Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-02-07
Mexican dollars 45ac.

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State bonds dull
Railroad bonds strong.
Government bonds firm.
Stocks-Today's stock market was
lifted TO a higher level by the con-
splcuous strength of comparatively
few stocks. 1t was noteworthy that
the Nanderbilts. which gave the in
iJlal impetus to yesterdays advance,
showed the effects to-day of profit
taking. Michigan Central, after bound
ing upward at the opening. reacted
over a point, but closed with a sub
sJantlal gain. The far-reaching i'm
poFtance of the merging of New York
Central and Lake Shore and the pros
poets Of additions to the plan contin-
ued TO have a marked sentimental eff
feet on the whole market. The posi-
bIlities in the way of reduced expendi
lure for administration and of stabil-
lty OF rates for traffic from CONSOLE
daJIon are canyassed with eager atten-
ton be dea- ers in securities. Pennsvl-
Tania was conspicuously affected, and
the long sustained advance in the stock
Of us subsidiary company, Pittsburg,
cincinnati, Chicago and St Louis, is
pointed to as evidence Of closer rela-
lions to come. Burlington rose strong
ly on rumors of the ripening of the re-
1unding plan and a pending increase
in the dividend rate. General Electric,
Lake Erie and Western preferred. and
Lackawanna were markedly strong.
and Norfolk and Western preferred
continued its upward movement. There
was q reactionary tendency in the Erie
and the SusQuehanna and Western
stocks on realizing. The recent adj
vance is accounted for by we'll defined
reports of a plan for exchanging the
Susquehanna stocks for an undeter-
mined percentage Of the Erie stocks.
Great Northern preferred sold at a
further decline Of points, and was
BID down still further, the various re-
ports Of plans for increased capitaliza-
ton and distribution of the company's
accumulated resources being so con-
ficting as 10 lead to the conviction
that no plan has yet been formed.
Although business was on a large
scale and widely distributed, the fuc-
tuations in prices were exceedingly
narrow outside special cases, the most
important Of which have been indi-
Gated.
The heavy increase of over S11 ,000,-
GOO in deposits Of clearing house banks
for the week marks the continued
flow OF funds to this centre, and the
withdrawal of government deposits
must be allowed for in addition in esti-
mating this movement The expan-
sion Of nearly SS,O0O,000 in loans
though heavy, falls far short of alb
a0lbing the total of the increased de-
posits. The activity in the stock mar
ket undoubtedly involved a large
amount Of borrowed money, and it is
probable that other speculative mar
kets have drawn on this centre for
funds during the week. There is re
ported also good supply of attractive
names in the commercial paper mar
kaL. Under the circumstances the de-
crease in the surplus reserve is disre-
garded in the stock market as being
simply the result of the failure OF
cash reserves to keep pace with the
rise in the legal reserve level The
cheapness of money has led to the
Withholding of maturing exchange OBJ
legations which are exchanged for long
bills. thus keeping up rates Of ex-
ohm Tho or I1oapl-pt'c
activity this week has been character
lied by remarkable strength in spots
apparently there have been some few
elements of strength on each day to
sustain the market, although very
heavy realizing was in progress in
Stocks that have been foremost in the
recent advance. At different times
during the week the market has been
under the influence of aggressive
strength in Chesapeake and Ohio. Bal
Ulmore and Ohio. Louisville, Pennsyl-
Nania. Northern Pacific preferred, the
toalers, Union Pacific and other less
conspicuous stocks. Wide advances
have occurred in other high priced
closely held investment stocks, notably
Great Northern preferred, which lad
vanced an extreme u points, but re-
acted points.
he weeks heavy profit taking sales
have been well absorbed and the out
SIDE participation in the market has
grown. Many stocks have been at
times below last weeks closing level,
ana some prominent stocks end below,
put the general level of the market is
higher, principally as a result OF the
movement Of yesterday and to-day.
cams generally range between / and
points with exceptions in active
stocks up to points.
The bond market has continued to
snow the phenomenal activity and
strength which it did in January. The
Iotal par value of sales in January
was neraly S93,000 COO This total was
never exceeded on the exchange. ex-
cept in October. 1885, when the sales
exceeded S104,000, COO. In view of the
present Importance attached to the
New York CenTal-Lake Shore consol- |
laation, it is considered significant
'2at the previous period Of greatest ae- |
lYlJy was at the time OF the West
Shore settlement Kansas Pacific con-
sois showed an extreme advance for
the week of 1875 points, and other
Kansas Pacific and Union Pacific is
sues showed large advances. Prices |
q u around are markedly higher. Total
sales S32, 500,0G0.
United States new is registered adj