Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-08-02
Government bonds weak.
State bonds inactive.

Government bonds weak.
State bonds inactive.
Railroad bonds irregular.
NEW YORK, August Except for
the dealings in handful of stocks the
list of stock exchange securities was a
stagnant inert mass to-day. Many
usually active stocks dropped out Of
the dealings entirely and transactions
in other prominent stocks fell to in
significant proportions. Sugar, Union
Pacific, Baltimore & Ohio and Brook
Ign Transit made the market and all
the rest OF the dealings might have
been dropped out of public notice for
any significance they had on current
conditions. There is not much ex-
pectation that conditions will change
in the stock market for some time 10
come The world of capital awaits the
solution OF the problem in China and
the resulting requirements on the
worlds money markets; the ultimate
fate OF the crops in the United States,
the settlement of the basis on which
future business in the iron and steel
industry is to be done, and the settling
down of political conditions. The fu-
ture of the money market is especially
confusing and complex, and expert
opinions differ widely as to the course
to be expected. The imminence OF
European war loans prompts one set
of prophets to argue a drain and re-
sulting stringency, while another
school urges that the creation OF cred
its and their prompt outlay will be a
relief rather than a detriment, to the
business and financial world. The eX-
pected drain of gold from the United
States is hating and it is not expected
now that gold will go out this week.
Sterling exchange and London dis
counts failed to advance to-day, and
London exchange in Paris jumped a
full centime. The bank of England
also reduced its price for American
eagles I'D. Whether this policy lndi-
Gates a confidence on the part of the
English institution that it will recure
gold ultimately without offering spe-
cial inducements remains to be soon.
The benefit which the money market
has had from the government deficit
for July cannot be expected to con-
tinue in August. Even for July the
$4,000 900 deficit was only about half
that for July of last year. The re-
demption of the old per cents inter-
est on which ceases on August IS, will
be a feature OF the month, but of the
S19000000 Of these outstanding, over
$13000,000 are on deposit in Washing
ton to secure circulation and govern
ment deposits. In order to avoid
contraction in circulation and with
drawal of deposits in the banks, these
bonds must therefore be replaced by
other government bonds for deposit.
The net result to the money market
will therefore be small. The generally
firm undertone of the stock market to-
day was in sympathy with strength in
special stocks. Yesterdays dividend
action in Union Pacific and the ex-
pectation Of a dividend declaration to-
morrow on B. & O., helped those
stocks The early bears in Sugar be-
came sceptical of the alleged renewal
of the trade war and covered their
sales.
The Republic Steel Works and Steel
Hoop declined on stories of pending
labor troubles, but the other steel
stocks were rather firm. Other stocks
played unimportant parts in the trad
ing.
The bond market continued dull and
irregular. Total sales, par value,
$657 900.
U. S. refunding Is when issued de-
clined y, and the old As and 5s, Il on
tho last call