Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-10-11


the assumption Of early control by the
British government of the Rand min
ling district. The local market respond
ed only partly to the improved quo
tations from abroad and more than lost
the opening gains before the end Of the
| first hour. Then came the announce
ment from Washington of the decision
of the treasury department to antici-
pate the November interest on govern
ment bonds without discount and that
Of the entire fiscal year at a discount
of two-tenths of one per cent, about the
regular rate on government bonds.
| The response was prompt and emphatic,
prices rising with more appearance OF
strength than for a long time past.
The gains ranged from one to over two
points in many active stocks. The buy
ing was undoubtedly in large part due
! to the covering of short contracts by
the bear interest which has been con-
siderably extended during the last few
days on the continuing appearance OF
money stringency. The speculative in
dustrials were most affected, including
those in the metal industry. The most
notable improvement in the railroad
list was that of Burlington, which rose
an extreme 21s. When the demand
| From, tho short ipforect mac satisfied
prices began to sag again and with
| the exception of a sharp bidding UP OF
sugar to the top level in the late deal
ings, the close was inclined to heaviness.
The action of the treasury department
on it's face offers something like TWEEN
| ty-six millions for the relief of the
money market and over S4,300,000 Of
| this without discount. The amount
provided for immediate release, how
ever, is only about s1,500,000, the pay
ment of the balance ofSNovember l
| interest being fixed Cor weekly periods
up to October %. The extent to which
this privilege will be ayailed of is a
problem, but last years experiment on
the same lines did not bring striking
results. The anticipated interest last
year was that due on October 1 and
November so that this years offer is
greater by more than $4,000, 900, so far
as interest is concerned, but last year
the government anticipated redemp-
ton of $14,000,000 of Pacific railroad
bonds in September and increased its
deposits with the depository banks by
| $28,000,000 in September and October.
The treasury was paying out money
freely then, while this year the govern
ment surplus is constantly taking
money out CT the market. On the
whole, the relief offers by the govern
ment to the money market appears
rather meagre by contrast with last
year, when the rate for call loans was
at no time over per cent. during the
crop moving period, The call loan
rate worked rather easier to-day,
though the majority of loans were
made at 10 per cent, the maximum
rate. In time loans lenders were more
willing to give accommodations for
short periods, whereas they had been
holding out for the six months period.
The rate for all periods continues at 6
per cent. The money situation abroad
was again distinctly easier and the
weekly statement of the imperial bank
OF Germany, as well as the continued
receipt of gold on balance by the Bank
Of England indicated progress toward
recuperation. Nevertheless sterling ex-
change advanced fraction. The bond
market continued dull and changes in
price were mixed. Total sales par val
ne s2,O95, 900.
United States new As declined 4 in
the bid price.