Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-03-13
Government bonds weak.
Railroad bonds strong.


STOCKS-To-days stock market
was Enthusiastically strong throughout.
The demonstrated Indifference of the
market on Saturday to the swift de-
pletion Of surplus reserves OF New
York banks took the mainstay of the
bears from beneath them. The de-
mand from short interest was factor
in the advance In prices especially in
the Industrials which have recently
been under pressure. There were sew
eral elements of positive strength in
the market also, but the largest part
Of the buying was undoubtedly due to
the effort of the professional element
among the spectators to discount
the effect of the currency bill. Not
only the smaller class of professionals
who have recently had the market to
themselves, but operators of larger
mould gave evidence Of their interest
in the market. The demands made by
the increased activity of the stock
market upon the money market was
evinced in a furry IN the call loan
hate at 6 per cent The spectators
paid no attention to this admonitory
symptom, apparently convinced that
the end of the money market troubles
was at hand with the enactment OF the
new currency law, which is to be sent
to the President tomorrow. There
were occasional periods of dullness in
the market, apparently with view to
test it. The quick subsistence of ac-
tivity without any reaction in prices
and the firmness of the resistance to
decline, confirmed the confidence of
the bulls and started prices upward
again. The closing was quite active
and strong at near the top level. Net
gains in the principal active Indus
trials and specialties including Sugar,
Tobacco, Peoples Gas, Anaconda and
ron and Steel stocks and the New
York public utilities ranged from 2 to
over 4 points, the latter in Sugar. In
the railroad list st. Paul was the lead
er both in point Of activity and
strength rising an extreme "a. The
other grangers, the Southwesterns and
a number of the trunk lines and South
ern railroad retained point or over.
A feature of the trading was the num-
re
the tape and the anticipation Of easier
money with the operation of the new
financial bill There was a very gen.
eral sprinkling of transactions in frac-
tional lots all through the list indicat-
ing an investment demand, which had
no small part in the feeling of confifi-
dence evinced by the speculative con-
tingent. A background of strength to
the whole market was afforded by the
large absorption of railroad bonds, es-
pecially those Of the higher grade.
This must undoubtedly be attributed
to the pressure for reinvestment of
funds which have been realized by in
vestorS who have sold government
bonds at the high prices prevailing,
the banks buying them to use for Sc
curity for circulation. 1t seems to es-
cape notice that this is in a measure
an anticipatory employment of the ex-
tended circulation since the capital of
the national banks, which has gone
for the payment of these bonds look to
bank note issues for its release and
unemployment London was liberal
buyer of stocks in this market and
considerable sentiment exerted by the
large subscriptions reported to be
made in New York to the new British
loan. It is aar] that rhese large
subscriptions il