Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-07-31
Interinr money rates unchanged.


NEW YORK. July 20 The stock
market for to-day's short session was
strong. A large volume of realizing
was we'll digested by reason of an in
cSeased demand through commission
houses and the market stood up well
under bank statement that was unex-
pectedly weak, the majority of stocks
showing net gains when trading was
over for the day. London continued to
buy stocks here with considerable con-
fdence and this was the prime factor
in the opening rise and in the further
decline in Sterling Exchange rates The
money market was largely nominal,
but there is evidence of quite liberal Of
ferings of funds from outside 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
sections of the country was potent
source Of strength for stocks. North
ern Pacific, Pennsylvania, and Pitts
burg, C. C. G ST. Louis enjoyed the
benefit of the published June state
ments showing largely increased net
earnings. Burlingtons strong June
statement brought realizing The coal
ers were helped by the statement of
Lehigh Valley, rejecting growing
improvement in the long depressed an
thracite industry. Reports of the I'M
precedented 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 G Wire rose over a point. This
factor helped the railroads situated in
the iron regions, notably Louisville &
Nashville American Tobacco was
marked up points on light transac-
tons and with no news to explain the
rise. International Paper preferred
and Consolidated Gas rose. 2 points.
The decline after the bank statement
was checked by good absorption, but
the recovery was not to the top level.
The closing was quiet and firm. Bonds
were we'll held on a moderate volume
market during the week has shown evil
dences of awakened interest and
strength. The principal apprehension
has been over the future of the money
market. All accounts have agreed up
on the unusual abundance of funds at
all interior centers, but the activity Of
trade and industry are also unprece-
dented and the enormous volume Of
bank clearings throughout the country
shows that more money is turned over
in profitable employment every week
than ever before. The question has
been whether in moving the crops the
usual demand would be made upon
eastern centres for money or whether
the large funds at interior points would
prove ample. This question is not
answered definitely yet. Call money
in New York has continued pretty
firm and developed during the week
that many stock exchange houses were
resorting to time loans. This resulted
in hardening of the time money rate
and there WAS apprehension that a
money squeeze in the call loan depart
ment might intervene when demands
began to be felt for crop moving pur-
poses. Except for domestic disquiet in
France, the outlook is for easier money
abroad and Sterling Exchange at New
York has shown sharp decline to-
wards the end of the week.
New York mercantile paper has been
reported as selling in Chicago. The
money condition in New York is af-
fected by the failure of some new in
dustrial securities to meet expectations.
Some of these have declined sharply
from the subscription prices or from
the prices taken as basis for distri-
button of new securities in exchange
for those of constituent companies.
Money supplied for underwriting has
thus been kept tied up waiting to real
iZe. Not little of the long continued
speculative doubt has been due to the
threatened Transvaal trouble, with a
special view to its probable affect on
the gold production of the Rand. The
expected large supply of gold from this
source is factor in the estimates of
future world prices. The various
causes of anxiety. however, have tend
ed towards amelioration during the
week. The period of hazard to the
crops has come nearer its end. Indus
trial activity continues unabated, in
ternal trade and railroad earnings
break all records and the export trade
is proving itself permanently estab
lished at a new high level. The
strength of stocks, which developed
first in few obscure and isolated
cases, then in the Southwesterns and
Louisville and later in the Changers,
hor nprreatad nrpffvr yourh fho rhC1n