Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-12-09

II. 3. 81 Registered III
Government bonds strong.
State bonds steady
Railroad bonds weak.
Stocks-Nearly every stock in the
list declined to-day. In the industrials
the losses ranged from to nearly 7
points. The railroads did not suffer
so much, but number of them closed
between / and points lower than last
night. The principal victims Of the
selling were the iron and steel stocks,
as has been the case all week, and Ten
nessee Coal led the group, with a net
loss of 61a points. Quite number of
other metal stocks closed more than
points lower. Sugar was very active
and weak throughout the session and
closed at the low point at net loss OF
Az. The tobacco stocks, the rubber
stocks and the New York specialties
were all prominent in the break, and
lost points or upwards. Manhattan
was rather an exception, and it's loss
was only fraction. The bears were
active and very aggressive and had
much to do with starting the decline,
but they reached rich return in the
uncovering of stop loss orders, as mar
gins we're wiped out and heavy offer
ings were precipitated on the market.
The banks were calling loans all day,
and the conviction is unavoidable that
a very drastic liquidation of long ac-
counts was affected.
A large part of the selling was fore
ed by the calling of loans and the diff
ficulty of obtaining new accommoda-
ton, the borrowing demand rushing
the call loan rate up to IL per cent. on
the late dealings. Tired holders who
have hoped for an upward turn in
prices also abandoned their position
and threw over their stocks. When
the preliminary estimates of the week
ly changes made their appearance, the
difficulties of the money market were
explained. The bears seized the occa.
sion to aggravate the situation by set
ting afioat story that "the associated
banks of the United States" whatever
that might mean, had loaned the Bank
of England $20,000,000. No basis could
be found for the story, but it's inherent
probability did not prevent its having
considerable effect in aiding the demon
alization. The hardening of money in
Berlin and Paris and the heavy loss in
gold by the Bank of England for ship
ment to South America were evidences
of the construction of the money supply
abroad. This was sufficient to keep
the sterling exchange rate firm, in
spite of our own stiffening money rate,
but there was a significant decline in
the rate of exchange on Paris in re-
Spouse to London's measures to shift
pressure upon that center. To-mor-
rows New York bank statement is ex-
pected to show loss in cash of over
S6,000,000. Of this, nearly 100000 is
on sub-treasury operations, including
$1,550,000 deposited for transfer to the
South. On the direct interior move
ment by express the banks have in
creased their shipments more than
100000 over last week, while their re-
ceipts from the same source have de-
creased nearly 100000.
Bonds were lower throughout. Total
sales par value $1,725,000.
United States old As and IS advanced
u in the bid price.
Atchison .................... ....... Pts
Do preferred ....................... 63$s
Baltimore and Ohio. 5SS
Canadian Pacific .......................9 4ss
Chesapeake and Ohio .................... 29h
Chicago Great Western. ................ IA
Chicago, Burlington and Quincy. 49,. 1905
Chicago and Eastern Illinois. ......... 7412
Chicago ard Northwestern. ..........16 1852
Delaware and Hudson. .I7A
Delaware, Lackawanlla and Western. .1S4
Erie ......... Observation-Disclosures. 1925
Do first preferred ............... 3634
Great Northern preferred ............. IT'S
Illinois Central $500. .............. .u3h
Lake Erie and Western. 20
Do preferred ......... .............. so
Lon LOUIS FLEA and Nashville
Manhattan l. Observation-Disclosures. 1929
Metropolitan Street Railway. 1875
Missouri Pacific ACKNOWLEDGEMENTS. ASA
New Jersey Central Observation-Disclosures JIG
New York Central ...................... 1924
Northern Pacific ......................5 IS
Do preferred Observation-Disclosures. 751a