Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-07-24
Government bonds irregular.

ant, event IN insignificant analr. Lon
don manifested some continued inter-
est in American securities, marking up
prices rather above the point reached
O nthis side even on the opening rise.
The opening advance here quickly sue
cumbed to the sympathetic influence OF
a reaction in sugar, which lost some
thing over a point. Heaviness IN a
few other industrials helped to hold
back the market. But the bears were
no more disposed to operate than the
bulls and the market held suspended
near last nights level. The bank
statement brought a realizing move
ment which carried prices off in some
cases a point from the best. Rock Is
land and a few other stocks which have
been going up for several days were
most affected. The offerings were well
absorbed and the short session ended
with quotations not far from last
nights prices. The oppressive heat
prevailing had something to do with
the extreme lassitude of the trading.
The American linseed oil and Iowa
Central stocks showed good advances
In prices, and the Fort Worth and Den
yer City first mortgage bonds rose Ia
on the requirement of trackage rights
between Denver and Pueblo from the
Atchison by the Colorado and South
ern, which controls the Texas road.
The bank statement showed the sur-
plus reserve increased by reason of a
contraction in loans, as was expected,
but the loss of over a million in cash
was a disappointment. In view of the
low prevailing rates for money at in
terror centres, it was expected that
funds would have been attracted to
New York during the week, but no such
movement is reflected in the bank
statement. The continued high rate
of sterling exchange causes some anx-
iety as well as bewilderment, il view
of the lower discount rates in London
and the well marked disposition of
London to buy stocks in New York in
the last few days. The sterling rate
has only yielded a fraction and still
hovers within a cent of the gold export
point.
Net changes in prices of stocks for
the week are mostly small and show
both gains and losses. There were
some sharp losses in the early part of
the week and the movement after that
was irregular. 1t was the smallest
weeks business Of the year. Even
dealings by professional operators had
dropped to a minimum. Looking back
over a period of a month it is easy to
discern that the best judges failed to
correctly estimate the worlds needs
for money and the release of large
sums which was confidently expected
after July 1 has been successfully de-
layed from day to day and from week
to week. Large loans were repaid to
the Bank of England in the first days Of
July, but before the week was over the
market was again a borrower from the
bank and has been ever since at rates
up to AZ per cent as against the banks
official minimum rate Of 31a per cent.
Only in the last three days has there
been any marked relaxation in the
money stringency at the British capt.
toll. 1t has been obvious as the stu
alton developed that London and the
continent were going to be more depen-
dent on the United States for relief
than was contemplated and the contin-
ued hardness Of money here has arous-
ed doubts as to the availability of that
relief. The situation is conclusive
evidence of the continued strong infu-
enc of America in the money markets
of the world. The industrial activity
in Germany, especially in iron and steel
and the speculation on the Berlin
bourse, have kept money high at Ber-
lin. In Great Britain itself there has
been expanding trade and interior
demand for money beyond what has
been counted upon, and the calling of
a portion of the Japanese loan pinched
the London money market. In face
of these conditions, when London saw
the money rate in New York holding
high and very slow to yield, the specu-
lation in securities came to a standstill,
not only in London, but on the con-
tinent and in New York. The tardi-
ness with which the money paid out in
dividends and interest on July / has
reappeared in New York bank deposits,
while it delayed relief. is evidence of
the widespread distribution of securi-
ties. Several large financial transact
tons have made demands on New York
banks, including the flotation of the
tube combination, temporary loans to
the New York city government and the
Mexican loan. The ~unexcelled activ-
ity in all branches of business and in
dustry makes use for the large funds
at interior points, which would other
wise find their way into New York
banking deposits, but which only a