Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-08-28


dropping tendency still in force and the
weakness was not entirely overcome
during the short session. although there
were improvements. The London ex-
change was closed for holiday, leav-
ing some uncertainty as to the specu-
lative sentiment of that centre, whlch
was depressed yesterday. Added 10
this was a weak tone in Sugar on
new crop of rumors of a new phase OF
the war in the sugar trade The new
stocks of the Republic Steel Company,
dealt in on the exchange for the first
time yesterday, showed an inclination
to maintain the price established for
them yesterday, and Norfolk and west
ern and Northern Pacific in the rail-
road group showed reactionary ten
dency. Consolidated Gas dropped an
extreme Az, Brooklyn Transit was
heavy and there were other less import
ant points of weakness. In the second
hour of the session the traders mani
tested a disposition to cover short con-
tracts. apparently in the fear that he
unfavorable character of the bank state
ment had been exaggerated as proved
to be the case. Renewed demand from
the shorts forced up Consolidated Gas
an extreme IA. Mobile & Ohio gained
about 3 and Northern Pacific railroad
over a point Great Western preferred
gained 8, Louisville, Chicago & Eastern
Illinois, st. Paul & Duluth and the To-
bacco stocks point or over. Sugar ad-
vanced an extreme "a and became very
feverish, serving to unsettle the mar
ket. The recovery in the general list,
however, held for the most part
feature was the movement in number
of insignificant stocks, including Peoria
& Eastern, Kanawha & Michigan, Keo-
kuk & Des Moines and Colorado Coal
Development Company. In view OF the
forced liquidation in Brooklyn Transit
early in the week, the extension OF
credits to the amount of S9,056,OOO
shown by the bank statement came as
a surprise. The decrease in cash proved
to be less than million, whereas the
known movement of money indicated
that it would be $3,500,000. The de-
cline in the surplus is therefore large
ly due to increase OF reserve require
ments by reason of the loan expansion.
Viewed apart from the previous exag-
gerated estimates, the return is weak.
The changes are impossible of expla-
nation from any transactions known to
the public.
The action of the stock market was
very irregular and somewhat puzzling
during the week. A number of the
most prominent specialties and indus
trials showed extreme decentralization
parly in the week The raids by the
bears upon these stocks were common
ly supposed to be tactical manoeuvre
with the object of obstructing the dis
position of the general list to advance.
AS matter of fact the violent breaks
In the specialties proved ineffective to
prevent the rise of various isolated rail-
road stocks. When powerful support
In the specialties frustrated the at
tempts of the bears to work further de-
clines and the way seemed open for a
general advance in prices, the upward
movement was met by heavy offerings
to take profits that sentiment of hest
tation reasserter itself. A comparison
of prices showed some very substantial
gains in a small number of the railroad
stocks and some severe loses in the
industrials. In the majority of the
stanard railroad stocks net changes are
small, nor has there been any marked
activity in these stocks during the
week. Quite number of southern and
southwestern railroads show reactions
from recent high prices on profit TAX
ing, which has been on very large
scale. 1t has been sufficiently obvious
that the tendency of the market to adj
vance was chiefly due to operations by
pools formed by professional specula-
tors. The buying of 5000 shares of
stocks and then bidding several points
higher for 100 shares is a quite famil-
lar process on the Wall street, but in a
number of cases this week the higher
bid developed an astonishing amount
of stock waiting to realize. A good deal
of this, according to the opinion of
specialists is stock that was bought at
higher level last spring by that por-
ton of the population designated in
Wall street as "the outside public"
Having held through heavy decline,
these owners are eager to take a small
profit, or even get out without loss In
the high grade railroad stocks. such as
the grangers and trunk lines, prices
were long ago made to discount ex-
pected increases in dividend rates. In
some cases these increases have not
come, in spite of large gains in earn
ings, bat prices have been maintained
at the high level. The return on the
purchase money at present dividend
rates Of many standard railroads is less
than on high grade bonds. Moreover