Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-08

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u. S 5s registered llss
| Do coupons acknowledgements.
Government bonds strong.
State bonds strong.
Railroad bonds strong. ~
No such excited demand for stocks
has been witnessed on the New York
Exchange since the boom days OF the
| noatation of the securities OF the new
industrial combinations in the spring
of 1899, as to-day kept all departments
OF the stock exchange at fever heat
OF animation and activity. It Is rare
ly in the speculative world that pre-
conceived plan OF operations which has
been widely discussed IN public results
SO successfully as the taking on or
long stocks by professional operators
for some time past in anticipation OF
| the large demand to follow the cleo
ton. The effort to discount the re-
suit is almost certain to oyerdo itself
and the food Of selling to realize often
carries prices down on the very cul-
mination of a favorable event But
the rush to-day to buy stocks was SO
overwhelming as to absorb all the very
large selling with no great erect on
prices. In the opening dealings there
changed hands instantaneously with
the sounding of the gong no less than
$1,000 shares Of Union Pacific, 5000
shares OF Atchison, 5000 shares OF
Southern Pacific and of American
Steel & Wire and several thousand
Eshares each of a number of other i'm
portant stocks. This was as near as
could be ascertained by the usual
method of records. The same. stocks
sold at the same time at prices l1a
points apart and it was believed that
the record of large number of tran
sactions was entirely lost in the fever
ish excitement of the trading. Many
commission houses reported that they
were SO overwhelmed with buying or
ders as to be obliged to decline to I'M
dertake the execution of many that
were offered to them. During the early
part of the day small individual tran
saetions had no place whatever in the
trading. It was noticeable fact that
! later in the day when prices were at
the high level, the small orders, includ-
| ing whole strings of lots, began to
make their appearance On the tape. A
very large business in Americans had
! been done in the London market be-
! fore the stock market opened in New
! York. Commission houses kept their
offices open all night and took orders
| which were executed in London as
early as o'clock New York time.
| Foreign arbitrage brokers in New York
estimated that as result of New York
| buying and the London selling in New
| York, no less than 100000 shares OF
various stocks changed hands from
| foreign to American owners. But the
operations by cable were largely con-
fined to professional operators. The
events Of the day in the New York
market proved that the great mass OF
outside spectators which Is attracted
| by a national political event waited to
place their orders In the New York
market. The professional operators
who have been taking on long stock
for several weeks past threw over
| their holdings on an enormous scale
| to take advantage of the outside de-
mand. The buying continued with
such animation and speculative ssnti-
ment became so buoyant that buying
for long account was renewed on
very large scale by both professional
| and outside spectators. The sudden
relapse in the money market had much
to do with the renewed outburst OF
speculation. 1t became clear that the
pinched condition of Monday was the
outcome Of conservative safeguards
against contingent disturbances Of the
money market and funds were poured
| into the market very freely. AS
against the 20 per cent rate on Mon
day, the first loan made to-day was at
| 5 per cent, which was the highest OF
| the day. In the late dealings after
needs had been largely supplied, the
ran fell to / per cent. The exchange
market promptly responded, demand
sterling rising fully n over Mondays
nominal rate. The large transfer OF
stock ownership from foreign to Amer
lean hands also affected the exchange
market very materially. In general
terms it may be said that the price of
| railroad stocks is from 11a to points
higher on an average as a result of to-
days trading. The movement in
! Pennsylvania was very notable, even
| in the days broad and active market
and Northern Pacific shared this prom
| luSHCe III d l0SS u6SEBe. ne SAlI6ulS
advance in Pennsylvania was 512
points and in Northern Pacific 37s.
In the industrial department gains
were even more marked, but the move
| ment there was far more feverish and
irregular The steel blocks were in
the foreground and many of them adj
| vanced between and 5 points. There
was a late reaction in the market on
profit taking, led by sugar on a report
ed cut in prices by rival reineries. A
number Of industrials reacted between
l and 2 points, but in the railroads
the last prices were only a fraction be-
low the best and the market was in
progress of recovery and closed firm.
The bond market was quite as ac-
tive as that for stocks and was also
very broad, although the mortgages
with speculative value were the most
prominent. Several of these rose from
to ia per cent. Total sales, par
value, s5,255, 900.
U. S. refunding IS the old As and IS
advanced Il and new As Il per cent on
the last call.
ALFRED E. MEYER COMPANY,
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