Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-09-22

Bar silver, 591sc.
Mexican dollars. dull.
Governments-Eas ier.
Y. :. Is registered ............. 9S
y. ;. 4s registered ............. .1115sG112B
! =. >. As coupons .....;.......... 119124114
New Y. S. as registered .125 01251a
New Y. 5. As coupons .......... 12o G1251a
Y. 8. 5s registered .............. 14@114%
Ne Y; - 80 ss coupons "..-...,1 1dddaAQ114a
DlstTict Dos ...................1t 9A
Pacific 6S of '95 ................1O2
States-Dull
Railroads Weak.
Stocks.-What has been expected and
Ioretold and what the bull operators in
the stock market have vainly sought to
avert, came to pass to-day. The re-ac-
gay and hevy decline resulted in the
level of prices throughout the whole list.
Inc rate of decline in different stocks will
seem at first glance out of proportion but
a, more careful scrutiny will reveal that
the heaviest losses are in those stocks
mat nave undergone the most marked adj
Vances. That the movement of the mar
ke5 to-day is natural and inevitable de-
Velopment of the progress towards i'm
proVement in business and industry which
IS going on in the country, is obvious. A
sustained upward course OF prices is al
most always unchecked until it has ex-
ceeded the reasonable valuation. The
for long period that prices of stocks
were passing beyond this limit and that
re- action was imminent Manipulation
by powerful financial interests is one
|
thing has been the continued plethora and
cheapness OF money, inviting to continued
s spera de In the natural and orderly
that the expansion of business would alb
sorb idle money and make it's use more
expensive. Bank statements for two
weeks past have reflected the certainty
that such rise in the price of money
was approaching. The marking up of
cal loan rates late yesterday and their
talized into certainty the impression in
many minds that prices of stocks were
excessively higher, and as a consequence
the demand to buy fell below the offer
ings to sell. There was a spasmodic and
lnetfectual effort shortly after the opening
on the part OF the bull contingent to
check the decline. but it was apparently
:. oanldoned and the market was left to
| ltself uptil the heavy liquidation should
have exhausted itself. This seemed to
nave come to pass at about 2 o'clock
when the market became dull at a decline
ranglng from points upward. The ces-
sati9n OF heavy realizing offers encour
aged some renewed buying and a rally
extending to over point in many shares
eenssued, but the market sold off again
D Petore the close of the lowest point.
call money rate was not entirely free
from manipulation. There were evidences
Of concerted action in the marking up of
the rates. 1t was noticeable that the
sharp stiffening of the money rate did not
result in as great a fall in the rate of ex-
change as might be expected. and the
Ter. which was not to be expected in face
of any real stringency in our money mar
ket. There was an invitation to manipu-
late the money market in the report
which has been given currency that one of
the heaviest bull operators was under
some pressure in carrying very heavy
line of stocks. There was a disposition
also to make much of reports of an until
matum from our government to that of
Spain on the Cuban question. Many COM
mission houses have been advising their
customers to sell and their offerings came
upon the market. Some effect was pro-
duced on stocks of ans-continental lines
by Attorney General McKennas opinion
against the validity of the discriminating
duties against foreign goods imported
through contiguous countries. That there
was heavy selling for short account was
also quite evident, and standing orders
to sell stop loss on a decline were uncov-
cred in large numbers. Some covering of
shorts at the decline helped the rally
Such were the factors in the days mar
ket for stocks. Their result is that the
net declines are universal and in the act
i've stocks they range all the way from
about points to 7S4, the latter sugar.
sufferers, Consolidated Gas losing 81 and
Brooklyn Union 524. The measure Of the
liquidation is found in the enormous to-
tai of the days sales, which reached &c.
0G0 shares.
Dealings in railroad bonds were heavy,
the par value of the sales reaching SO. 225
900. prices declining in sympathy with
the weakness of the stock market
United States old As registered were u
lower bid, and the new As were Il lower
Quotations closed bid: