Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-19

buying for investment had an influence
upon speculative sentiment to-day that
the most sanguine could scarcely have
foreseen. Such speculative excitement as
that on the exchange at the opening has
rarely been seen in the history of the in
stitution. Brokers had orders 10 buy in
large amounts without any price limit,
apparently. Such orders were sheer reck-
lessness in a market where stocks are DIS
strongly held as at present, ard the SEN
sational advances which resulted were al
most instantaneously lost The urgency of
the bidding gave color y The supposllion
that a large short interest was III process
CT closing out by forced buying. There
has been more or less snort seiilnS at IN
teryals ever since the election and an un-
covered bear ACCOUNT after yesterday
market was in parlous state The gen
eral advance of a large fraction and run
in few individual stocks lie rise was
sensational. Consolidated gas was sold
for 201 at the same time that 1t was
selling for 1874, and Tennessee Coal opened
at IS to 77k, rising afterwards to Az points
over last night. General Electric jumped
five points, which is less than its average
daily rise for several days. This specu-
lative success quickly brought its penalty
in the eager selling pressure induced by
by these high prices and the relapse was
so violent as to awaken uneaslnesS .The
relapse carried prices back to within a
fraction of last night and in some con-
spscuous instances, notably Pennsylvania,
prices fell below. But after the appearance
of % favorable bank statement, buying
was renewed with confidence and prices
were lifted again, in some cases to the
best making the closing active and
strong No special influence could be as
signed as the cause of the large demand
the movement being based evidently on
confidence in the comprehensive nature
of conditions making tor prosperity and
large earnings in all branches of business
and industry
There has been considerable abatement
this week in the inordinate speculation in
stocks, which threatened last week to
extend to reckless extremes and to run
the money market into squeeze by put
ting too much money into speculative
holdings of stocks. Selling to secure prof
its by the more cautious and increasing
holiness in the bear attacks on the mar
ket at last caused a reaction. This forced
out some of the weak speculative ac-
counts which made the market top-heavy
and discoura ged the headlong rush of out
siders to buy. The class OF Spectators
whom nothing attracts but a sensational
upward surge of prices, have been much
less in evidence this week, but 1t has be-
come evident that large body of buyers
have been waiting for the reaction in
prices to come into the market confident
in the intrinsic value OF securities and
the soundness of the industrial and finan-
cial outlook but fearful that over-specu-
latlon was initiating the prices of stocks
and sendangering the stability of values.
The market has thus found effective
support at the decline and has rega.ned
tration or exact record is made of trans
actions on the stock exchange, except by
the parties Immediately concerned, gives
the opportunity for unwarranted state
ments regarding the proportions of the
market According to the general suppo-
sition heretofore, the largest days bust
was on December IS, 1899, the day of the
panic. In the nature of the case, the
number of sales left unrecorded was like
ly to be larger that day than in bun
n he mi
footings at the time placed the days bust
ness as high as 1,740,090 shares. On Mon
day oft his wse6, the total sales were l.
$4,000 shares, according to the most re-
liable estimates; but for the week ending
Tuesday evening, conservative estimates
snow that more shares were sold than in
any previous period in the history of the
exchange. The total amounted to 1894,
9S4 shares. For the week ending January
z, 1899, the aggregate was 1882, $3.50 shares.
AS for bond sales, the total has not reach
ed $6,00o,0O0 par value on any day since
the election, while the record stands at
about Sll, 100000 par value. AS for the
record OF sustained period of activity the
sales OF stocks We're constantly over
million shares a day in January, 1899.
During the same period the bond sales
We're between thirty and forty million
equally sustained bull market was that
OF April, 1893, when the horde OF new in
dustrlal securities were Offered On the
market 1t Will thus be seen that THE
speculation has hardly attained the un-
brldled character of some former periods.
The memory of che results following the
speculation of 1899 III industrldls has not
been without influence this week iii Wall
street. An apprehension grew up in the
street after the collapse OF tho industrial
boom in 1899 that those properties as a
class would have TO go through an cxper-
fence similar to that of railroad companies
following the excuses of Capitalization
ana STOCK Jobbns of the construction
era. The list of American railroads that
nave been through bankruptcy and Iecr-
ganizat.on is a long one. The standards
established consequently, of publicity and
Information regarding expenses, revenues
ana finances of railroad companies and
the light given to purchasers of the stocks
ana lenders OF monew on the securities,
make a strong contrast to the information
allowed to the public regarding the great
industrial combinations. This is in many
cases confined to bare statements OF net
earnings The effect upon public conf
dence is evident from the low prices in
the market or many of the Industrial
stocks on which good dividends are paid
and for which sufficient earnings are re-
ported to continue the uivIuends The
general knowledge of revival Ct business
activity and good demand at ADVANCING
prices for the product of the industrial
combinations have dlssipate1 sCme of the
distrust felt towards them. The absence
as a rule, of heavy fixed charges to be met
before earnings are availatio for dividends
on stocks of industrials meets some OBJ
Jections to them. Their SPONSORS and ad-
vocates also point to the evolutionary
changes which have occurred in The re-
lations to the worlds industry and finance
or this country; as justifca ton and war;
rant for the capitalization or industrial
corporations The government S statement
of the country's October foreign Grade
comes as a striking testimony of the new
industrial era. In has become manifest
that the vagaries in recent bank state
mentS must be attributed largely TO the
operations of trust companies and other
institutions outside the clearing house as
ISOLATION. 1t is reported that the institu-
ton, after making large deposits of funds
IN banks previous to the elections, have
drawn freely since and have been large
lenders in the stock market The pros
pect of new war loans in England and in
Germany affected our money market early
In the week, but with the belief that the
issue of the loans would De deferred until
early next year the influence pasael, and
the money market became easier. thus
contributing to their returning strength IN
the stock market
The bond market has continued active
and broad, but the principal buying has
oeen OF bonds of speculative value or with
contingent interest payments.
u ): IS and 5s declined Il per cent,
the reminding rs IS and the old As q per
cent below the call prices of 4 week. ago.
The new Is advanced u per cent
Quotations closed Ibid:
Atchlson ......... 3Sss Mobile & Ohio. 40s.
sDo pref $500. S25s M. K. & IT, I1at
Sat y yalo--.'. ~ Do pref ....... 3SA
Can. Southern. 5T3s N YoSl, Cent 1907
ines G. Oh-o.... S344 MORT. & West. 1885
Enic- U, ..-- lis Dc pref ... s.
che, +. & ELS North. Pacific CTS.
LIZ IN ~ L. ~ DO PREF 1880. S0i2