Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-05-03
Mexican dollars 4712c.
Government bonds strong.
State bonds inactive.
Railroad bonds irrno1IIar

Railroad bonds irregular.
StOckS-There were no transactions
of any Importance in the stock market
to-day. Sugar opened at last nights
price and moved up at one time Az
points, closing with q net gain of about
four. The constant fluctuations of this
stock offered the room traders about
their only opportunity for securing a
turn during a greater part of the day
and they traded in it constantly in and
out, helping on the aggregate of sales
recorded in the stock without making
any impression in the stock transfer
books of the company. News of the
stock consisted of rumors without
verifcation. There is undoubtedly
feeling of dread among spectators
that there may be sudden and sem
sational developments regarding the
steel induStrialS and these stocks are
sensitive to every passing rumor. They
were all weak to-day, Tennessee Coal
dropping at one time points. The
rally in the group indicated that short
selling was largely responsible for the
decline and no very large offerings
were brought out by the drop. Long
Island moved up 91a on top of yester
days 101a rise and saved a net gain of
points. American Express gained s
points. Outside of these special move
ments the market generally was excess
sively dull and represented nothing
more important than the operations of
professional room traders of small cal
ibre. The announcement of further
gold engagements for tomorrow
French steamer of $2,100,000 was the
signal for a general selling movement
by this class of spectators. 1t had
been taken for granted that large ex-
ports of gold would be made by Satur-
days steamer, but the additional ship
ment by to-morrow's steamer bringing
the total to 81, 100000, was a surprise.
This shipment is generally believed to
represent triangular operation; that
is to say, on LOndon's order to meet
a demand on that centre. Among the
exporters are some who have strenu-
ously held that no profit could be made
in exporting gold at the highest figures
yet touched for exchange and the rate
for demand sterling to-day was 12c on
the pound lower than the highest rate
touched on the movement. 1t is fair
TO assume, therefore, that some conces-
sion has been offered to make mar
gin of profit on the transaction; but in
any event the metal is recognized as
being in effect loan. 1t is evident that
the need of money here in active trade
has not kept pace with the currency
expansion. The low rate of money,
coupled with the large loans of New
York banks and their small surplus,
reflect the eagerness of capital to place
credits, but the demand for credits is
not sufficient to absorb the supply, so
capitalists must look abroad, where
interest rates rule higher. For some
time the merchandise credits resulting
from our favorable trade balance have
been left at interest abroad. This
country's large gold production and
the present cutting off of the Trans
vaal gold supply also make us the
source of supply for the money metal.
The net result is that we are not only
refraining from calling home merchan-
disc credits, but are shipping out the
money metal to meet the need of for
eign markets.
The bond market was dull and ir-
regular. Total sales par value 81, 1885,
BOO. United States refunding IS when
Issued advanced Is and the IS. old As
and new As Il in the bid price.