Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-07-10

vOrable bank statement encouraged the
continuance Of profit taking in some OF
the stocks which have recently advanc-
ed several points in price. On the pup
lication of the bank statement, the
whole market sold off and net gains
were preserved in only a few cases.
The liquidation was by no means heavy
and the bears covered short contracts
at the decline, causing a rally from the
low point. The denials of the reported
alliance between Pennsylvania n
New York Central led TO declines IN
these stocks, but the amount OF selling
was remarkably small. TIE bank
statement, on its face, presents an ex-
traordinary condition Of affairs. 1t is
almost unprecedented to have the cash
reserves down to within a little over
SIS, 900, 600 of the rs per cent. required
by law at this time of year.. Yet the
banks expanded their loans during the
week nearly $1,000, 900, when they were
already at the highest figure on record
last week. The conclusion is unayoid-
able that the banking authorities see
prompt relief in certain prospect. IN
fact, the easing tendency of money dur
ing the latter part OF the week SHOWS
that the relief is already at hand. 1t
comes in large part from the release CT
funds that had been accumulated for
the disbursement of ~semi-annual obll-
cations. 1t is also taken into consld-
Grafton that interior points are better
supplied with money than ever before,
SO that the conviction is held in mi
ing circles that tightness in the New
York money market would bring funds
from interior points to New York.
The action of the stock market this
week has justified the confidence OF
those who bought securities last week
in the belief that opportunity would
be offered to realize profits quickly.
The expected demand for stocks was
forthcoming, but it was SO freely fed
with offerings accumulated last week
that the strengthening effect on prices
was offset and the tide turned in favor
of reaction. Thus, in spite of a very
active Il esA ct for the short week
after the long holiday period, the net
changes are not conspicuous in the ma
jority of cases. The profit taking was
most effective early in the week in
Pennsylvania and New York Central
and the Vanderbilts. Selling was not
heavy in either of these, but the large
and confident buying of last week was
discontinued and prices were not sup
ported. The early disposition to take
profits in the grangers was offset by the
statement Of ST. Pauls earnings for the
fourth week in June, showing an in
crease of nearly $500, 900 over the cor
responding week of last year. With
the largest earnings in its history thus
recorded for the fourth week, the
month of June-and the fiscal year 1899,
the effect was encouraging for the new
fiscal year just opening, the more SO as
all reports of railroads earnings re-
ceived during the week showed the
same prosperous conditions on rail-
road in all sectionsp OF the country.
Much stress is laid on the large amount
of the years earnings that have been
reinvested in railroad properties, re-
sulting in higher efficiency and paving
the way for future reductions in the
ratio of operating expenses. There
were incidents corroborative Of the
earlier runners of far-reaching COM
binations Of control of railroad sys-
tens, calculated to make possible more
economical administration and 10 IA
SlilldtC CO-OPCl dtlfC IACdoUlto III ~
Quoting traffic. But in spite of these
factors of strength in the general out
look the tendency towards reaction in
the railroads prevailed, owing to tech
nical conditions. Profit taking was the
main factor. But there was in addition
some apprehension that spring wheat
had been damaged by heavy rains and
there were fears of damage to railroad
property by the Texas floods. The
most potent influence towards reaction
was the failure of the money market
to weaken as expected under the distri-
button of ~half-yearly interest and divi-
dend disbursements. The money could
readily be had at 8 to 312 per cent, but
call loans were slow to yield below 6
per cent, rejecting the relaxation Of
pressure for the half yearly settlement.
Enormous loans were liquidated both
at the Bank of England and Bank of
France. The strain on the money mar
ket in Berlin and Vienna was not so
mucsh relieved, exchanges continuing
to run against London. But confidence
was shown that the stringency there
would relax soon and that no further
demand would be made on New York
for gold. The carrier conditions in Lon
don brought large buying of stocks in
New York for London account. until
money rates there began to harden
again.
The weeks trading in the stock ex-
change has been distinguished by some
r~eawakening Of interest in the indus
trial Issues, as the market for railroad
stocks fell into dizziness on the reac-
ton. The older dividend paying indus
trials have been favorltes, but some Of
the newer ore and metal combinations
have also shown signs of life, notably
the coppers. ~Amalgamated Copper has
moved up several points in the outside
market. but is still we'll below the orig
inal subscription price, and Anaconda
has been active and strong.
Bonds have shown increased activity
and strength.
United States new As advanced y,
the IS Il and the IS s in the bid price.
The total sales of stocks to-day
amounted to 2So,437 shares. Quota
tons closed bid:
Ascilsuh ...-.... JUS
DO preferred 6l%
Baltimore and Ohio ................... 4SA
1anada 1acinc 1874
OtnlFal racine o.
Chesapeake and Ohio ............... 2Slc
Chicago and Alton $50
Chicago, Burlington and Quincy. 1865
Glinao n .ar1 EaStarp Jl.D1ir r.