Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-12-01
Government bonds firmer.
State bonds steady.


Government bonds firmer.
State bonds steady.
Railroad bonds irregular.
Stocks-The market for stocks In
Wall street hinged very largely to-
lay on the financial situation abroad.
Berlin was again evidently the source
Of the pressure for accommodation,
and its urgent needs resulted In the
sympathetic hardening of the rates for
money at London and Paris, call mon
py at London rising to per cent. The
price of gold bars rose an additional
fraction in London, but gold TO the
amount of $3,64O,000 was withdrawn
from the Bank of England. OF this
amount 100000 was shipped to the
United States, and probably the rest
went to Germany. The engagement
for the United States was the outcome
of the recent tendency towards lower
rates for money at foreign centres
which left so narrow margin of prof
its on the withholding of the exchange
which Is constantly accommodating at
New York as a result of the continued
heavy exports of Merchandise that the
movement of gold is necessary to meet
the obligations. The rise in the mon
ey rate in London yesterday again az
fected a margin of profits on loans
made abroad and the result was seen
in a rise in sterling exchange in New
York rejecting a renewed demand for
investment in sterling which will nee
essarily put an end to the gold move
ment for the present.
The incident may be accepted as an
admonitiOn to the foreign money mar
ket that they must pay good rate OF
interest if they want-%he use OF the
credits established by this country's
favorable trade balance. Otherwise
the activity of business at home and
the needs for financing enormous con-
solicitations and the formation of huge
new corporations will necessitate the
calling home of these credits. The eff
feet of the tightening money markets
abroad was to throw burden of liqui-
dation on the local stock market, the
international stocks of course show
ing greatest weakness. In view OF the
large German holdings of Northern
Pacific it was perhaps natural that this
stock should be most affected. But
there remains some feeling of appre-
tension still over the relations be-
tween Northern Pacific and its COM
petitors. The story reported to ac-
count for the strength of Union Pa
cific common stocks indicates rather
an aggressive strengthening OF re-
sources than a resignation to an ac-
complished agreement as Oregon Short
Line owns majority of common
stock of Oregon Navigation, thus In
surfing an outlet for Union Pacific to
the northwest coast. The later
strength was due to the rumOrs OF con-
solidation with the glucose company.
Rubber stocks made the usual response
to the prevailing gum shoe weather.
General Electric advanced on belief or
a pending disbursement OF accumulat-
ed dividends on the preferred stock.
There was strength also in few OF
the obscure low priced stocks. Inc
rise in Manhattan was unexpected.
The declines were largely recovered,
but the days net changes were decld-
eddy good.
The bond market was irregular in
sympathy with the stocks, but busl-
ness was fairly large and well dis
tributed. Total sales $3,375,00O. United
States Is advanced a in the bid price.
The Evening Posts London financial
cablegram says:
Stocks were fiat here to-day on the
sudden rise in money rates, Consols
leadingiin the fall of prices. Realiza-
tions On Americans from New York
were quickly responded to her. and in
asmuch as Germany also sold heavily,
prices were generally fiat, closing at
about the lowest.
The total sales of stocks to-day were
423,70 shares.
Quotations closed bid:
,A+oh;so, ...1 6
10 nreferred ass
RalIimore and Ohio ............ 5l%a
Tanada Pacific ................. St9s
Cantra1 Pacific 30l4
Sshasaneake and Ohio ...... 2312
Sshina o. aud Alton .162