Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-05-10

Government bonds weak.
State bonds inactive.
Railroad bonds weak.

state PONDS inactive.
Railroad bonds weak.
Stocks-There was further large liQ-
uidation of the stocks in the market
to-day and prices were at one time
from 1 to 21a points below last night
for large number of the active rail-
road stocks. Before the close of the
market the losses were fully retrieved
in many stocks and in not a few of
those which had been most acutely
affected by the selling small net gains
were established. The late recovery
was materially assisted by a buoyant
rise in Sugar to a level 5A above last
night and by rather positive strength
in the principal metal stocks. The APP
pearance thus given was that of the
completion OF spasm of liquidation
and the subsequent covering of be-
lated outstanding short contracts and
buying Of stocks by careful. observ-
ers who had stood by watching for
the low point of the market to get in
How we'll this appearance is justified
by the actual conditions can only be
demonstrated by future events. That
there was very powerful and skillful
manipulation in the market all day
was clear from many Indications Ev-
identity the process of liquidation was
largely concentrated in a few hands
and it was conducted by concerted un-
derstanding and with diligent nurs-
ing of opportunities. On any consid-
cradle decline the pressure of the sell
ing promptly relaxed and supporting
orders were executed which over and
over again checked the decline and
drove the bears to cover their short
contracts. The efforts O. the bears to
cover were by aggressive bidding up
OF prices in the interest of Veral OF
the most prominent stocks. But every
time when prices recovered to near
last nights close the volume of buying
orders fel off and eventually ceased
From the renewed vantage ground OF
the recovery the flood of liquidation
was then renewed. The volume of
dealings on the recoveries was palpa-
bly, much less than that on the de-
cline and the aggressive bidding I'D of
prices showed that the object was
rather to establish a higher level of
prices than to secure stocks on the
most advantageous terms. That a
turning point must ultimately be
reached after such period of liquida-
ton and sharp recovery must ensue
makes the professional bears very eau
tious in maintaining opposition to any
rising tendency in the market None
of the news of the day had any appar-
ent bearing on the movement of prices.
Engagements of gold for export to
Paris, which amounted to little over
$2,S00,000 proved Slightly larger than
the preliminary estimates. The action
of the Bank of England in advancing
its paying price for American eagles
I'D to 76s 4d, carried the intimation
that London might follow the exam
pie of Paris and offer special induce
ments to attract gold from New York.
But the measure taken is not suIfi-
cient to accomplish this, according to
hte opinions for publication Of for
eign exchange experts. The local
money market also showed a slightly
hardening tendency, especially for time
loans, which showed the possibility
of an automatic check to the gold ex-
port movement in case of any increas-
ed need for money here. All of the
trunk lines, the Pacifics, the Atchisons,
Missouri Pacific and Louisville were
special sufferers from the liquidation.
The firmness OF the steel stocks was
doubtless due to the large liquidation
already affected in them and the out
standing short interest. This condi-
ton made them available for manipu-
lation for a rise to help sustain the
market.
Liquidation was in evidence in the
bond market as we'll as in the stock
market and high grade bonds were
affected along with the speculative is
sues Total sales par value s1,970, 900.
United States new tours and IS cou-
pom declined Il; do. registered refund
ing Is when issued, and old Is, u in
the bid price.