Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-16
Mexican dollars 47hc.
Government bonds steady.

Government bonds steady.
State bonds steady.
Railroad bonds irregular.
Stocks-The movement OF prices in
the stock market to-day reflected very
clearly the doubtful and conflicting
speculative opinion over the outlook for
prices. The opinion reflected was al
most wholly that Of professional opera
tors in stocks as they were the only
ones who took any notable part in the
trading. The general public persisted
in keeping out of the stock market and
this continued Indifference had not a
little to do with doubts of the profess
sional SPECTATORS, some of whom sold
stocks before the close of the day,
prompted by their disappointment over
the failure of any general demand for
stocks to develop. A number Of fac
tors contributed to an early advance in
prices. The initial impulse came from
h London market, where prices adj
vanced on the cheerful feeling engen-
dered by the forward of British
troops in South Africa. London was q
buyer here at the opening, but the de-
mand from that source was satisfied
with the taking of $4,000 to 10000
shares. The iron and steel group adj
vanced in company in the morning I'M
der the active bidding up of profess
sional traders, American Steel & Wire
rising to within a fraction of 60. Ten
neSSee Coal rose an extreme IA. The
impulse to these stocks came from the
allegations contained in a pending law
suit Of notoriety regarding the enor-
mou profits of the steel trade for the
past year and ASSERTIONS Of the likeli-
hod of still larger returns for the cur
rent year. The strength in Sugar was
based upon rather vague rumors or
coming advance in the price of the
product and resumption of operation by
refineriea recently closed down. But
the strength from these causes was not
we'll maintained in face of the apathy
of the demand and the notable weak
ness in some special stocks. A break
of 6% in Third Avenue was due to the
announcement by a banking house of
it's withdrawal of a proposed loan to
this company. This caused sharp SYM
pathetic declines in the other local trac-
ton stocks, the iron and steel stocks
and sugar, and in fact unsettled the
whole list. Railroad stocks lost their
early gains but became dull and not
ably firm nea to last nights level of
prices. All reports continue to reflect
a high level of prosperous business ac-
tivity and an unprecedented level CT
railroad earnings. But this very actic-
ity in business arouses the question
whether the prosperous use of money
thus involved is not likely to deplete
the supply of funds available for specu-
lative purposes. No better explanation
has been found of last weeks enormous
loan expansion than the demand for
mercantile uses, which is known to be
on a very large scale. Rates for call
loans still continue easy, but only the
choicest grades of mercantile paper can
be placed now as low as 4 per cent
most transactions being made at Az 10
5 per cent. Time loans for sixty days
are also in large demand at Az per
cent. The s~ub-treasury has already alb
sorbed over 81, 400, 900 from the market
this week and the course of New York
exchange at interior points gives little
nope of any gain in cash from those
sources. Taking into account the re-
cent tendency towards large expansion
of loans, a further large inroad upon
surplus reserves is regarded as newt
able in the coming bank statement.
Business in bonds continued on a
fairly large scale and price changes
were irregular. Total sales par value
S2,135, 900.
United States bonds were unchanged
IN bid quotation.