Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-27

do ends ......... .107A
West Shore As ............ ...........115
Wisconsin Contra lists. 50
Virginia Centuries Sc
State bonds, inactive.
Railroad bonds, irregular.
The stock market went through
some astonishing vicissitudeS to-day,
but its most astonishing phase Was
the final recurrence OF the undertone
of strength which had come into sup
port the market SO persi5tenly of late
and driven OH all moods OF depression.
After opening with a sky rocket ad-
vance, in price, followed by a drop very
like the X rockets stick, the market
gathered itself together again and ig-
noring the continued pressure OF liqul-
dation which continued in force at
some points, it resumed its regular
show OF strength, the struggling net
points Of strength, being unanected by
the weakness at Others. The sharp
reaction at mid-session was due more
than anything csc to the extremely
doubtful character of some of the open
ing advances. The character of the
stocks affected and the violence of the
jump in prices gave a suggestion OF
speculative debauch SUCH as is the in
variable accompaniment of the cuIm1-
nation Of a bull market. Professional
traders have been constantly On the
lookout for the signs of such a culmi-
nation, and they sold the market
eagerly on the opening rise. These Of
ferings were supplemented by the very
heavy profit taxing of interests long
of the market. At this period of the
market it took on an appearance Of
general weakness, prices crumbling
throughout the list.
The surprising opening gains in a
number of industrial specialties and a
few railroad stocks were very generally
wiped out and some OF the important
railroad stocks had fallen from a frac-
ton to a point below Saturdays clos
ing level. The violent break in the
Northern Pacific stocks had a larger in
fiuence in the decline, as the unbridled
speculation in the same issue has been
the salient point of the market for days
past. A published statement that the
preferred stock would not be retired on
the coming first Of January is the
ground for the break, as it would take
away the reason for the recent specu-
lation. The common stock was carried
down an extreme ga and the preferred
nearly 3 points. A s per cent call
ey rate emphasized the cautious feel
ing and the relapse to 8 per cent later
= IN the day was an important element in
the rally. The substantial character of
the buying orders encountered at the
decline discouraged the bears, and their
buying to cover helped the rally. 1t
had it's inception in the local traction
stocks, which were all very strong with
accompanying INT of consolidated
control. Missouri Pacific, Reading first
preferred, Peoples Gas and Sugar were
also conspicuous features of the late re-
covery. The closing outburst was palp-
ably due in large part to manipulation,
and was eXplaina5le by the busy opera
tons of speculative cliques during the
holiday interval in making demonstra-
tive bids for almost any amount of the
stocks affected, without any actual
transactions being involved as a re-
straining influence.
The opening of prices in Brooklyn
Transit varies nearly 3 points on an
extreme advance of SIS, and there
were wide openings OIL running sales
in Tennessee Coal, Sugar, st. Paul.
Erie first preferred and Atchison. The
extreme gains in these stocks ran from
2 to over 5 points except Erie first
preferred, which was at no time more
than a frSction over Saturday. There
seemed to he plenty of funds available
for borrowers and lenders show them
selves anxious to put out money on
time, having in mind the coming dis
bursement of the yearly dividends and
interest and the promise of lower rates.
while borrowers show a preference for
call loans. The turn of the interior
currency moved in favor of New York
and continued gains by the New York
banks from the sub-treasury on account
of large premiums on government
bonds and anticipatory payment OF
government interest give a feeling of
assurance that the year will be turn
ed without trouble in the money mar
ket.
The railroad bond market was ac-
tive and showed only a few weak spots.
Total sales par value S4,410, 900.
All United States bonds advanced IL
per cent on the last call.
Atchison ........ 47lk Mobile & Ohio. 45h
DO pref ........ Ssas M, *. g. IT,. 16Hs