Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-07-24
REPORTS OF RAINS
And Relief of the Drouth Were the
Chief Factors In 1csterdSy's
Market.

Market.
BY Associated Press.
NEW YORK. July 23-The subser-
vience Of the stock speculation to the
varying crop conditions and to the
daily weather map was again striking
ly demonstrated to-day. But the acti-
witty OF the speculation in stocks WAS
somewhat curtailed as an outgrowth
OF the confused sentiment engendered
in the grain market by the conflicting
price movements growing out OF the
technical conditions in the grain spec
ulation. The uneasiness OF the short
interest in stock was easily perceived
by the force Of the opening bulge in
prices. There were Indications that a
tactical move against the shorts WAS
being made and the London market
was used before the opening mere TO
influence Nav York by much higher
range of prices there. London not
only had reports OF copious rains in the
corn belt but OF an imminent settle
ment of the steel strika There was a
consequent rush to buy on the part Of
the shorts at the opening here, but
the high prices melted away within a
few minutes under the eager offerings
to realize on the part of interests re-
naming long OF the markets. Appar-
entity there was much seepticism re-
garding the reports Of rain. but when
the grain market opened with q drop
in corn almost equal to yesterday q
bulge the belief in relief for the crops
was strengthened The reassuring ex-
pressions by the secretary of agricul-
ture as TO the present status of the
corn crop were also an influence. The
course of affairs subsequent to the
heavy damage to last years spring
wheat crop in the north west was cited
as a precedent which gave hope OF
maintenance of earnings by railroads
in the southwest.
The publication Of the plan for an adj
ditional issue OF American Sugar REIN
ing stock lifted thatsspecialty and help
ed the market. The second rise carried
some stocks higher than the opening
But the subsequent uncertainty OF the
price movement reflected the hesitation
of the stock traders about repeating last
week S attempt to revive a bull move
ment, with the crop situation still a
factor. The market was allowed to lie
fallow during the midday period, with
the exception OF a momentary upward
rush in the U. s. Steel stocks of near
ly 2 points each on an unconfirmed ru-
NOR that the strike was about to be set
tied. The late advance In prices to the
top level OF the day seemed to be based
on the general consideration that the
damage to the crops had been discount
ed and important liquidation had been
effected, leaving the way open for ad-
vance. The character of some of the
buying encouraged following from the
professional contingent. The money
market was easier in spite OF gains by
the sub-treasury from the market and
the growing demand from the interior
for funds. At the best prices, which
were made in the last hour, st. Paul vas
5k above last night; Union Pacific Az;
Atchison 4; Southern Pacific anc st.
Louis Southwestern preferred 3i1 and
Missouri Pacific 3M. The last prices
showed only fractional concessions and
the closing was fairly stead,
Business In railroad bonds was fairly
active and the price movement irregu-
lar. Total sales par value $2,405,0o0.
U. s. bonds were all unchanged on
the last call