Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-07-15

NEW YORK, July 13.-There was a
,sverish and erratic market for stocks
throughout to-day's short session, due
:, me hesitation engendered in the
minds of the bears by the violent break
N the corn market and by the large re-
generation in the condition of the clear
ing house banks disclosed by the week
II hank statement. There were two
charm rallies on account Of these fac
tors. Neither rally was held with any
4rmness and the market closed with
renewed declines at many points on
realizing and sharp advances IN individ-
nal stocks. There was evidence OF
continued pressure to liquidate In the
onening dealings, most marked In the
United States stocks. The preferred
was carried down 21s before vigorous
sY1port rallied it. The common lost
II. and rallied more easily. The pre-
ferred rose again III with the general
rally In the market, but continued I'M
der pressure. The recent market lead
ers. st. Paul, Atchison and Union Pa
eifc lost / to 2 points, but came up
vigorously when the break in corn on
the Chicago market was reported. The
recovery in corr sent prices Of stocks
down again, as it was feared the move
ment wal more due to precautionary
realizing by longs in corn on the posi-
biIity of Sunday rains than to actual
news of amelioration CT the conditions
in the corr belt. The banks showed a
larger gain in cash than expected, the
reserves rising $~3,175,lO0. The Inn
portanee OF the weeks liquidation in
the stock market is measured by the
loan contraction OF $2l ,00l,-
500. This is the largest decrease IN
loans for a single week in the history
of the clearing house, with the sing.e
exception repairs inroads upon their
legal reserves. Fresh exports of gold
10 Germany made additional drains.
The movements of the interior money
markets has indicated an unusually
early demand upon New York for funds
To move the crops and Bankers have
felt impelled to prepare themselves for
this.
The sums disbursed for dividends and
interest on July /, which were unpre-
eedentedly large, made no impression
upon the stock market in the way OF
demand for .reinvestment and buyers
who had accumulated stocks with the
purpose of meeting this demand were
disappointed. There is reason to be-
lieve that there was much manipula-
ton of prices during June by powerful
capitalists with the purpose of repair
ing the damage to values wrought by
the May panic, in order to afford a bet
ger basis for credits in the furtherance
of additional financial projects or the
support of those already entered upon.
Wall street is inclined to recognize a
division into two groups OF the DOM
inant financial power Of the country,
the distinction between which was en-
phasized by ne struggle for control OF
Northern Pacific. The operations OF
these two groups are easily distin-
guished as Independent, but as a result
Of the promised settlement of the
Northern Pacific contest they were sup
posed to be not antagonistic and to be
as one to support the stock market at
the high range of prices. The fear got
abroad this week that the policy OF the
two groups in this respect was diverg-
ing again. Brokers supposed to act for
members of the one group were selling
stocks, while for the other there was
buying. Banks affiliated with the cap
ttalists of the one group were asking
higher rates for money and calling
loans, while banks controlled by the
other were placing millions in call loans
to break the money rate. Sensational
reports were published of a stormy in
terview between the two principal rep
pesentatives of the groups, which
threatened to reopen the whole North
ern Pacific quarrel. In the absence OF
formal authorized announcement on the
subject the inspired publications de-
signed to create assurance that all was
peace in Northern Pacific failed Of their
purpose.
The railroad bonds have been af-
fected in sympathy with stocks, but in
much less degree.
United States new As declined ", and
the refunding rs, old As and the IS adj
vanced a per cent. over the closing call
re 1,aS --.