Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-24
Government bonds steady.
State bonds firm.
Railroad bonds weak.

NEW IOItIA, ApIlI GoeNAN~s -
break in prices of stocks brought large
selling orders into the market. and
they were in evidence all through the
list at the opening. But there were
also buying orders on a very large scale
to take the offered stock. Part OF these
were evidently placed in the market
by friends of different stocks 1or the
purpose of supporting them. Inc ex-
pectation was quite general that the
market would open with something
like a crash in values, but, as is not
unusual in Wall street, ~over-expecta-
ton defeated itself, and there were
enough buyers waiting to take advan-
tage of the crash to steady the market
almost Immediately. Professional Wall
street perceived the absence of pres
sure of long stock in the steel indus
trials with a cynical lack OF surprise.
Evidently the opportunity had been
seized to dispose of long stock at the
higher level of prices, and the shorts
we're the most eager operators IN the
market in ~endeavors to cover. inns
pretty clearly indicated a pause In the
most aggressive tactics of the bear
campaign. The collateral object OF
that campaign is generally believed to
be to take on various stocks at the
lower level Of prices. The pressure
of liquidation continued heavy during
the first hour, and a second drive was
made by the bears at the end OF that
time. But the steady absorption OF
offerings begot a very cautious mood
along the professionals, and a decided
ly quieter tone ensued in the market.
Some of the bull pools which have
recently been active, notably that in
Missouri Pacific, showed a disposition
to resume operation. The undertone
of the market was firm during the lat
ter part of the day, and the closing
was strong and rather active, with the
steel industrials at the best level OF
the day and at considerably net gains,
amounting to 23sc in the case of Fed
eral Steel and 2bc in steel and wire.
Wall street still keeps an anxious eye
on the situation in the iron and steel
trade, but is inclined to go back OF
official utterances in forming its opin-
ions. The alarm first created over the
cut in prices IS mitigated by the we'll
filled ranks of the consumers, who are
known to be waiting to place con-
tracts at a lower level of prices. Last
years high prices are known to have
been made by belated bidders who had
to buy at any price to fill contracts,
and the dealings at the high level were
for only a small part of the total prod
uct. A large part of last years BUSH
ness was on old contracts, which are
known to have been worked off at low
er rates. While the reduction in cur
rent rates has proved a severe shock
to the financial world and a great dis.
appointment to holders of stock of the
steel companies, Wall street is begin
ming to indulge the hope that even at
the cut prices the years average may
still prove to be above the average for
last year. Gold exports are looked to
without alarm on account of the ease
of the money market. TO-day's small
shipment to Buenos Ayres was with
out interest.
The feature of the market was the
quick rise to $3.50 of the Western New
York and Pennsylvania general mort
gage 3-4s on the arrangement perfected
with the Pennsylvania Railroad.
Otherwise prices yielded in sympathy
with stocks. Total sales, par value,
S2,5S0,000.
United States bonds were unchanged
In bid quotations.