Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-09-12
Government bonds steady
State bonds inactive.
Railroad bonds weak.

u. 8. IS coupons. ......................'..II l12
State bonds inactive.
Railroad bonds weak.
Stocks-Force liquidation was in evil
dence all day on the stock exchange
as the cons equence of the efforts of the
banks to reduce their deposit liabilities
by a reduction of loans. Saturday.
bank statement revealed the fact that
the surplus reserves were approaching
exhaustion with the imminent prospect
of inroads being made upon the legal
tive public for some such development.
The continued demand from interior
sources for money and payment for
taxes into the sub-treasury to-day con-
firmed the expectation. The market
went down under successive floods of
offers. At various times during the
day the pressure of selling seemed to
have exhausted itself. The rally in
prices at such times were feeble and
the trading became very dull, the de-
mand for stocks being at minimum.
The standard stocks in the market suf
fered in an equal degree with the more
speculative industrials. This feature
was doubtless due in some part to the
recent Discrimination on the part of
money lenders to accept the industrials
as collateral for loans. 1t was, there
fore, the standard stocks which were
thrown upon the market by the calling
of loans. Aside from a few of the iron
and steel stocks which have been I'M
der recent manipulation for rise, the
largest losses of the day are in such
stocks as the grangers and trunk lines.
There were few spots in the railroads
that were lively and firm, notably
Louisville, Southern Pacific, Union Pa
cific and Northern Pacific. The bears
seized the opportunity of the prevailing
depression to put out extensive short
lines. Brooklyn Rapid Transit was
notable sufferer and was raided down
to within II of the recent low level and
within Y of par. The stock closed only
a fraction above the lowest Metropol-
itan Street Railway was also acutely
affected and lost Az on the day.
Tennessee Coal and Colorado Fuel
rose in the early dealings, but fell 2
points below Saturdays level before
the close. Sugar was only slightly at
fected. American Steel and Wire, Re-
public Steel, both commend and pre-
ferred, Tin Plate preferred, Continent
tai Tobacco, Pullman, National Steel,
Manhattan and Peoples Gas were es-
pecially weak. The net losses on most
of the active railroad stocks range be-
tween l and points. The quotations
for odd lots ranged above a full lot
quotation in most cases, indicating the
presence of bargain hunters during the
decline. The market totally ignored
the tendency to recover on foreign
stock markets, although London bought
some 10000 shares in the early deal
ings. Call loans were made at So per
cent. soon after the opening but quick
ly rose to and then and even 8 per
cent, dropping to per cent, after the
days needs had been practically all
been met Possible measures of relief
for the money market were the subject
of discussion in all circles. The leav-
ing on deposit of payments for taxes
is considered the most avilable relief,
and the presence in Washington of an
influential financial leader was gener-
ally believed to be without urging such
d measure.
The present high price of bonds
which must be deposited with the treas
ury by the banks as secretary of gov
eminent funds left on deposit with
them, is a possible drawback to this
plan, though it is asserted that the
banks will be able to borrow govern
ment bonds to use for this purpose.
The sterling exchange rate failed to
yield in spite of the tightness of money
and buying for London account, but ex-
change on Paris did fall fraction.
Bonds weakened in sympathy with
stocks, but the selling pressure was
not severe. Total sales par value ST.
299, 1000
United States bonds were unchanged
in bid quotations.
Atc6lSOn enst
Do preferred Observation-Disclosures. eeit
Baltimore and Ohio ...........S IiL
Canadian Pacific ............ oe1T