Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-12-16

OICCkS-l O-Qay 5 ndFkGL WAS l3l 2Gly
professional and in the contest between
the bulls and bears the former enlisted
themselves under the banner OF the
Coalers and the latter made the local
traction stocks their main resource.
The fortunes of battle shifted several
times during the Gay and in the middle
afternoon the bulls seemed to have
gained a decisive advantage, the earlier
marked losses in some special stocks
having been almost entirely wiped out
and the bears apparently driven to
cover. In the last hour Of trading,
however, a large number of loans were
suddenly called and in replacing them
the call loan rate stiffened sharply to
per cent, at which rate large
amount of money was placed. This
induced liquidation, especially in
stocks which yielded a profit on the
days advance. The bears, thus en-
couraged, renewed their attack On the
specialties which had engrossed their
attention all day and uncovered stop
loss orders on the way down. AS a
consequence the tide of battle was
turned completely and victory lay with
the bears. A small part Of the days
large gains were left in some of the
stocks which had shown most early
strength, but in other leading shares
early gains were replaced by late
Losses. The scarcity of money is due
to operations Looking to the payment
Tomorrow of an ins5allment Of about
SS,5000C0 en- the Union Pacific sale
The previous payments on this ac-
count, amounting to over S29, 600, eco
have been left on deposit in New York
banks, but to-mOrrow's payment will
go direct into tie treasury and be re-
moved from the money market. Two
additional payments of an equal
amount remain to be made, one on De-
cember u and one on January 5, and
these will also go direct into the treas
ury. The payment by the government
on December "a Of the maturing Pa
cific bonds, which amount to over $780,
100000, will be made by checks, pre-
suInably On the New York deposits to
the governments credit
The movement of currency continues
from New York this week, indicating
a still further decline in New York
cash reserve. The tone Of sterling ex-
change was somewhat easier to-day,
but did not respond in a. marked de-
gree to the hardening Of the money
market. Time money for the shorter
periods also stiffened GDpreciably. The
early strength in tO-days stock mar
ket was aided by the rise in the price
Of co2lcrS, due to reports OF an agree
ment to restrict the output next year.
Lie rtharrs- }oasaii fff e were also GEN.
ters Of strength, the preferred advance
ing at one time 1SB and the common
nearly point. Reports from London
and the European bourses showed a
good demand there for these stocks.
AtchiSCn preferred was also up over
point at one time. The rise above par
of Burlington was a further feature.
The special weakness of local traction
stocks was due to the threatened COM
petition Of an underground system
and to the judicial decision at Albany
holding that consent Of adjoining
property owners is necessary to enable
the cars Of one company to run On the
tracks OF another company. The re-
sumption of the quarterly dividend Of
IL on Cleveland Cincinnati, Chicago
& ST. Louis preferred, after its omis-
sion for two quarterly periods, was
feature of the day, as was the l per
cent dividend il Southern preferred
Sugar was traded in eZ-dividend, and
at one time during the day showed d
recovery of one-third of the dividend,
but in the later dealing it succumbed
quite easily and lost over points on
the day. Norfolk &c Western preferred,
which was at one time nearly 3 points
higher, shows a net gain of 19s.
The bond market was somewhat less
active than of late and the active list
was only about steady. Some of the
high-priced issues showed sharp adj
vances. Missouri Pacific collateral SIS
lost points. Total sales, S3,10o,0o0.
United States new is declined Is bid.
The total sales of stocks to-day were
460,SG shares.
Quotations closed mid:
L, S. new As registered ................12 9Ss
L. s. new As coupons ................- lZS9s
u. s. As registered .....................l13
Z. S: DDS .......... Observation-Disclosures. S9ta