Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-28

xdO., MAJ. dllu 1CA - TX
New York Central s................. 1895
New Jersey Central general 5s........129ss
Northern Pacific 3s..-.-..........d lAs
! N. Y. G. and St. L. los
Norfolk and Western consol 4s........10o
Oregon Navigation 1sts....."..-....Il
Oregon Short Line .129
dc consol
Reading general As ...-.........-- 941a
Rio Grande Western sts....-......1el
St. Louis and Iron Mount. consol 5s. .n4ss
! 81. 1. and S. T. general 6s........-l2s1z
ST. Paul consols 1S2
| st. P, Chi and Pac .120N
Southern Pacific As ................... 50
Southern Railway SIS .114A
Standard Rope and Irvine 63........... 10
Texas aTu Pacl1c lsts.-...-t."...1l4H2
do 2ndS ~
Union Pacific 4s .1c7A
Wabash, lists ......... ............r."-.1lis
West Shore As .l15A
Wisconsin Central s................. SO
Virginia Centuries .....-....-... Sc
State bonds inactive.
Railroad bonds strong.
The market digested an enormous
amount of stocks on p~roit-taking to-
day. These heavy offerings were not
without effect On prices, and, in fact,
there was a period OF very general re-
action, but like yesterday, the market
| again demonstrated it's marvellous re-
| Operative owe and the speculative
enthusiasm was shifted into new quar-
tiers, where the buying was resumed
with undated confidence. In a large
part of the general list the movement
of prices was not wide at any time and
the large volume of business was ac-
complished without either making an
inroad on the market value or increaS-
ing it. In other stocks the days price
range was very wide, while the net
change is quite unimportant. In this
list were stocks which yielded sharply
to the proft-taking movement and then
recovered strongly in sympathy with
the strength which developed at new
points. The grangers and Pacifcs are
examples. The distinguishing feature
of the days trading was the develop
ment of aggressive strength in a large
group of low priced stocks both in the
railroad and miscellaneous department.
The advance in Denver and.R Rio Grande
common gave the cue for this move
ment.
The strength in the Rio Grande
stock and the large amount of absorp-
ton gave rise to the conjecture that
a process had begun of TRANSMISSION OF
interest between railroad companies
in that region looking to a settlement
of obstinate rate problems similar TO
the echange of holdings which has oc-
Cured between railroads in other re-
gions. The response was not special
ly among southwestern railroads, but
among low priced stocks scattered Ill
through the list. After Denver & Rio
Grande had risen 3h there was sue
cessiye responses in Iowa Central, Nor
folk & Western, Fort Worth and Rio
Grande, the Wabash stocks, United
States Leather, Hooking Coal, North
American, Reading second preferred,
Mexican Central, Ann Arbor and On
tario & Western of from / to 3%. This
diversion of speculative activity from
high priced dividend paying stocks
to low priced stocks is a very unusual
accomplishment of a long sustained
bull movement on the theory that the
low priced stocks are entitled to a
rise to adjust their values to the diVi-
dend payers. At this time there is tho
additional argument, which gains force
from a lingering fear OF a possibility
Of a money squeeze incident to the
early settlement, that the low priced
stocks are safer to hold on margin, US
the margin represents in some cases
nearly the full value Of the stock. In
addition to these features of strength
in to-day's market there was an open
ing rush to buy Peoples Gas, which
made the price 10, Or 5A above last
night. Although it fell back nearly
three points, it was we'll sustained at
the lower level and closed with a net
gain of Ia on the strength of the re-
ports of Vanderbilt requirement of the
stock. Sugar was vecy feverish over
a wide range, rallying very strongly
otter an early decline and closing
with a net gain of ga. st. Paul moved
up in the late dealings pretty well 70
141, coming within less than a point
OF Burlington. Uneasiness over the
money market was allayed by the
abundant funds offering on call, which
carried the rate down to Az on late
dealings. This was an influential
factor in rallying the market, and the
bears who sold freely in the early trad
ing covered again on a large scale be-
fore the close.
Business in bonds continued large
and the market gained in strength as
they progressed. Total sales par value
g ,130, 600.
United States old As and IS advanced
Il, %refunding Is Is and IS q per cent.
on the last call.