Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-07-23
UNSETTLED CONDITION


Opcning-Fresh Batch of Unfavor-
able News.
NEW YORK, July 22.-The unset
tied condition Of the speculative mind
was clearly manifest when the stock
marker opened this morning with q
fresh batch of unfayorable news re-
garding the corn crop and affecting al
so the chances of the spring wheat
crop. The grangers, and Pacifics, and
Southwesterns were all acutely do
pressed and heavy blocks of shares OF
each of those roads were thrown upon
the market, opening sales reaching rs
high as 10000 shares for Union Pacific
Conditions we're much like those OF laet
Monday, and the trading contingent
were inclined to look for some such ef-
fective support to the market as was
offered last Monday by the powerful
capitalists who have paramount III
terest in keeping up the prices OF their
properties 1he selling on the short
side after the opening dip was there
fore conducted with some signs of TIM
idity and caution. There was in fact,
effective support offered at the opening
low level. But the incipient rally was
checked when the corn market opened
ana The 6AClttQ COAulllOu VI Rial
there was observed. The present mar
ket is largely influenced by the close
proximity of the brokers In stocks and
the brokers in grains, the stock ex-
change being in temporary quarters on
portion OF the produce exchange
floor, with only half wall dividing
them. Not only are the proceedings In
each exchange to be seen from the floor
OF the other but brokers are constant
ly passing from one to the other and
operating on both. This personal con-
tact exaggerates the sentimental eff
feet of the grain market on the stock
market. There were occasional rallies
on the down grade. due to the covering
of board room bears, who took quick
profits. The loaning rate for stocks
does not indicate a widely extended
short interest beyond the in and out
transactions by the board room traders.
The bearish operators are in constant
apprehension of some manouevre Or
announcement by those interested In
supporting the market which would
cause a sudden rally and cost tho
shorts heavy losses. There was no ey-
idence OF any such manoeuvre to-day,
the market yielding easily to every at
tack. But there was a general DISPOSE
ton on the part Of the traders to close
up their contracts over night and the
demand from this source caused SUBJ
stantial rally in the late dealings run
ming from / to points in the leaders.
At the low level the inroads upon Sat-
urdays prices were as follows:
For the leading stocks:
Rock Island IN; Missouri Pacific
7ss; Union Pacific 6ss; st. Paul 6M;
st. Louis Southwestern preferred 6;
Atchison AZ; st. Paul 6ss; st. Louis
Southwestern preferred s.; Atchison
Az; st. Louis & San Francisco second
preferred as; Kansas G. Texas prefer
red and Denver G. Rio Grande preferred
31a each.
There were many other losses of to
8 points at other points OF the list and
B. & o. was down AZ and New York
Central 3h. The U. S. Steel stocks
moved narrowly all day. The closing
was quiet and steady with good part
of the rally maintained.
Railroad bonds were dull and weak.
Total sales par value S2,225 900.
U. S. bonds were unchanged on the
last call.