Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-07-03

/ advertisers LOnuon caDie-
gram:
Money was easy to-day on the turn
of the half year. Discounts also were
shaded. The bank bought 100000 bar
gold and sold $4,000 in French coin.
NEW YORK, July 1.-Stocks-The
remarkable demand for the standard
railroad stocks continued as strong to-
day as it was yesterday and applied to
much the same stocks. Pennsylvania
took the foremost place both in respect
to activity and strength. The stock
showed the largest gain at the opening
and held it's leadership without change
throughout the day, closing at the top
lever, 3% points above last nights
price. Study of the May report of
earnings was the primary cause Of the
strength of this stock, but there were
also rumors in circulation that the in
cursion of New York Central into New
England was to be followed by a SINH
lar move on the part of Pennsylvania
by a lease of the New Haven road. The
| sustained strength of New York Cen
: trial at its high level doubtless prompted
some large buying of Pennsylvania, al
ready paying one per cent. per annum
more in dividends than New York Cen
trail and selling SO far under the latter.
The extraordinary railroad earnings re-
ported from every section of the coun-
try was the motive for the buying in
The grangers were all in good demand
and gained a point or over on the half
days trading. st. Paul led in point
of activity, but Rock Island showed
the largest gain in price. Burlington
felt the effect of profit taking on the
publication of the May statement,
showing an increase in the surplus for
the month of S150,000. The Union Pa
cific stocks enjoyed the benefit of a
strong showing in the May statement,
as did Norfolk G Western preferred.
The former rose over a point and the
latter about as much. The early
strength was largely confined to the
leading railroad stocks, but became
general after the publication of the
bank statement on covering by shorts
who were disappointed at the failure
of the market to weaken. There was
early weakness in the specialties on the
Injunction against the payment of divi-
dends on Federal Steel and on talk
ofp an imminent strike on street rail
way Hines. Blu disclaimers of an inten-
ton to strike by labor leaders and the
strength of Sugar on the decline in
raw sugars helped this department,
as did the strength of Anaconda. Con-
solidated Gas was strong on talk Of a
settlement of the rate war. Interna-
tional Paper and American Smelling
weakened sharply in the late transac-
tions. Bonds were moderately active
and strong.
In the ordinary course of events, the
operator in stocks and securities is in
fuenced by the expected rather than
by present conditions. Except when
some sudden and unforeseen event is
cipitated, the course of prices always
reflects a forecast and as far in the
future as the operator is willing to rely
on his judgment to penetrate. Thus
the professional operators sold stocks
last week on the well grounded belief
that the course of events would newt
ably lead to a squeeze in the money
market before July /. This week, even
though this expected event had not
yet occurred, stock operators began to
dock beyond to the period of abundant
money which will come with the dis
bursement of July interest and divi-
dends, and have bought stocks in anti
cipation of that condition. Operators
been buying this week to cover their
contracts and take their profits, thus
helping on the rising tendency. 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
Vanderbilt railroad interests. This
comes under the head of a sudden and
unforeseen event, though the long con-
tinued frmness of New York Central
at a price above a fair investment value
for a 4 per cent. stock has clearly indi-
Gated a faith by insiders.
There has been a large business in
bonds and an advancing tendency in
prices.
The total sales of stocks to-day
amounted to 277,157 shares. Quota
tons closed bid:
AtcnlSon ..-...-- 1J9s
Do preferred ......... ......-......-.. 5S4s
Baltimore ana ono observation-disclosures. ayr
CANADA racine 10
SentFal 1aclic- S5tS
Chesapeake and 26ls
Chicago and Alton
Cbicapa RurlirofO0 and OuinCV 13I55