Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-09-28

| Do coupons ACKNOWLEDGEMENTS. .1l3A
| Government bonds strong.
! State bonds inactive.
Railroad bonds strong.
To-day's noteworthy advances in
prices OF stocks were primarily due to
| the existence of a large outstanding
short interest. Manipulation against
| the shorts was also very obvious and
| in the hands OF strong and resourceful
| interests. The bidding up of stocks car
ried prices swiftly away from the bears
| in the very crisis of their distress, and
there was a notable recalling OF stocks
which have been loaned to the shorts
on advantageous terms for long time
past. This could only be the result OF
powerful manipulation to force the
shorts to buy stocks to cover. But While
these facts were obviously true, the up
ward reaction could hardly have been
precipitated or extended to the length
it has without a strong revulsion or
speculative sentiment from the depreS-
sion which has induced the Hquida-
ton for some time past. Almost the
entire credit for this reyulsion must
be given to the growing conviction
strengthened by significant admissions
from authoritative sources that active
negotiations are going forward between
the anthracite coal operators and the
miners and that basis OF settlement
has been formulated with good hope OF
success. The violence of their recovery
on prices on this development is aston
ishing, considering the small impress
sion that has been made on the prices
of coal-carrying railroads since the
stock has been in force, and which has
given the impression that there was
little short selling being done on ac-
count of the strike This supposition
will scarcely hold in view of the large
bear account which was disclosed by
the conviction that a strike settlement
is imminent But it must be borne in
mind that when prices are once forcibly
diverted in given direction in Wall
street sentiment on all points is made
to conform to the new order of things
The mercurial minds of the spectators
in conformity with this rule, to-day
threw off all their lowering apprehen-
sions of the coming stringency of the
money market.
The downward plunge of sterling ex-
change OF full half cent in the pound
for both actual and posted rates helped
to this result. Commercial bills OF ex-
change for cotton are coming forward
in such force as to relieve apprehension
as to the ability of the New York
money market to meet it's future obli-
cations on the German and British ex-
chequer loans without export of gold.
The downward course Of exchange is
SO violent as to give rise to some ex-
pectation that gold will move this way.
l,a
in case of necessity is very evident,
and that it will be unless foreign
money rates advance is very probable.
1t is believed that German bankers
have tried to secure a time loan in
New York during the last few days for
several millions of dollars. The effort
is said to have failed because of the
unwilHngness of the German bankers
to pay the interest asked To-day's
movement of exchange is significant
rejoinder. The Bank of England state
ment diScloses that that institution,
while it has been loaning literally to
the open market with one hand, has
continued to borrow from it with the
ether, thus indicating the prospect OF
further advancing the discount rate.
The strength of the stock market,
growing into buoyancy, was continu-
Gus after an opening dip in prices, due
to the chagrin of the bears who were
driven to cover last night on a rumor
of the coal strike settlement, which
was not confirmed this morning. The
extreme advances in the coalers ran
up to 32 in New Jersey Central, and
the leading specialties and local trac-
ton stocks recovered from 2 to 3h
points. In the active railroad list net
gains of to points are the rule, with
the closing active and strong at about
the top.
Bonds improved in sympathy with
stocks, the speculative issues leading.
Total sales par value $4,000.
United States new As advanced Il in
the bid price.