Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-29

Oregon Short Line
do eonsol 5s..;...... .............".'n!
Rio Grande Western 1sts..............101
st. L. and $ron Mount. consol 5s......1l4
81. l. and S. F; general 6s.........12912
St. Paul consols.. 1853
st: p, c. and Pacific 1sts.....".....120$4
90 os ..1...:
Southern Pacific As .................. S3h
Southern Railway 5s .114A
Standard Rope and Irvine 6s.......... 10
Texas and Pacific .114&
oo zhqs .s..'..'. .'''''.'..."",." y
!. Union Paci1c As .......... .............107s
Wabash lists
co 2ndS ....... 1854
Wisconsin Central s............... SS4s
Virginia Centuries ........... ........... So
State bonds inactive.
Railroad bonds strong.
The history Of to-day stock market
does not materially differ from that OF
succeeding days for a long time past.
That is to say, selling to take profits
came on the market like a flood IN the
opening dealings and the professional
bears, constantly watchtul 1or the first
sign of the reaction which they know
must inevitably come, offered prices
down in an attempt to dislodge long
stock. Their efforts were defeated, as
they had been on many previous occa-
OAOAAoy w AO OuPpOII lhS OAdCI0 NhlAl
came into the stocks attacked and the
new points of strength which were
confidently marshaled from among the
stocks which have not yet enjoyed any
considerable rise. The point wherein
to-day's market differed from those of
recent stock exchange history was that
the pTo1t-taking was renewed in force
before the close and the unsettled con-
ditinn continued until +NoIin- aAA-nI
prices at that time showing wide de-
clines from the best and in some cases
being we'll below last night. There
were no remaining points of strength
to sustain the market in this late
break, the ingenuity of the traders
having apparently failed them, or their
industry in seeking out new stocks
being overcome by very WEAKNESS.
Once again, the often-recurring cry Of
a year-end squeeze in the money mar
ket was raised this morning in connec-
ton with the opening attack on the
stocks. The loans to-day on the stock
exchange carry over until Monday, but
this fact that coupled with the year
end requirements, failed to create a
ripple OF trouble in the call loan mar
ket. Only at the opening was 6 per
cent. asked and the rate declined from
that point. A strong bank statement
seems assured tomorrow in view OF
the gain by the banks during the week
from s~ub-treasuTy operations Of $685.
Geo and an estimated gain on the in
terror express movement of nearly So
O00, 600 more. The failure of the mon
ey market to haroen was the occasion
OF the strong rally from the opening
break, in which Peoples Gas, Brook
lyn Transit and Sugar were forced
down from 1h to 3 points. The strik-
ing features of the buoyant market
which prevailed during the middle por-
ton of the session was the inconstan-
cy of the strength anu demand for
special stocks. A rapid price movement
In an individual stock would be fol-
lowed by a sharp reaction, while the
speculative demand would shift hur-
riedly to other quarters. A few min
utes' consultation between traders on
the floor would result in the formation
of a pool TO take all offerings in some
inconspicuous stock. After these were
absorbed the price would be rapidly bid
up l or 2 or 3 points. Such a manoeu-
vre never failed to attract a horde of
speculative followers, buying orders
coming from both in and without the
exchange. These short time pools had
no difficulty in ~liquidating their hold
ings at a handsome days profit. The
list of stocks in which this operation
occurred includes many of the high
grade railroad stocks as well as those
known in stock exchange p~arlance as
cats and dogs. An incident of the day
was the rise in St. Paul above Bur-
lington. This supremacy was con
tested, the figures of Burlington rally
ing the stock again to above st. Paul,
but the latter stock closed within a
half of the top and q above Burling-
ton. The late reaction in the market
was unexplained by any special incl
dent and was evidently de merely to a
general desire to convert paper profits
securely into cash. The demand for
bonds was not so conspicuous as yes
terday, but there were strong points
in the total. Total sales, par value,
$685., 900.
United States old As advanced q, re-
funding Is 5s and IS and IS IA per
cent. on the last call.
80