Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-10-09
Government bonds steady.
State bonds steady.
Railroad bonds irregular.

Stocks-Trading on the stock ex-
Change to-day was marked by reviv-
al OF considerable bear party, whose
activities were aggressive and per-
slsteDt. Their efforts TO depreSs prices
We're contested by the speculative hold
erS of long stock, who were successful
last week in lifting pl1ces in spite OF
the various unfavoraiole factors which
developed in the situation. The con-
ilicTlnE forces at work were reflected
III feverish and irregular movement
OF prices. The marked depletion of
banking reserves revealed by GAe Sat
utday bank statement had the effect
OF unSettfing speculative opinion.
There was a constant variation between
apprehension over a construction OF
money supply and the prospect OF re-
lief by imports OF gold. The convic-
tion became pretty well settled as the
DAY progressed that gold would move
from London towards New York this
week. The market for foreign ex-
change fell feverishly by successive
stages throughout the day and demand
stel.ng closed full cent in the pound
below Fridays level, which was the
last day of active business in the ex-
change market. This price is within
4 small fraction of the level generally
agreed upon as offering profit on i'm
ports OF gold at the present price Of
gid and rate for money in London and
is probably within the limit that would
allow the special transactions which
generally precede a regular gold move
ment in a struggling fashion. Owing
to the temporary abundance of money
in London ON account of government
financial operations and receipts for
gold from ndia in payment for silver,
discount rates continue to fall there and
offer no resistance to the pressure for
gold. The small movement of gold
from London to Berlin to-day was in
response to the transfers of sterling
from New York to Berlin which have
progressed in connection with pay
ment of subscriptions to the German
loan. A member of the German loan
syndicate broadly intimated to-day
that requirements for exchange in pay
Eent of subscriptions to the loan were
about satisfied and expressed the opin-
lon that the same was true in connec-
ton with the British loan. Without
this future demand to support the ex-
change market, the flood OF cotton bills
which continues to appear in the mar
ket iLsures a movement hitherto of
gold, which only a sharp advance In
foreign discount rates will serve to
check. Such a contest for gold as
would thus be precipitated, even if it
resulted in favor of New York, might
not be an altogether reassuring CIR
cEnstance for spectators, as the fore
ing of liquidation in foreign markets
might have reflex action here. Hence
tie unsettlement of the speculative
mind to-day, in spite of the prospect
OF gold imports. There was also an
appreoiable narrowing of the money
supply Offering in New York. The pre-
vailing rates held at per cent for call
loans and ran up ito 31a per cent during
the afternoon, but the higher rate
brought out an abundant supply to fill
the small remaining requirement and
the rate ran off to 21h per cent. The
interior movement of currency contin-
ues unabated, and the deposits at the
sub treasury alone to-day for transfer
to the interior footed up quarters
of billion dollars. With the excep-
ton o. a period of strength in the iron
and steel stocks led by Tennessee Coal
anu SUlOIduc L uSi, lhc iOoN'iOA@iS eSh
dency WAS predominant, and the lead
ing stocks were off from ] to 3 points
With the late break in call money and
the fall in exchange to about the gold
point prices rallied somewhat but the
nta~ket closed feverish and Irregular
The active bond issues were weak, but
there were exceptions amongst high
grade bonds. Total sales par value
Sl000000.
y. S. bonds unchanged on the last
call.