The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-17

Yin a-lb. pkgs. only
amount of 10 per cent in yearly INSTALL
mentS. Cotton oil rose over a point.
Manhattan and the Southern railways
were also inclined to strength.
The bank statement was up to eXpec-
tatIon In the item OF loan contTactionS
and the consequent reduction In de-
posit liabilities. II was Unexpectedly
favorable In the showing of a gain IN
cash. considering the payment Of 81
100000 to the sub-treasury on customs
payments during the week. The local
money market worked still lower to-
day, but demand sterling advanced a
significant fraction and London dis
counts were also harder. Sterling eG-
change at continental centres also rose
sharply, lending point to the note OF
alarm sounded by the weekly English
financial publications over the immedi-
ate future Of the London money mar
ket.
The week in Wall street had offered
evidences that an eager speculative
contingent is watching for an oppor-
tunlty to embark on the long side OF
the market. There Is evidence also that
large portion of the continent was not
possessed OF abundant funds and the
continued tghtness Of the money mar
ket and the successful Vaccinations OF
the bears have checked the bulllsh en-
thusiasm, wiped out margins and pre-
cipitated considerable speculative
liquidation. A number OF individual
stocks, however, have shown aggres-
slve strength on large buying and have
sustained the general list.
The activity Of the market for call
loans on the stock exchange. even at
the high rate also indicates confidence
In some quarters in the early clearing
OF the situation. The extended period
OF the hardness Of money after the
July period upset the calculations Of
many observers and last Saturdays
bank statement showing surplus re-
serves down to near 100000 and lower
than since the panic OF 1888, caused
something like alarm.
There were large orders to sell at the
opening on Monday. as 1t was certain
that any loans would be called to re-
duce deposit accounts in the banks that
were below their legal reserve limit.
The acute phase OF the Transvaal sit
uation Interferred with values abroad
and so emphasized the money stringency
In all foreign countries, with the result
that London offered large amounts Of
stocks for sale In New York. Finally
there was acute weakness In New York
Traction stocks on fears of strike and
in Peoples Gas on reported plans for
an opposition plant. The combined eff
feet was n violent break In prices
through most Of the list and active
selling movement.
The almost complete recovery on the
Na1f an
volume of Mondays business demon
strated that the precipitate selling had
been well absorbed and the amount of
stock for sale greatly diminished. The
technical position of the market was
thus much strengthened by the shaking
out OF weak holders. It came 10 be bet
ter understood that Saturdays bank
statement, being based on averages OF
the totals for each day in the preceding
week, did not fairly reflect the actual
condition OF the banks on the date
when II was made. At the same time
It became known that some heavy
large loans, made on account OF an or
Ranization Of the tube industry and to
the New York city government pending
its sale OF new bonds had been liqui-
dated and that funds disbursed on
July for dividends and interest were
coming back Into accounts OF New
York banks. But the relief afforded on
this account gave way to renewed I'M
easiness when It was precelved that the
rate for demand sterling was harden
ing as the local rate for money became
easier. II was feared that the urgent
needs OF London money market would
cause further drain OF gold from New
York and keep the local money rate
high for a considerable time to come.
The downward tendency of long sterl-
ing under offerings Of futures against
merchandise shipments partly answer
ed the fears on this score.
The bond market was moderatively
active and rather irregular, the south
western railroad Issues moving up In
sympathy with the strength OF the
stocks.
U. S. Is and old IS registered have
declined &c in the bid price.