The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-03
J. Bahds 80 moderately aeLIve

lions. Bonds were moderately active
and strong.
In the ordinary course OF events, the
operator Ia stocks and aeeufiiisE u IL
1uenced by the expected rather than by
present conditions. Except when some
sudden and Unforeseen event 10 precipi-
tated, the course OF prices always re-
fleets forecast and as far In the future
as the operator Is willing 70 rely on his
Judgment to penetrate. Thus the pro-
fesslonal operators sold stocks last week
ON the we'll grounded BELIEF that the
course OF events would inevitably lead
TO squeeze in the money market before
July ]. This week. even though this
expected event had not yet occurred,
stock operators began to look beyond
70 the period Of abundant money which
Will come with the disbursement Of July
interest and dividends, and have bought
stocks in anticipation Of that condition.
Operators who sold short last week
have also been buying this week to
cover their contracts and take their
profits, thus helping on the rising ten
dency.
But the most important influence Of
the week was the strength OF New York
Central, Corroborative as It was OF the
rumors OF impending consultations OF
comes under the head OF a sudden and
unforeseen event, though the long con-
tinued firmness Of New York Central at
price above fair investment value
for per cent stock has clearly indi-
Gated faith by insiders OF coming fav-
orably Developments.
The successful results Of the merging
OF the Lake Shore and the Michigan
Central Into the New York Central are
already becoming apparent In higher
efficiency and lower operating expenses,
The railroads In which the Vanderbilt
holdings are influential form 80 vast a
ramihcation that a comprehensive plan
Of consolidation, such as W. X. Wander
bilt 10 said to favor, Is no less feasible,
as has been said. considering the condi-
tons and tendencies OF the times, than
was the original through line from New
York to Chicago achieved by Commo-
dore Vanderbilt. The widespread belief
that the present Vanderbilt interests
contemplate a transcontinental line
from Borton to the Pacific was reflected
this week in the sympathetic strength
with New York Central Of Chicago and
Northwestern, st. Paul & Omaha. Union
Pacific. Oregon Short line securities and
Oregon Navigation.
The strength in New York Central
was the most influential factor In In
ducIng the buying Of railroad stocks In
anticipation Of the rise which Wall
street traders believe Is sure to come
after July !. The much improved con-
dillon of the country's crops and the
sprlnging up Of n cash demand for
wheat and corn from domestic sources
and also for export have also been po-
tent influences. The large grain move
ment, being added to the already heavy
freight movement OF merchandise Of all
classes has brought the current railroad
earnings up to unprecedented figures.
The May statements Of earnings also
show some striking reductions IN oper-
ating expenditures for railroads in the
southwestern region, which mark the
conclusion Of extraordinary OUTLAWS for
betterment which have been in progress
for some time, and which were charged
10 operating expenses. Railroads in the
northwestern region in contrast, seems
to be putting their heavy gross earnings
into the property, but they showed no
fall In the value OF their securities on
that account. Money rates have been
high In London even with credits eX-
tended to the open market by the Bank
of England Of upwards Of SIG, 900, 900. re-
sultIng in sharp decline in the banks
already low reserve. But there, as in
New York, confidence is felt in an
abundance Of money after July list. The
Bank of France has also enormously ex-
banded It's loans for the relief OF the
market and the Bank of Germany has
pursued the same course.