Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-04


Railroad bonds strong.
Speculative activity continued rather de-
pressed in stocks to-day. Business was
on a diminishing scale and lacked even
and strength which gave it character on
live days last week when the tendency to
contract dealings was already manifest.
The opening of Congress and presenta-
ton of the Presidents message are look
ed to by tradition to supply motives for
moving prices, but it can hardly be said
that any general influence was exercised
on prices by those to-day. The message
was made a device by professional trad
erS to effect some movement In the steel
stocks. That is to say, alarmist rumors
were current before it's appearance on
the stand taken on the trust question.
The stocks proved vulnerable to the bear
attack and the decline brought out con-
siderable offerings of long stock effecting
a decline at one time in Tennessee Coal
of ~, and in Steel G Wire of "a. These
We're the weakest stocks and they rallied
on short covering ~ and IA respectively.
On the other hand, sugar was fairly buoy
ant, rising at one time 3$s and closing
with net gain of rs. In the outside
market also Standard Oil sold at $40,
leaving all previous records far behind
it. The upward rush of over six points
in Pacific Mail was made al the opening
and was prompted by the general con-
currence in the views reported from the
party leaders in Washington as to the
prominent place given by the ship subsidy
sion. There was quite a large short in
terest caused in the stock Which empha-
sized the rise
The same was true of Sugar. which re-
covered its Saturday loss with the APP
preach of the dividend meeting. The
dividend meeting, however, was post
poned from day to day and the stock
became quiet. Railroad list was extreme
ly irregular. 3. 81 0. suffered sharply on
account of the legal proceedings to en-
join the payment of the dividend on the
common stock pending the decision of
the rights Of the preferred stock to share
equally with the common stock in divi-
bends over 4 per cent There were also
conspicuous stocks in the railroad list
Aich gained sharply. including Pennsyl-
vdnia as the leader. The fact that neither
the gains nor the losses persisted, showed
the professional character of the dealings.
Notwithstanding the reduced activity
there was a sharp hardening in the call
money rate to per cent late in the day,
at which figures it required million
dollars to meet the needs of belated Dor
rowers who had held out for better terms.
This served TO emphasize the effect OF
Saturdays bank statement. but neverthe-
less ii is the common belief that the i'm
portant features Of the statement We're
due to the temporary provision for the
December fist payments, the trust COM
panieS calling loans for that purpose, thus
driving borrowers to resort to the banks
While the trust companies also increased
their cash deposits with the banks in or
der to draw on them. 1t is believed that
the disbursement of December dividends
will soon come back to the market but
the renewed earge demand for currency
from the interior IS very important To-
day s350,0o0 went into the sub-treasury for
trapsfer to New Orleans and s2e0,O for
transfer to Chicago. Such rate of de-
pletiou of cash reserves of the banks is
certain to have marked influence on
the money market.
The absorption of bonds continued large
and important. and prices were generally
higher. Special features were Chicago &,
Alton S12s. Kings County Elevated As and
the per cent issues of Norfolk & West
ern, Union Pacific and Reading Total
sales. par value 81 .505 000
Z. S. new As declined L per cent on
the last call
Ou0tatiOOS closed hid.