Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-07-17
FINANCE and TRADE.

cial Advertisers London financial cab
legram says:
The markets here were lifeless and
nervous to-day, on the Transvaal war
preparations which are proceeding act
lively The situation is apparently del
icate. A bank rate of per cent. is
talked of in the event of hostilities and
the expectation now is that the rate
will be made per cent. next week IN
any event.
Americans dropped.
Spanish As were 5Ss4; tintos 451a;
Anacondas 115s.
NEW YORK, July 16.-STOCkS-
To-day's short market was SO narrow
and SO nearly stagnana that movements
of prices were of little significance.
There was a perceptible tone OF firm
ness. however which was emphasized
after the appearance of the bank state
ment by the hasty covering OF some
small bear contracts in the grangers
which had been put out just previous
to the appearance of the statement.
Probably the greater part of the day
business was given over to the closing
out of short contracts by the bears
This contingent has been particularly
active in Brooklyn Transit during the
past week, on the persistent talk OF
pending strike. Their buying to cover
to-day made that stock the most active
on the list and moved it up points
from the opening decline. Sugar was
largely bought and rose at one time
11hc over last night. Peoples gas re-
covered sharply from yesterdays price.
Oregon Navigation preferred advanced
lac on the discharge of the voting
trust and the implied guarantee of pre-
ferred dividends to the amount of ten
per cent. in yearly installments Cot
ton oil rose over a point. Manhattan
and the Southwestern railways were al
so inclined to strength. The bank
statement was up to expectation in the
item of loan contractions and the conse-
quent reduction in deposit Liabilities.
1t was unexpectedly favorable in the
showing of a gain in cash, considering
the payment of 81, 100000 to the sub
treasury on outside payments during
the week. The local money market
worked still lower to-day, but demand
sterling advanced significant fraction
and London discounts were also harder.
Sterling exchange at continental CEN
tres also rose sharply, lending point to
the note OF alarm sounded by the week
ly English financial publications over
the immediate future of the London
money market.
The week in Wall street had offered
evidences that an eager speculative
contingent is watching for an oppor-
tunity to embark Oh the long side OF
the market There is evidences also
that large portion of the continent
was not possessed of abundant funds
and the continued tightness of the
money market and the successful
Vaccinations Of the bears have checked
the bullish enthusiasm, wiped out mar
gins and precipitated considerable
speculative liquidation. A number of
individual stocks, however, have shown
aggressive strength on large buyings
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
l period upset the calculations of many
observers and last Saturdays bank
statement showing surplus reserves
down to near $4,000, 900 and lower than
since the panic of 1898, caused some
thing like alarm. There were large or
ders to sell at the opening on Monday,
as it was certain that many loans would
be called to reduce deposit accounts Of
the banks that were below their legal
reserve limit. The acute phase Of the
Transvaal situation interferred with
values abroad and so emphasized the
money stringency in all foreign centres
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 continued effect was a VIC
lent break in prices through most of
the list and active selling movement.
The almost complete recovery on the
following day on only two thirds the
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. 1t came to 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