The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-10

week shows that the relief isNalresdy at
hand. It comes in large part from the
release Of funds that had been accumu-
lated for the disbursement OF semi-nn-
nual obligations. Il Is also taken into
consideration that interior points are
better supplied with money than ever
before, so that the conviction Is held In
banking circles that tightnes5 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 the opportunity
would be offered to realize profits
quickly. The expected demand for
stocks was Forthcoming, but It was 80
freely fed with offerings accumulated
last week that the strengthening erect
on prices was offset and the tide turn
ed In favor OF reaction. Thus, In spite
Of very active market for the snort
week inter the long holiday PERIOD the
net changes are not conspicuous IA
the majority Of cases.
The profit taklng 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 buy
inR OF last week was discontinued and
prices were not supported. The early
disposition to take profits In the gran
gers was Offset by the statement OF 81.
Paul's earnings for the fourth week ~
June, showing an increase OF nearly
100000 over the corresponding week OF
last year, with the largest earnings IN
It's history thus recorded for the fourth
week the month OF June and the fiscal
year 1899. the effect was encouraging Tor
the new fiscal year just opening, the
more SO as all reports OF railroad earn
Ingg received during the week showed
the same prosperous conditions on rail-
roads in all sections of the country.
Much stress is laid on the large
amount OF the years earnings that
have been reInvested in railroad prop-
critics, resulting in higher efficiency ana
paving the way for future reductions IN
the ratio of operating expenses There
were incidents corroboratlve OF the ear
lier rumors Of far-reaching cutnbina-
lions OF control OF railroad systems
calculated to make possible more eco
nomlcal administration and 10 tacill-
tate cooperative measures for con-
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
nlcal conditions.
Profit-taking was the main factor
But there was In addition some nppre-
henslon that spring wheat had been
damaged by heavy rains and there
were fears Of damage to railroad prop
erty by the Texas floods.
The most potent influence towards
reactions was the failure Of the money
market to weaken as expected under
the distribution OF half-yearly Interest
and dividend disbursements. Time
money could readily be had ct to 81
per cent, but call loans were SLOW TO
yield below per cent
The weeks trading on the stock eN-
change has been distinguished by some
re-awakenlng OF interest in Industrial
issues, as the market for railroad
stocks fell into dizziness on the reac-
ton. The older dividend paying Indus
trials have been favorites, 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 well below the orig
inal subscription price, and Anaconda
has been active and strong.
Bonds have shown increased activity
and strength.
United States new IS advanced Il, the
IS Y, and the IS u per cent in the bid
price.