Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-07-13

Do coupons 1.......................... l0sA
u S. new is registered ...............l S4
Do coupons ......................-.-.., lof
L. S. old As registered. ................ll41
Do coupons ACKNOWLEDGEMENTS, .ll%52
L. S. SIS registered. .....................l13 1872
Do coupons ..............,..... .......lldH2
Government bonds strong.
State bonds inactive.
Railroad bonds irregular.
Stocks-The phrase ''petered out"
best expresses what happened to the
upward movement of prices to-day.
The action of the stock market was en-
tirely aside from any news of the day,
as was the case with yesterdays sharp
rise. In fact, the news OF the day was,
for the most part, favorable to higher
prices. The reaction must therefore be
attributed to purely technical cause. 1t
seems to demonstrate that yesterdays
jump in prices which was primarily di-
rected against the short interest has
resulted in eliminating the weak por-
ton of the uncovered shorts. Yester
days considerable rise invited heavy
profit taking this morning, but after
prices had fallen considerable pressure
from that source relaxed and an effort
was then made to renew the bull dem
onstration of yesterday When Union
Pacific got up to Sc it became manifest
that the orders to sell at that level
were larger than the present bull man
ayers We're prepared to absorb. That
stock then fell back and it's heaviness
was practically unrelieved for the re-
mainder of the day. The efforts OF the
bulls were then shifted to B. G O.,
which as a consequence was rushed up
25s from the low point This manoeu-
vre proved unavailing to hold the mar
ket and the latter part of the day
showed almost unrelieved stagnation.
The offerings were mere dribble, but
sven that could not be absorbed by the
feeble buying demand and about all of
the earlier gains were wiped out, the
level of prices generally falling below
last night. The market ignored COM
pletely the crop prospects as reflected
in the grain market The active liqui-
dation in wheat, induced by sanguine
estimates OF some of the trade journals
failed entirely to sustain the prices of
the grain carrying roads. st. Paul
dropped the best part of another point
from it's price, and fractional losses
were the rule throughout the railroad
list. The bituminous coal and the corn
carrying roads gave some early evil
dence of strength, but their gains were
lost in the late reaction. The steel
stocks We're dull and moved uncertain
~. The market was entirely without
any point of strength on which to fix
a resistance to decline. The closing
was dull and heavy at about the low
est. The foreign stock markets were
reported heavy on a recurrence of
fears Of a tragedy in the Chinese cap
itol, but London bought about 10000
shares Of stocks here on balance. Not
withssanding this buying and a decline
in London discount rates. sterling ex-
change here rose a fraction. The
weekly statement of the Bank of Eng
land occasions renewed questioning
whether the export demand of gold will
lot soon be renewed. That institu-
tons loss of gold for the week exceeds
$4,000, 900 which has gone largely to
France. The Bank of Frances weekly
statement shows a gain in gold of less
than million dollars so that it has
found use for its recent large receipts
OF that metal. Meantime large sup
plies of gold are on the way to New
York from the Klondike receiving
points In the west and from Australia.
while the snb-treasury has contributed
something to New York reserves by
payment of premiums on refund bonds.
The money market in New York is
practically hfeless so that any extra
iladucement would probably draw gold
fr6m the New York banks.
TIE bond market continued dull and
irregs Var TOTAL sales par value sl,15O,-
Unsta States refunaing 8 when is