Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-12-15


a disposition to-day on the part OF
holders of stocks to realize profits On
the rec9nt rise, and the bears helped
along the reaction by free short SELL
ing. There were one or two exception
al instances Of strength in the market
and some covering Of shorts before
the close by timid bears, so that the
net declines do not indicate the ex-
IRENE fall in prices. But the general
tone of speculation Was heavy and yet
aggressive disposition to buy was
manifest. The firmer tone of the call
money market was undoubtedly the
cause fer the halt in the bull market.
The decrease in cash holdings by the
banks shown by Saturdays statement,
and the shrinkage Of surplus reserves
to below $40 100000, are features in the
money situation which will be accen-
tuated during this week. The an
nCuncemsnt from Washington that the
bonds maturing on January 1st, known
RS currency SKIES, will be paid Off on
December oath, bears on the situation.
The aggregate CT these bonds is $685.
904,952, and their redemption will
about offset the payments already
nlssde to the government on account #
the Union Pacific sale, which amount
to S29,509,775. The government will
disburse over $5.110,U00 interest ON
January 1st. The balance wa "a the
Union Pacific reorganization committee
still has to pay the government
amounts to SZ5, 100000, and OF this
amount S8,500,000 will be paid this
week and the remainder by the last
week in January. 1t will be seen tna-
the balance in favor OF the treasury
will amount to nearly S20,O00,000. 1t
is not expected that this amount will
be suddenly withdrawn from clrc"ia-
ton, but will be allowed to remain on
deposit for the present in national
banks in this city. But the continuing
deficit in the revenues which has fed
Constant stream into the money mar
ket has been recognized as factc- IN
the case Of money rates and the ;On.-
pletion of these operations will put a
new phase On that condition.
Rates for call loans were not above
2h. but were not below per cent. The
market was almost wholly technical,
the strength OF the coalera, with no
news to account for it, serving to sus-
tain values somewhat. Northern Pa
cifc preferred was in good demand all
day and closed at 60. The specially
weak features were Consolidated Gas,
which was at one time down 80 points
Manhattan, which receded points, and
Sugar, which fell below yesterdays
close after an opening gain under pres
sure Of heavy liquidation and remained
there all day. Metropolitan Street Rail-
way declined ~ and scored almost a
full recovery. Otherwise the heaviness
of stocks and the days decline were
quite uniform throughout the list, frac-
tional losses being the rule. The deal
ines in inactive securities in small lots
continued to be a feature, the high
grade investment stocks being the IA
vorites A full share lot Of Harlem sold
at 1926 as compared with 800 at the last
previous sale, which was several months
ago.
The bond market showed a decided
decrease in activity to-day, the high
grade issues continuing to improve, but
some of the speculative bonds showing
losses. Total sales $2,250,000.
U. S. SIS were 1s bid.
The total sales of stocks to-day were
800 COO shares.
Ou0ta fiCnS closed bid.