Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-12-11

u
Stocks-To-day's market was a re-
newal Of the contest between reac-
uonists and the combined interests
which have embarked on a bull CAM
pa1gn. The bears were ENCOURAGED by
the evident stress under which the
bulls labored yesterday in trying to
sustain values at weak points. and
they were prepared for vigorous
measures to break the market Al
though they had the advantage at the
outset OF lower quotations from Lon
don, the earliest deals showed adj
vances, Sugar leading. But that stock,
together with Manhattan and the
Coalers, was soon weakened by liberia!
offerings to realize and the reaction
soon attacked the whole list. There
were several heavy dealings in North
ern Pacific preferred, which has been
sharply advanced recently on rumors
OF a liberal dividend To be declared to-
day. The action on the dividend was
timed for about the closing CT the
market and the street was kept busy
all day with contradictory rumors on
the subject. One Of these had it that
the action on the dividend would be
postponed altogether, and the result
ing decline in the stock uncovered stop
loss orders. Covering of shorts in the
final dealings and early information
OF the decision OF the directors to dis
burse the first Dividend Of one per
cent, caused a rally Of nearly a point
in the stock, but left a net loss OF
sharp fraction. The bears made Wig
orous attacks on all the stocks of the
local corporations which have recent
~ advanced, the transit companies on
talk that the underground rapid tran
sit plan was about to fail, and the gas
companies on alleged assurances OF
political favoritism. These stocks all.
reacted from over / yer cent and up
to 3 per cent. The stocks Of the tran
sit companies recovered partly on the
postponement of decision on the
underground plan. The break in this
group, however, broke the market and
precipitated declines ali through the
list. Many leading stocks lost l per
cent. or over and some as much as
per cent. The covering of shorts at
the close and the rally in local transit
stocks reduced net losses in most cases
to fractions. The stocks of Southern
and Southwestern railroads were COM
parauvely firm and show the smallest
losses. Union Pacific showed a tell
dency to rally, though it weakened
somewhat later upon a denial CT the
story that the reorganization commit
tee had offered the government the fun
amount Of the principal Of its claim
for a settlement Of the Kansas Pacific
controversy. Business through COM
mission houses showed a large falling
of to-day and sales for London &C
count continued on quite q large scale.
The general news Of the day and state
ment of railroad earnings, which were
favorable, were disregarded, and the
course of the market was due almost
entirely to the contest between pro-
fessional traders.
The feature of the bond market was
the decline CT points in the Kansas
Pacific consols, due to the apprehen-
sion that the possible purchase Of the
property by the government may dabar
the holders from a share in the Union
Pacific reorganization plan. The de-
mand for high grade bonds continued
good and a number of gains # from
! to over per cent. was shown. TIE
speculative bonds reacted somewhat in
sympathy with stocks. Iotal sales,
$3,150000'
- u. S. old As registered were adj
vanced to-day Is bid, and the 5's Is
bid.
The total sales of stocks to-day were
343.S00 shares.
Quotations closed bid.