Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-10-03
Government bonds easy.
State bonds inactive.
Railroad bonds weak.

Stocks-The stock market had to
face this morning the accumulated de-
preston of three days trading in a
sagging market in London while the
exchange was closed here. The drop
IN prices at the opening was a wide
one, numerous railroad stocks show
ing. a loss of a point Or over and
Tennessee Coal showing an extreme
decline Of z points. The local traders
were inclined to feel that London was
unduly depressed, especially with ref
erence to American securities and they
started to bid prices up again. The
first loan of the day was made at 6
per cent. and this encouraged an opti-
mistic view of the money outlook. The
rally was short-lived and the course
was quite consistently downward for
the rest of the day. A sharp advance
in the price of anthracite was inef-
fectual to check the decline. London
sold not only during the first hour,
"a oo 4OAS dS O1lCCS were OO6u IOT
business. Liquidation from that source
reached between 10000 and $4,000
shares. The violent decline in British
consols had an important sentimental
effect, although it was afterwards ex-
planned that this was partly due to the
expectation Of a new issue. But the
new issue is as significant of the prac-
teal certainty of wal as any incident
that has thus Far occurred, so that the
explanation did not afford relief to the
stock market expression. The sharp
rise in London discount rates caused
an advance of IS of a cent in the actual
rate for demand sterling here aud had
an equally marked effect on the ster-
ling exchange rate both at Berlin and
Paris. This development is eQuiva-
lent to notice that London is not pre-
pared to part with more gold to New
York without making every possible
effort to prevent 1t. Long sterling
@as weak on selling against sterling
loans. Tha local money rate quickly
moved upward when the renewal of
loans carried over from last Thurs
day began to influence the market.
The call loan was carried to II per
cent, while the money market was
still in full activity. 1t was then
rushed UP to so per cent, after which
there were violent fluctuations down
to 10 and up again to 35 per cent, at
which rate the rate the last loan of
the day was made. The close was 50
bid. The developments in London les
Sen the probability of further gold i'm
ports and the condition of New York
exchange at interior points indicates
q continuance of the demand for funds
from that source. The money left in
the city by the visitors to Dewey cell
ebration was not in evidence In
Wall street, though much had been
made Of this relief by the contingent.
The sub-treasury has gained nearly
$780, 900 from the market since Fri
day. Money seemed to be in supply
at the higher rate from the proceeds
Of time loans made some time ago,
but the leaning resources of the banks
are evidently exhausted at present.
The decline in prices was made with
out any evidence of Generalization,
but last prices were the lowest. Net
losses in the railroads are quite gener-
ally between / and 2 points and the
selling was we'll distributed through
the list. Among the leading special
ties losses ranged from 2 to 81. the