Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-11-28

Excepting for Baltimore and Ohio
and Union Pacific Americans were
somewhat dropping business probably
being checked because of the settle
ment to begin on Monday next 1t is
believed that the carrying-Over may
show considerable increase in the ac-
count as it is, expected that large lines
will be carried for Berlin.
The money position is most perplex-
ing. The stringency in Germany in
creases, but with no perceptible effect
on discount rates here. 1t is believed
that one important reason for this pO-
sftiOn is the fact that New York is
lending largely to Berlin and mOder
Rtely to London.
Stocks-To-day's short session of
the stock exchange was long enough
for several uncertainties to develop
and to resolves themselves again so
that the session, as whole, contin-
ued of the same irregular and mixed
character as those of the whole week
have been. The strength of Americans
ON the London market was not suffi-
GENTLY pronounced to affect the open
ing prices here and prices were below
the London parity, even where gains
were shown. 1t was clear enough,
however, that, htere was continued good
demand for Union Pacific and the ST.
Louis and San Francisco preferred
stocks, and Northern Pacific recorded
a recovery OF part of yesterdays de-
cline There was continued profit TAX
ing evident at other points and Man
haitian suffered break of rs on pub
lished denials OF a Vanderbilt interest
Nd TAh o., rbn
threatened competition in cigarettes.
There were conspicuous fractional re-
cessions, also. in the Baltimore and
Ohio stocks and the cOalers showed
no exhiliaration over stories that the
coal trade had been fixed" There was
not much encouragement to bear opera
tions in such market and when re-
ports by cable were received that the
SPANISH government had instructed its
commissioners to sign treaty of peace,
the market generally turned upwards
and quickly retrieved a part or all of
the earlier declines. Atchison'S Octo
Der statement helped that company's
preferred stock and by sympathy, the
entire list, the statement showed net
increase of 1927, 437 saved out of the
gross increase. It was announced in
cidentally that the reduction in ope-
rating expenses due to extraordinary
expenditure for bettermentS, would be-
gin on December [. Good statements
of earnings by number of other rail-
roads helped the recovery. The bank
statement was considered strong one
at first glance, with the increase in
surplus reserve, though subsequent
scrutiny Of the decreased loan item
caused some modification of this law
and caused some late reactions. But
not until an active buying movement
had developed all through the list
There was heavy covering in the fed
eral steel stocks and sharp recoveries
in the Baltimore and Ohio stocks. The
ST. Paul and Duluth and other less
prominent issues were also markedly
strong.
A midweek holiday is almost certain
to break in on the course of a market
and TO curtail operations, except such
as are designed to even up con-
tracts.
The past week was no exception and
the movement OF prices has been high
ly irregular at all times and with
intervals inclining towards the reac-
tionary side. The market has neverthe-
less maintained fair degree Of activ-
ity, and dealings have been well dis
tributed through a widely extended list
of securities. Notwithstanding the
process of digesting huge blocks offer
ed for purposes of profit taking and
some elements Of positive weakness
the market has stood IN well under
Its burdens and prices are on the aver
age higher than they were last Satur
day. As is likely to be the case where
a favOTite stock or group Of stocks
meets heavy offerings to vealize, the
activity and strength have shifted to
new stocks. This is partly the natural
turning of the public demand to unex-
plored regions and partly the result Of
manipulation with the purpose of sus-
tanning the market for purposes of re-
aliZing. The aggressive attitude as
sumed by the Northern Pacific stock to
market from the disgruntled element
in the ownership. The large banking
Z interest which seems to have assumed
the task of maintaining the price of
the stock in face OF this liquidation is
also known to be deeply interested in
the newly foatei federal steel company.
The stocks of this company have also
tended downwards from the combined
effect of the reported failure Of the
sseel rail pool and the Discrimination
said to exist among the financial in
situations to hold the stock as collat-
eral. 1t was not surprising therefore
to find other stocks in which this bank
ing interest is largely involved show
ing evidences Of manipulation for an
advance, and brokers industriously
bidding up their prices on the floor of
the exchange. Southern railway,
Reading and Erie were conspicuous ex-
amples. Proft-taking in the Atchison
securities was on a large scale and
there was some uneasiness felt early
in the week over the outcome Of the
Paris peace conference, which empha-
sized the inclination to sell. The
strained relations among northwestern
railroads and the snow storm served to
divert the buving demand to other
quarters Besides the coalers. in which
there is a perennial short interest to
be squeezed there were rather CON
spicuous advances in the trunk lines
as a group, including Baltimore and
Ohio, based on the demonstrated nossi-
bility of heavier train loads and lower
train operating expenses. The strength
of PEOPLES Gas was explained by the
circular to stockholders offering rights
to subscribe to new stock issued for
the purpose of absorbing additional
y,rOOnrttnc aDd for other Dl1rDOcor Tho