dulEing in foreign travel this summer
to q very great extent. The eXpendl-
lures are not likely to be more than one-
half that OF former years for that pur-
pose, making a saving to this country
OF at least $50.000000 This Is an item
OF considerable Importance. These stay
ut-home people instead OF travelling In
Europe will do so in this country, and
our internal, transportation companies
will be corresponding gamers. In view
Of these factors the market seems to be
Verging towards condition In which
fresh rise In prices will become the order
Of the day.
Somewhat unexpectedly here. the
Bank OF England on Thursday put down
its rate to 2is per cent This indicates
a more settled feeling on the European
money markets, and no doubt in part re-
fleets the revival OF confidence due to the
settlement Of the dispute between Eng
land and France on the distribution of
African territory. The settlement re
moves very serious danger from the
region OF foreign politics and, so far, II
ts calculated to revive confidence in the
E.IlrOnnnn inVnn NJ n FlFafg In which
our own may possibly participate. No
doubt the action OF the bank has been
influenced by the prospect of American
payments OF July interest and dividends
to foreign holders. which can hardly be
estimated at less than $40,0O0.0OO. This
llQuidateS considerable part OF the
balance OF Indebtedness due from Eu-
rope to the United States and so far d.
mlnishcs the tension in the foreign eX-
changes. But there must still remain n
large unliQuidated sum of that floating
debt which may show Its effect in n
renewal OF gold shipments 10 the United
States. Bills drawn against our new
crops will be soon forthcoming. and with
q less amount OF imports to be remit
ted for than usual. 1t Is not impossible
that. within the present month, gold
may be flowing freely In this direction.
This foreShadows continuance OF the
present ease in the local money market.
1t Is now generally conceded that Of
the whole 5000. 100000 of the national loan
about $l25, 000.0 900 will be taken up by the
small subscriptions. This unexpected
result has placed some OF the banks in
q rather awkward position, Those In
stltutions had sold their older Issues Of
bonds in order to get the new ones,
which would pay better. the result be-
ing that they are now left without these
investments and may have to pay good
premium to replace what they have
sold, This is the more Inconvenlent be-
cause It interfcres with the ability Of
some Of the banks to accept treasury de-
posits, not having sufficient securities
10 hypothecate against them.
This large absorption OF the loan by
persons of small means has been unnt-
tended by the sale Of other securities TO