Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-11-21
Finance IND IRADE.

512 TO per ceHt. udQ unsettled foreign
markets and depressed the interna-
tionally listed stocks here. Union Pa
cifc leading the decline with drop of
a point. The Pacific also suffered
from the specific reports of a rupture
between Northern Pacific and Oregon
navigation. There was further the
sudden collapse of to points in the
federal steel stocks on the reported
failure of steel rail interests to pool.
Opening prices were, however, the
lowest, for strength quickly developed
at points which served to sustain the
weak spots and finally in the weak
stocks themselves. Manhattan, Sugar,
Peoples gas and the coalers all moved
upwards. The quick rally in fed
eral steel on the large buying at the
decline conveyed the suggestion that
the failure to agree as reported might
be in a purely Pickwician sense and
PROMPTED by the discreet purpose to
observe the letter of the joint traffic
decision of the Supreme Court. The
opinion of a high officer in the COM
pany that there was a disposition to
maintain prices" is confirmatOry.
In Northern Pacific also it was not
only evident that there was inside all
sorption of the inside offerings, but
the recovery in prices over roads af-
fected by the dissension suggested a
renewal of the efforts to patch it Up.
Finally the unexpected unfavorable
bank statement routed the bears eff
fectually. Of the "A lob 800 increase in
cash, not much more than a million
can be accounted for by sub-treasury
operations and the interior movement.
The source Of the balance is as much
of a mystery as was the sudden de-
crease of 100000 in the returns for
November 5. The continued ease or
the money market during the week in
face Of the large clearing house opera
tions, is, however, explained. Notable
strength was shown by Atkinson pfd.,
Kansas City, Pittsburg and Gulf, Lake
Erie and Western pfd., Northwestern,
Omaha, Baltimore and Ohio, and a
\ number of other stocks. The stock
market has shown all the variety and
Regularity during the week that are
lally characteristic Of a market in
Ich the speculative and investment
public is taking a large part. A large
aggregate of individual small transac-
tons breaks the market up into If
regularity inevitably and takes it part
'ly out of the hands of the professional
clioues and pools which are able to
manipulate It easily in time Of dull
ness. The interest of the public was
amply manifested by the volume or
business coming to the floor of the
exchange houses which have been
crowded with customers all week.
Apparently many of these were wait
ing for reaction in prices in order to
"get in" and when the sharp break
came on Wednesday the buying from
these houses was very heavy and rail-
lied the market easily and effectually.
Prices have shown prevailing dis
position to go I'D, but have been held
back at intervals by one or two
causes. At the opening of the week
the sharp fall in surplus cash and sur
plus reserve shown by Saturdays bank
statement was a shadow on the specu-
latfve mind. The known stringent
conditions of the Berlin money mar
ket and the measures taken for pro-
lection at other financial centers made
il doubtful whether relief could be had
promptly by gold imports in case OF q
local squeeze or without sharp COM
petition in discount rates, in spite Of
the heavy outstanding balance to the
credit of this country in the worlds
money market It is highly signiti-
cant that the easier condition of money
in London has been brought about
partly by a resumption Of the holding
back of sterling exchange bills, coming
forward to New York for grain ana
cotton and with money in New York
distinctly working towards a. easier
advanced
face of enormous clearing house opera
lions. There was also some uneasi-
ness early in the week over the belief
that rupture of peace negotiations at
Paris and a possible resumption of
hostilities with Spain were imminent.
With the relief from these early mis-
givings. prices rebounded, the very
remarkable movement in Atchison
pfd leading the market throughout.
This advance is based on the argu-
ment that much of the recent heaVy
outlay for operating expenses has gone
towards improvements and bettermentS
which will prove permanent and which
will make possible economics and sub
stantial increase in net earnings. The
argument has extended beyond Atchi-
son and even to the low earning trunk
lines, where new equipment includes
steel freight cars OF a capacity of l0)-
600 pounds. One reason assigned for
the weakness of Northern Pacific also
has been the low ratio of its operating
expenses which have aroused fears in
some quarters Of stripping of the
property Northern Pacific has chief
" suffered, however, from the belief
that projected new lines in the North
west foreshadoH the breaking up of the
Entente Cordiale which has existed
among railroads in that country. the
liquidation in Northern Pacific he's had
an influence in checking the general
advance in the latter part OF the
week.
There has been a large business in
bonds during the week. though by no
means up to last weeks high record.
The market has shown the same IL
regularity as that for stocks.
U. S. new As coupons and the SIS
coupon have declined CSC and the old
As coupon. the new As reg, and the 55
reg. nc in the bid price.
Total sales of stocks to-day were
237. 200 shares. Quotations closed bid
Do preferred 49,. ACKNOWLEDGEMENTS. - $
Baltimore and Ohio Observation-Disclosures. az
Canada Pacifc Observation-Disclosures. 81
Central Pacific ....:............,....... :, a.
Chesapeake and Ohio .............,.... -