Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-08-14

NEW 1ORh, August IZ-IO-day S
stock market started lower on foreign
advices, London manifesting anxiety
as to the future Of the money market.
The local bears fostered the impression
and trying to make capital out of the
situation in France and predicting a
southwestern freight rate war. The
strong bank statement, however,
changed the tone of the market and
the close showed no signs in the more
active stocks.
In the early weakness the grangers
and high-priced specialties were the
principal sufferers. Sugar, Brooklyn
Transit, Peoples Gas and American
Steel and Wire declined about a point
each.
The bears were disposed to cover at
the decline and prices rallied rather
quickly, but remained below last night 6
level. The dizziness and hardness OF
the market which succeeded continued
until the bank statement made its ap-
Eearance on the tape, when the market
burst into great animation and devel-
oped a surprisingly buoyant tone at
some points. The stocks which had
yielded most easily in the early trading
came back most readily and as re-
suit show net gains on the day. The
shorts were in a scramble to cover and
bid up prices on the moves. Chicago
Greatwestern debentures scared up
wards by successive jumps, selling at
1882 at last, 5A above the lowest and
AZ net advance. The preferred A stock
of this company made a net gain OF
25s. Tennessee Coal also made very
vigorous advance to Sc, net gain of
81. The closing of the market was ac-
tive and firm at about the top.
What was generally expected to be
a dull week in the stock market turned
out to be a more active one than for
some time past. The strength has been
largely in spots and groups and has
been not a little due to heavy covering
operations by large bear traders. At
some points in the list there has been
realizing going on at the same time
and the readiness with which this was
absorbed helped to lessen the bearish
sentiment. For the present money
has become slightly easier and this has
been large factor in the strength OF
stocks. The buoyancy has been most
conspicuous in stocks of companies in
the metal industries, particularly the
iron and steel industry. This was a
logical response to the extraordinary
conditions preailing in that trade where
orders for deliery in 1900 at the present
high level of prices are increasing,
showing a growing confidence in the
continuance Of the eager demand for
iron and steel products.
There has been special strength in
other industrials the causes eff which
have been left to guess work by the
general public The approach to the
end of the period of anxiety regard
of the railroads in the grain region,
the conviction having become general
that no set back to the country's pros
perity will arise from the years results
to the agricultural industry. The out
look for the anthracite trade has led
to strength in the group of railroads
interested in the transportation branch
of that trade, quite number of rail-
road stocks have enjoyed large gains
from individual causes, such as pros
pective increases of dividends or set
Elements of competitive traffic disputes
or movements towards absorption by
more powerful companies. The finan-
cial centres of the world have continue
ed to pay large attention to the devel-
opments of conditions in the money
market in this country and the foreign
exchanges at New York have moved
strictly in response to the tone Of the
local money markets without regard
to foreign money centres. Thus the
rates for both sterling and continental