Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-09-19

to the SlD-treasury and the interior ~
wipe out the Insignificant surplus
shown by Saturdays bank statemen.
AS only a half hour was afforded after
the appearance of the statement on
Saturday for the liquidation of accounts
very large volume Of selling orders
from all quarters had accumulated in
brokers' hands when the market opened
to-day. Prices took downward
plunge ON opening transactions
throughout the list Professional trad
ers were very bold on the bear side and
helped on the decline by large sales
for short account. The highly specula-
tive industrials specialties showed the
most serious losses. the opening sales
showing anywhere from 2 to over 5
points clipped from Saturdays last
prices for pretty much all Of the active
industrials.
The New York municipal stocks, SUI
gar, Tobacco, the iron and steel stocks
and the so-called Flower stocks as
group lead in the decline. Rock Island
as a member CT the latter group, fell
SIC. Declines in the railroads other
wise was not so violent as in the spe-
cialties, but extended very generally
between one and two points. The SELL
ing was in thousand share lots and up
wards in practically all stocks dealt IN
in the first few minutes. The bears
were somewhat dazed by their own sue
cess and almost Immediately proceeded
to take profits by buying to cover
shorts. Rallies of to 3 points resulted
in many stocks. But this forenoon
pressure was renewed when deluge
of Brooklyn Rapid Transit was poured
on the market. The New York trac-
ton and gas stocks moved in close
sympathy. Brooklyn Rapid Transit
dropped an extreme 81; Metropolitan
514; Consolidated Gas Z; Manhattan
3A; Third Avenue AS, and Brooklyn
Union Gas 5. The lowest prices of the
day generally were touched on this
movement, St Paul extending its loss
to "a. The very violence of the move
ment caused some recovery, and soon
after prices generally had turned up
ward. The evident relaxation of the
pressure to liquidate warned the bears
that they had oversold the market and
the buying demand became rather
urgent, prices of the specialties re-
covered from to over points. The
absorption of railroad stocks became
quite conspicuous, New York Central
especially moving up 31s from the low
est, and many others rallying from
to points. Slight gains over Satur-
days prices were recorded for New
York Central, Atchison preferred, Bur-
lington, Union Pacific preferred, Read
ing first preferred, Northwestern and
L1ackawanna. But prices were not
maintained and the market closed easy.
The late rally in prices was assisted
by an easing of the rate for call money
to 7 per cent. After ruling at 10 per
cent. a sharp drop of Il per cent. in
the actual rates for demand sterling
and cable transfer and the marking
down of posted rates 1ac also had an
influence in relieving the strain on the
stock market. Rumors were circulated
of a conference of bankers to take
measures looking to the relief of the
money market by an increase of cir
culation, but these were denied and
the outlook. Only one bank took out
additional circulation, according to re-
ports from Washington, and that to the
extent OF only about 100000. Since the
first of the month the New York banks
have increased their circulation less
than a million dollars. London sold
heavily in this market on account of
the Transvaal crisis to the extent of
about 10000 shares and no gold move
ment from that quarter seems likely
for the immediate future. The Octo-
Der coupons of United States 4 per cent.
bond of 1907 were payable to-day at
the sub-treasury and some slight re
lief was afforded to the money market
by that means. No reliable estimate is
possible of the extent to which leans
were hquidated to-day, but that re-
payments to the bank were very heavy
is the testimony of all authorities on
the subject.
Bonds were weak in sympathy with
stocks, and liquidation of the specula-
tive issues were on a large scale. To-
tai sales par value $2,277, 900.
United States IS and old As coupon
advanced a but old As registered lost
Is in the bid price.
Quotations closed bid:
Atcnlson ACKNOWLEDGEMENTS. 2o1s
70 preferred .;c;...........'...'..- 621s
Baltimore and OHIO. ACKNOWLEDGEMENTS. 1874
Canadian Pacific NEUTRALITY-SUSPICIOUS.. 9Z1s
Sanada southern ACKNOWLEDGEMENTS. Ola
Central Pacific Observation-Disclosures. ssh
Chesapeake and Observation-Disclosures. 262s
Chicago Great Western. Observation-Disclosures. ii
Chicago, Burlington and Quincy $50
Chicago and Eastern Illinois. SO
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