Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-03

eased off, some dealers anticipating an
unfavorable bank statement. Money
was plentiful.
The price of bars and eagles was
unchanged.
NEW YORK, Dec. There was a
comparatively narrow market for
stocks to-day, and the tone was not
well defined at any time. Large and
confident buying of few railroad
stocks was in evidence, but this was
partly offset by the sharp weakness
of number of industrials and spe-
cialties, and the whole market turned
downward with the appearance of the
bank statement and with the addition
al influence of 3-point break in SUI
gar The notable demand Tor railroad
stocks looked to shares of companies
operating in the southern region.
Chesapeake & Ohio and the Southern
railway stocks were taken in large
blocks, and Mobile & Ohio was moved
upwards 49, points out of dormant
state. Sugar was heavy throughout
on doubts regarding the approaching
dividend, which rumor has proclaimed
would be increased. Reports current
of a projected new refinery near New
York had marked effect on the stock
and helped to break the price in the
final dealings. Peoples Gas, Glucose,
Smelling and Anaconda also weakened
early in the trading. American To-
bacco showed a strong recovery from
recent depression and the coalers
had a rise on the cold weather. The
bank statement was a surprise. The
heavy loan expansion is supposed to
be due largely to preparations for in
terest requirements for December LIST,
but the usual December preparations
for January LIST are expected to become
effective soon, and the revival of the
interior demand for currency towards
the last of the week suggest caution
in the borrowing of money for specula-
ton. The gain in cash of 81 SAP 300 was
unexpected and served as welcome
offset to the increase in reserve re-
quirement of S3,254, 900, growing out
of the large addition o! ,000 to
deposits. The inroad of SLAP, 600 upon
the surplus would otherwise have been
much larger. The continued large de-
mand for bonds at advancing prices
was a noticeable feature of the trad
ing.
The trading in stocks has been on a
diminishing scale this week. No change
in financial or business conditions can
be assigned as the cause of this les
sened speculation. It is rather the nat
ural pause bound to come after an
outburst of great and unwanted actlv-
ity in human affairs. The same thing
is seen in the business OF the country
where buying was excessive immedl-
ately after election, representing the
loosening of floods pent up pending the
decision of that event, while now, the
animated demand for products shows
some natural reaction. This is espec-
tally noticeable in the iron trade. The
stock market IS especially sensitive to
the course of events in that trade. The
purely speculative element has been
quick to take profits, and prices have
consequently declined. This survey of
stock market conditions must, how
ever, be taken in purely relative
sense. While business is smaller and
prices are lower than in the period i'm
mediately preceding there is still high
level of prices maintained, and capital
W NC Gu Ou du cnOl
nous scale in securities. 1t has hap
pened many times that the transactions
in ONE one stock will show sales of
100000 shares for single days bus
mess and the record has run up to over
100000 shares for single days bus
sness in Northern Pacific. 1t is not
conceivable that uniformed specula-
tive enthusiasm of the general public
should show such results as this. Great
combinations and syndicates OF bank
ers and capitalists alone could COM
mand the resources for dealing on such
scale when the execution of buying
orders brings out records of many
thousands of shares changing hands
In blocks. Neither is it within bounds
Of probability to suppose that such
buying is had on a margin, with the
mere purpose of marketing the shares
at higher level of prices. Some have
gone into the vaults of financial insti-
tutions to be held for the sake of the
investment return afforded, while 9TH
Bgs have gone into the hands of COM
geting or affiliated companies. to Sc
cure control or increased influence No
authoritative announcements have been
made as to the source of any of this
buying, though rumor has been busy
with reports of deals" and combina-
tons These rumors are so indefinite
and contradictory as to stamp