The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-07-04
THE W4EGL1N Q tn ELL'eENeER
WEEKLY BUSINESS REVIEW
A, E, MASTEN & CO.
FINANCIAL REVIEW

Tittshursh. la. July 9Th" tr>t
half Of l!%l closed yesterday, COZ re" I
period OF lm0St continuous EpG'da'lHh
IN the stock market. Tn" shrini;are IN
tho avcruC. prize Of stocks during these
six months was about SIS Il share. hut
the loss il i number NJ SpcriAit:"S WAS
several times larger tAHn this '-fcrHI".
Without doubt Their" ";tS m enormous
amount ~ real Liquidation du!:T IN"
half wear but At the same t;mc thcrc mas
been Il great deal Of short .sll:nC. AMI
this short interest Is believed TO re-
main quite l,trg".
Their" WITS Il failing OF IN Tia" volume
"E trading during the at week. ana
tho crratic vuurS" Of prl'cs could only
h., accounted for on III" theory that
speculative operations played the major
part In the market.
What the second half Of the year will
G"vr!op IN tn" stock market It is .mp~.i-
Sihlr I, forecast with any degree Of con-
Hdcuc.. Il iG rra Snuab!y safe to assert,
huwcrr thar PRICES will each an aver.
age we'll ahnT" the low Vel 'f the
month Just CLOSED. # it does MT III the
last quarter OF 1871 recover I" the hIEL
level Of .aSt May. There AZ" several
grounds Upon which this forecast IS
based.
In II, f:s: place. the liquidation
which WAS forced Vpun some large New
York iiuti.C..t institutions during May
and June. which grew out OF The export
trade situation. is understood to have
urcu completed. 1t certainly speaks
we'll Toy III" absorption hy the invest
Ing public that it should have been able
10 take up the stocks forced to sac
rinre while ~ thc same time absorbing
the enormous mass az new securities
offered for subscription.
In the second place. the none T,.sr-
kct is In / better position today than
at any previous time in more than 4
Year. This Is also true Of the general
monetary situation. fact clearly re-
Vralcd In official statistics relating 10
the Federal Reserve Bank system. THIS
- a positively favorable development at
the opening OF The crop movement. whlrh
il likely to he more expeditions THIS
year than last
Another positively favorable factor in
the outlook for The last half o. l9-l Is
the position Of the railroads. The re-
duced cost ~ railroad labor az estah-
liShcd by the United States Railroad La
bnr Board become effective today. IN"
original order issued several weeks
ago applied only 10 81 roads and amount
eli t. lee 4 supplementary order
issued this week extended the reduction
TO all Interstate '.id under control ~
Federal authority. The labor. u is eS-
,iInat.d viii be reduced S3I0.O0h.QO 10
5000. n00,0 pU year under the ne" wage
scales.
The accounts outstanding between the
O, wartime control, lave never been
settled. but 4 plan Is now being worked
out which will effect such settlement
and incidentally release S"Oh.OOO.OeU now
I'm Federal treasury for that purpose
Trunk lines traVersIng N" great inIuS-
trial districts Will continue ~ su;icr
IN gross earnings AS compared win IN"
same time last year. On the "holc' now
ever. il must be admitted that the pros
poets for the last hall OF 1911 are
brighter than at any time during the
iirst half g the year.
New York, July Tho poor Charac-
ter selling which usually makes It's APP
rcarance after the market has had
small recovery after biz break, came
into the market the beginning OF the
week. and II prices Improve during NE
next fcw weeks as We believe they VIII.
this speculative short interest can be de-
pended upon To supply the necessary
buoyaucy and prevent open breaks;
Business OF Sinclair Oil. out OF Mex
leo, >uld be only slightly affected 10y
any import imposed in pending tariff
hill. because Of total Sinclair exports Of
Mexico only about $50 10 come 10
United States.
Wortley says: The heavy liquidation
tn Mexican petroleum seems TO be over
Tor the moment. This stock is fairly
well supported around %. Market gen
orally steady. Higher prices for rails
looked for next week.
Tho market with few exceptions
shows signs Of wanting to do better. II
is believed that Favorable news on the
railroads may be announced before the
holidays.
regular quarterly dividend OF SlI1
share on preferred stock. payable Au-
gust |. record July -.
Sears. Rocbuck & Co. Chicago, Jun"
sales fell of @9.iFo IN comparison with
June. 1870.
North American company has sent out
letters To stockholders proposing q read
JuStmcnt Of its capital plans. calling for
Authorization of $50, 900 6Go cumula-
tive preferred stock rrdecmaOle At los
and $50. 900. 900 common. both sloO par.
Under plan II iS proposed TO "NChanS"
for holdings Of une-half in preferred AMI
unr-half in common stock.
We would not be afraid 10 buy stocks
on this reaction. 1t is here AZ expected
and do not think Il will so far or las;
long. Nothing has exceeded the limits
OF normal reaction and think stocks
Will be higher after early trading Tu"s-
day.