Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-28
Things LOOK BETTER.
The Standard Oil Trust Comes to the
Rescue of 3. & 7. e.,
RELIEVING ALL APPREHENSION
Concerning That Stock-A Million
Dollars in Gold Ordered in Lon
don by Lazard Treres-Sterling
Exchange Takes a Further Drop
-Rumors From the Rumor Bu-
reau.

New YORK, July 27.-During the morn
ing hours of business at the Stock EX-
change the nervous tension was not 80 pro-
nounced as on yeste day, The fact that
the powerful Standard Oil interest had
come into possession Of the Evansville and
Terre Haute property relieved all appre-
hension from that quarter and the
comparative hrmness OF that stock
in the market put money
lenders at ease Another thing that help-
ed 10 restore confidence was the decision
of the governing committee OF the Stock
Exchange not to close the Board, as was
suggested yesterday oy some of the opera
tors, who lost their head then. Probably
the most important developments Of the
morning, however, were the en-
gagement Of $l,O00000 gold in London by
Lazard Freres, and the further drop IN the
rates of sterling exchange. The heavlness
of exchange encourages the hope that the
movement of gold FROM Europe Will assume
large proportions in the early future. A
more stable money market would De or
great assistance TO intending importers,
for it is difficult to calculate upon the re-
suit Of a shipment with call loans at per
cent. per annum one minute, and q per
cent. per diem and interest, the next Still
foreign houses are looking for large i'm
port movement Of the precious metal.
Money at the Stock Exchange opened at
3 per cent. per diem and interest, which
is equal 10 5l1 per cent. per annum La
ter there was decline TO 40 per cent. 1t
is idle to talk Of quotation for time money
and mercantile paper as long as call loans
command the figures given above.
The sub-trehsurer was S25l, lS3 deotor at
the clearing house, Of which 100000 was
paid in gold and the balanc2 in treasury
notes. Bank officials state that the ship
ments of currency to the interior will
equal Yesterdays total. The rates OF do
mestic exchange on New York at interior
points rather corrooorates this theory.
A feature Of the days operations at the
Stock Exchange was the purchases OF Sc
curities for investment. The movement
was the heaviest in years, and did much to
steady the list.
The clearing house committee were in
session until this afternoon. The long con-
ference gave the rumor bureau an oppor-
tunity to start the report that large bank
was in trouble, and the announcement OF
an issue Of Sl,35O.000 of clearing
house certificates lent strength
to this report. Later the amount
of certificates was said TO be only $3.50, ,000
but at the end of the meeting the Clearing
House officials stated that the original
amount 81, $50, 600, was right. Thelr long
session, they said, was due 10 the large
amount of work before them in the way OF
shifting loans, caused largely by the great
depreciation in prices yesterday They
emphatically denied the story of bank be-
ing in trouble, and said that every bank in
the Clearing House, and so far as they
knew every outside bank In the city, was
In good shape Those who met at the
Clearing House were all of the opinion that
the situation was somewhat better but
still serious.
Delivery hour passed at the Stock Ex-
change without the announcement Of fur
ther failures aud Wall street breathed
easier than it has for days past. Clearings
went through without trouble this morn
ing but there was lingering fear that
when the time for making deliveries ar
rived fresh weak spots would be uncovered.
No failures were announced and as money
on call dropped TO 6 and 10 per cent. per an-
mum more bullish feeling took possession
OF the rooms Prices fairly scared.
Sterling exchange was demoralized this
morning. The posted rates were reduced
twice, the last to 4Sl16 snd 4S3. The heavy
purchases Of stocks for foreign account,
the stringency in money aud the increase
in the supply Of bills against grain and cot
ton caused the decentralization.