The age-herald., 1899-07-30
TRADING STRONG
 IN STOCK MARKET Money Was Nominal With Quite
 Liberal Offerings. CAUSES OF THE INACTIVITY Bonds Were Dull and Heavy During First Part of the Week. and Have Not Yet Responded to
 the Late Strength.
CAUSES OF THE INACTIVITY

New York, July 29.-The stock market for today's short session was strong. large volume of realizing was well digested by reason of an increased demand to the com- mission houses and the market stood up well. under a bank statement that was un- expectedly weak the majority of stock showing net gains when trading was over for the day. London continued to buy stocks here with considerable confidence and this was the prime factor in the open ing rise and in the further decline in ster- ling exchange rates. The money market was largely nominal but there is evidence of quite liberal offerings of funds from out side sources. The high level of railroad earnings shown by all companies reporting and the reported eager demand to buy, bor- row or rent freight cars from many sec- tions of the country was potent source of strength for stocks. Northern Pacific Pennsylvania and Pittsburg Cincinnati, Chicago and St. Louis enjoyed the benefit of the published June statements, showing largely increased net earnings Burling- tons strong June statement brought real izing. The Coalers were helped by the statement of Lehigh Valley, refiecting a growing improvement in the long depressed anthracite industry.
 Reports of the unprecedented activity and strength in the iron trade caused advances in the prices of steel and iron stocks with the exception of Federal Steel. American Steel and Wire rose over a point. This factor helped the railroads situated in the iron regions, notable Louisville and Nash will. American Tobacco was marked up points on light transactions and with no news to explain the rise. International Paper preferred and Consolidated Gas roSa points. The decline after the bank state- ment was checked by good absorption, but the recovery was not to the top level. The closing was quiet and firm. Bonds were well held on moderate volume of business.
 The course of the stock market during the week has shown evidences of awakened in- terest and strength. The principal appre- hension has been over the future of the money market. All accounts have agreed upon the unusual abundance of funds at all interior centers, but the activity of rates and industry are also unprecedented and the enormous volume of bank clearings throughout the country shows that more money is turned over in profitable employ ment every week than ever before. The question has been whether in moving the crops the usual demand would be made upon eastern centers for money or whether the large funds at interior points would prove ample. This question is not ans- wered definitely yet Call money in New York has continued pretty firm and 1t de- veloped during the week that many stock exchange houses were resorting to time loans. This resulted in a hardening tendency for the time money rate and there was apprehension that money squeeze in the call loan department might intervene when demands began to be felt for crop purposes. Except for domestic disquiet in France, the outlook is for easier money abroad and sterling exchange at New York I, chn a Sharp decline towards the end of the week.
 New York mercantile paper has been re- ported as selling in Chicago. The money condition in New York is affected by the failure of some industrial securities to meet expectations. Some of these have de- clined sharply from the subscription prices or from the prices taken as basis for dis tribution of New York securities in ex- change for those of constituent companies. Money supplied for underwriting has thus been kept tied up waiting to realize. Not little of the long-continued speculative doubt has been due to the theratened 1ransvaal trouble with special view to it's probable effect on gold production of the Raad. The expected large supply of gold from this source is a factor in the estimates of future world prices The Va- rious causes of inactivity, however, have tended towards ameliorat ton during the week. The period of hazard to the crops has come nearer to its end. Industrial ac- tiyity continues unabated. International trade and railroad earnings break all rec ords, and the export trade is proving itself permanently established at a new high level The strength of stocks, which de- veloped first in few obscure and isolated cases, then in the Southwestern and Louis- vile and later in the grangers, nas per meated pretty much the whole list through out the week. The bond market was dull during the early part of the week and has not responded to the late strength to the same extent as stocks.
 / United States 3's registered declined Is and the 9's coupon + in the bid price.
 (By Private Wire to Talbott & Pamer)