Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-31

Increased Interest i'm Railway
Bonds of Lower Grade Issucs-Thc
and other Markets Gem
orally Quiet and steady.
A,EW YORK, December 29.-Com-
mercial Advertisers London financial
~cablegram:
The disastrous failure of the thir-
teen houses with 20 m of the
exchange, involved in the complete col
lapse of the West Australian and Brit
ish Columbian Finance Company,
through highly speculative and sensa-
gional financing, palled upon the whole
market here to-day and the trouble is
not all over. About a dozen more fail
lures are expected on Monday. All at
~tention was absorbed by this disaster
and many heavy sales were induced by
it. There is no reason why the trouble
! should extend beyond the group con-
cerned.
Even the American department was
influenced somewhat by it and the
selling there put prices down half 4
point or so. Besides this local trouble
it. is quite generally said, however,
that the American market is getting
70 be top heavy. After the opening
.lirly good buying was observed, new
theless, and the close for Americans
as much better, especially for the
setter grade shares.
Of gold, $40, 600 was taken for ex-
port to India, 965, 900 to Paris. And
Paris is expected to take a pretty far
quantity il January. Eagles are Tee
sgd. Money was steady. The bank
is busy still lending for discount.
NEW YORK, December 29.-To-
night New York showed more symp-
toms of alarm over the rumors of
financial difficulties in London than
London itself had done. This morn
ing the New York market gave about
Is minutes of active buying to over
come the rather sharp declines in the
international stocks which had result
ed from the unsettled condition of af-
fairs in London growing out of the
announcement or actual failures re-
sulting from the gamble in West Aus
tralians and their subsequent slump.
The lower prices here seemed an at
traction in themselves, and the ag-
gressively sustained advance in st.
4 oAA OA OAN"Oo lCPOl 10 Vi IL NllLs
of j. j. Hill into an active share in
the management of the company ami
OF alliances with other northwestern
railroads was a stimulating influence
throughout the whole list. The buy
ing of st. Paul itself was on a very
large scale, and the price rose to 147,
leaving the previous record price far
behind. The market sold OFT a little
before the bank statement, but renew
ed strength appeared on the showing
made by the banks, the expansion in
loans being more than provided for by
the increase in reserves of nearly
$4,000, 600, which was considerably
more than vas expected.
There have been lingering appre-
tensions during the short week in the
stock market that the much dread
money squeeze might after all even
tuate during the last week of the year
and topple over prices under the rush
to realize profits. There has, in fact,
been enormous realizing on every day
and influential operators have testified
their confidence that the rise in prices
mad eliminated by frequently putting
out short I4nes.
But the astonishing a~bsorptive power
OF the market has taken up offerings
from all sources with unsatisied vorac-
fty, seeking out constantly new stocks
FOR V n shifting profits from one
quarter OF the market to another. The
judgment of professional operators has
been continually at fault, and the bears
have been forced to cover their short
contracts day after day, helping on the
notable rallies from the occasional per-
iods Of reaction.
There has been a growing perception
, that all ordinary rules and standards
are quite inadequate to apply to the
present stock market. Not only are in
dividual or syndicate operations on an
unprecedented scale, but the dissem-
ination OF interest through the general
world of capital takes the market be-
yond the bounds OF the ordinary ma
nlpulative processes of stock exchange
operators and speculative cliques.
The looked-for money squeeze Is
about the only prospect that could be
relied upon to check the determination
to buy stocks, and money has contin-
ued easy, in spite of the preparations
for the yearly settlements and the
enormous requirements of the unbrid-
led speculation. The widely diffused
public sentiment has apparently con-
tinued well satisfied with the prices
paying for stocks, and continued buy
Sing by banking interests in furtherance
Gof plans of consolidation of control.
Srhe efforts by professional operators
so work reactions have therefore been
aetniformly defeated.
g = Ii Is a truism that so long as the
asublic maintains its confidence in the
q alue of stocks and has money with
spyhich to buy prices will continue to
% advance. But it is worth while con-
S- idering that the fact of the advance
the attraction for the general pub
G-lic to buy, while that buying is in
. turn the cause Of the advance. It is
clear that this is a process which in
its unchecked operation would lead
to unlimited imitation. The ~credulous
mood of the speculation, which quick
ly follows any leadership or swallows
any rumor, indicates the possibility
that the stage of imitation has already
been reached. One of the continuing
surprises Of the situation is the seem.
ingly boundless resources of credit
upon which the speculation is able to
draw.
M Ac fha 0na~,@;o,z - ~.