Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-06-13
Government bonds easy.
State bonds inactive.
Railroad bonds weak.

Government bonds easy.
State bonds inactive.
Railroad bonds weak.
Stocks-The small contingent of pro-
fessional room traders, whose opera
tons made up to-day's stock market,
found difficulty in causing any move
ment OF prices. The prevailing dull
ness was characteristic of all the
securities markets of the world. Specu-
latlon waits on the developments in
China and in the money market in Ber-
lin and Paris. The firmer tone in Lon
don and Paris on early reports of
British success in the Transvaal caused
prices to open higher here, but they
quickly declined on realizing and on
short sales by the traders induced by
the renewed strength in wheat on the
continued drouth in the northwest.
The outlook for the crops was a domin-
ating influence in the market all day,
5ot only in the movement of prices
shown but in the intense dullness and
hesitation in the trading. A slight
FLIP was given in the last hour by the
weather bureaus predictions of rain in
the northwest. The weather bureaus
weekly report of crop conditions, while
it reflected the unfavorable condition of
spring wheat as was expected brought
realizing in wheat and contrarywise
short covering in stocks.
The rally in the grangers and some
iac1ficS reached point or over, but
the rise was not well maintained and
the closing was semi-stagnant and I'M
steady at concessions. The prospect of
gold exports on Thursday was a de-
pressing influence in the market. No
actual arrangements for shipment have
been completed but exchange bankers
generally admit that a profit is pos
sible on the operation. Sterling ex-
change held firm to-day, in spite of
decline in London discount rates.
Sterling exchange at Paris declined,
and the Bank of England sold gold for
Paris. Paris, in fact, seems to be the
real point of attraction for gold. The
easing OF the London discount rate is
attributed to expectation of further re-
ceipts OF Russian gold and the stiff
ness of the money market in Paris and
Berlin, where Russia usually borrows
to meet her interest obligations to Lon
don, is the real cause of Russian gold
going to London. Thus happens that
Russia, instead of borrowing in Paris.
indirectly furnishes the means which
enables London to supply gold to Paris.
The French demand for gold is attri
buted to the active need for money in
circulation incident to the exposition.
But the policy of the Bank of France
in reducing its note isue and in con-
tracing its loans is in conflict with
this view and indicates rather a desire
to fortify the position of that institu-
ton. London advices report uneasi-
ness in the stock market there. lest a
crisis shall develop in France after the
exposition is ended. This helps to ac-
count for the persistent dullness of the
European securities markets. The pol-
Icy of contraction which is being fol-
lowed by the government banks of
England, France and Germany is in
strong contrast to that followed in this
country. Two weeks ago loans of the
New York banks rose to a figure above
any previous record and last SATURDAYS
loan item was S12,S9S,700 in excess of
the previous high record on July 8,
1899. The aggregate of the loans of
national banks of the United States
under the call of April %, was also
shown to be larger than ever before.
The calmness of the money market in
spite of this large volume of credits
outstanding and an unusually low pro-
portion of cash reserves is testimony
to the soundness of and confidence in
the financial situation in this country
Bonds are dull and lower. Total
sales par value 81 900. 600.
United States new As declined 4 in
the bid price.