Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-09-20

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Government bonds steady.
State bonds inactive.
Railroad bonds strong.
Stocks-The delicate tension of the
speculative temper was well illustrated
by the course of to-day's market which
seemed to be going prosperously on its
way towards recuperation and recovery
in prices until the last half hour of
the trading After that time prices
were bowled over in every direction,
like a set of ten pins which had been
set up simply to be knocked down
again. The selling movement was in
full force when the market closed and
prices tending rapidly downwards
Some of the earlier gains, though in
other prominent stocks, the notable
advance achieved earlier in the day
were completely wiped out. The mar
ket gave every appearance of having
thrown off the incubus of the money
scare. Reports from abroad of more
conciliatory attitude on the part of
President Kruger and the decision of
the French government to pardon
Dreyflls caused a rally in foreign mar
kets. There as well as here the short
interest had been largely oyer-extended
and they found some difficulty in secur-
ing stocks to cover short contracts
Professional operators who had secured
stocks at yesterdays lew level had
turned bull and there was fair vol
ume of buying orders in commission
houses this morning, attracted by yes
terday's late recovery in prices. Prices
were marked high at the opening and
trading was very active for time,
but on a descending scale. After prices
had gotten back to near yesterdays
close a demand of a substantial char
acter developed for standard railroad
stocks. Some of the specialties, no
tably the New York traction stocks
which have suffered recent violent
losses, were marked up rapidly.
Late in the day very buoyant tone
carried the coalers upward under the
lead of Lackawanna, which advanced
an extreme 111a Other members of
the group rose from 212 to 4 points.
Metropolitan extreme rise was e12.
Brooklyn Transit was up at one time
43s. Many other specialties were up
between and points and the active
railroads very generally showed gains
of from 1 to ~ points Such was the
state of affairs when traders began to
take profits in the coalerS and Metro
politan Street Railway. 1t did not take
the bears long to wipe out all of the
gains in Brooklyn Transit and the
course Of prices turned quickly down
wards, the selling movement continued
actively to the close. The early ad-
vance in prices was accompanied by
professions of confidence that money
market difficulties had been past. Call
money ruled at 6 per cent. and above
during the day. The banks are not los
ing quite as heavily as last week, eth
er to the sub-treasury or to the in
terror But the outward movement of
money is more than sufficient to make
inroads upon the legal reserve of the
banks. 1t is known that many loans
which have been called have been
placed with other borrowers or have
resulted simply in a shifting of collat-
erals. while the loan was marked up
but left otherwise undisturbed. Re-
ports found currency that considerable
money had been placed in call loans for
account of Canadian banks. One New
York bank took out additional circula-
ton in Washington to the amount of
S250000, for which notes had already
been printed and made available for
circulation. Except in these cases,
there is no evidence of any actual re-
Punishment of cash for the New York
market nor is any discernible in the
immediate future Bankers express the
opinion that money will continue hard
at per cent or above. One of the
vagaries of the situation is that sterling
exchange held steady to firm to-day
with buying London account of over
$4,000 shares of stocks, while it dropped
sharply yesterday, in spite Of London's
selling of over 10000 shares. Com
petent authorities do not look for gold
imports until much later in the fall.
Bonds showed gains and held better
than stocks in the late weakness. To-
tai sales par value S2,290,000. United
States bonds were unchanged in bid
quotations.