Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-08-21

puDllcatlOn OF the Dank statement lev
buying orders in a few conspicuous
stocks lifted them to the top level oil
the day. There was some realizing
at other points under cover of this bid
ding up of prices and few weak Spots
made the market rather irregular at
the close. Yesterdays vigorous up
ward movement attracted quite large
volume of buying orders to the commits
sion houses and the tone of the market
was thus strong from the opening The
weekly reports of the various trade and
commercial agencies and the increased
earnings of practically all the railroads
reporting helped on the upward move
ment The organized buying in Louis
Vile and Tennessee Coal continued In
evidence and Central Pacific was bid
up. Southern Pacific in spite OF large
dealings was held back by profit TAX
ing and shows only modest net gain
on the day. Louisville rose an ex-
IRENE 21s, and Tennessee Coal shows
net gain of 31a. Taking of st. Paul
were ON a very large scale and were ac-
companied by rumors of an intention
to declare an extra dividend on the
stock. Other stocks notably strong
were Norfolk and Western and com
mon preferred, the common gaining
~. Pacific Coast common and sec
ond preferred rose 21a points each.
Hooking Valley preferred, Atchison
preferred. American Cotton, National
Steel preferred, Steel and Wire pre-
ferred and few other stocks show net
gains of a point or over. On the otner
hand Sugar, Brooklyn Transit, the To-
baccos and some of the steel and iron
stocks were under some pressure and
losses are shown here and there in the
railroad list in stocks which were on
Iy lightly dealt in. The bank state
ment was rather puzzling in that the
deposit liabilities were not increased
by as much as the cash and loan In
crease. But the smallness OF the
changes left little ground for anxiety.
After momentary hesitation traders
decided to take the optimistic view OF
the statement. Southern Pacific col
lateral As where issued were taken in
large amounts at gain of l per cent.
Speculative sentiment has been IN
good deal of a hurly- burly all week.
An inspection of the price list discloses
some very wide movements of prices in
contrary directions. Industrial stocks
as a rule are lower, the exceptions be-
ing the tobacco stocks. Some very
striking gains are shown in individual
railroad stocks but the changes in the
majority of these stocks were surpris-
ingly small until to-day considering
the activity of the market and the fur
ious speculative contest which has been
Waged from time to time. so lar DIS
an effort to cause a general reaction in
prices is considered the bears have sui
fered total rout and have shown SYM
ptoms of exhaustion and disposition 10
cover short contracts as the week pro-
crossed. A marked sentimental effect
was produced early in the week by
published announcement from a stock
operator noted for his boldness and
many successes that he persisted in his
belief that prices were too high and
certain to go lower This announce
ment induced a considerable following
among the board room traders who
have constituted the greater part OF
the market for sometime past and the
buoyancy of a few stocks on Monday
following the favorable bank statement
of Saturday did not awaken any gener-
al demand for securities. There was
a watchful anticipation of bear raid
which came on Tuesday with a fierce
onslaught upon Brooklyn Transit and
American Steel and Wire. On We'd
nesdav the battle was continued and
shifted to Sugar, Tennessee Coal and
the tobacco stocks, when signs of real
izing sales after the large gain In
these stocks made them vulnerable.
Only a slight effect was produced on
the Standard railroad stocks and indi-
vidual stocks in that department con-
tinueo to show striking gains. Quite
q number Of obscure stocks were
brought forward and the price run up
rapidly on special favorable condi-
tons. Powerful pool operations also
came into evidence. The organized
buying of Southern and Central Pacific
and Louisville and Nashville were par
ticularly notable. AS there are heavy
holdings of these properties in foreign
hands the stock became scarce for de-
livery and the rise was thus aided.
The southern railways generally SYM
pathized with the movement in Louis
Vile and the recent notable strength
Of Tennessee Coal which was accom-
panied by reports of extraordinarily
favorable business conditions in the
southern part Of the country. The
pressure from bear sources was largely
removed as the week progressed.