Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-12-24

ment of the imposing rise in prices
during the week and the apparently
undiminished confidence manifested
by large capitalists by their continued
large absorption of securities. At the
fall Of the hammer on the chalrman's
desk this morning 5000 shares of
Northern Pacific were inst Altly bought
in a single block. First transactions
in a number of other important stocks
ranged from 1000 shares up to 1900
shares. With a gigantic Christmas
tree, decked out with glittering orna-
ments and festoons Of Christmas
greens and bunting waving over The
floor OF the entrance, the brokers
bought stocks with as much abandon
as though it were a part of the Christ
mas celebration and the gaiety Of the
occasion depended upon it. The mar
ket apparently ran wild. and was only
quieted by an accession of selling or
ders invited by the extreme advances
attained by some stocks. But the buy
ing wa resumed in the last half hour,
and a number of stocks were rushed
to the top level of the day. The clos
ing was animated and irregular. Some
of the extreme advances were: Sugar,
SIS; Brooklyn Transit, AS; General
Electric, 4; st. Paul, rs; Peoples Gas,
2%s, and a very extended list of stocks
from l to 2 points.
Only general conditions and causes
can afford adequate explanation for
such a stock market as that of the past
week. Particular events and develop
ments may be accepted as stimulating
causes or as unlocking nascent forces
that has a latent growth and CESSATION
and need but a slight impulse to bring
them into life. That impulse came
from last Saturdays statement. Ever
since that time the market has shown
continuous animation and variety.
The opinion has been universal in
Wall street that a rise of prices would
come in January, after the yearly
financial settlements had been con-
Guided and the funL.s disbursed in
dividends and interest were seeking
Teinvestment but there was great
dTead of a squeeze of money rates at
the end of the year, as the require
ments to be met are the largest ever
known in our history. The analogy of
last years severe money panic, when
call loan rates rose to 1856 per cent and
stocks had to be thrown over at any
sacrifice to meet call of loans. was WV
Idly present in the minds of everybody
in the vicinity of Wall street. The
spirit Of caution was so deep that even
the strong evidence of widespread buy
ing of railroad stocks by bankers and
conservative financial interests failed
to attract a general following.
The practical ease of The money
market also was looked at with sus-
picion, and it was alleged to be due 10
manipulation with a view to trap the
unwary into speculative commitments
In stocks which would have to be sac
ri1ced before the end of the year. Last
Saturdays bank statement came like
a broad streak of sunshine into this
rather gloomy atmosphere and loos-
enea all the springs of speculative en-
thusiasm.
Conditions during the week have
grown appreciably easier in the mon
ey market. The demand for currency
from the south has continued. but in
diminished degree. The sub-treasury
operations have contributed to the
money market instead of taking from
1t, as last week. Pension payments
have reached the maximum for the
month, and there have been larger
payments on assay Office checks for
gold deposited at Pacific coast points.
With the approach of December 81.
which terminates the period for re-
funding government bonds into the
new IS, there has been a rush of
bonds to the sub-treasury for transfer,
n the payment of premiums on
these has been an important item in
replenishing the resources of the
banks. Money has been loaned for
account of banks and financial insti-
tutions outside of New York on a very
large scale. These institutions keep
a large part of their reserve on depos-
it in New York clearing house banks
and their drafts on these deposits in
the course of placing loans account
Cor the heavy shrinkage in the loan
and deposit items of New York banks.
Interior banking institutions have
been conserving their funds in the
hope of some such profitable rates for
money as were made in last Deem
Der. But the event has proved that,
like everything else that is accurately
f~oreseen, the provision against it has
been more than ample. The supply
OF funds offering has consequently
been very liberal and the speculative
enthusiasm has received no check
from a Tightening money rate. Senti-
ment is not an entire stranger in Wall
street and the holiday spirit and re-
Joicing in the prosperity which an ac-
tive bull market brings.
The stock exchange district have
played their part in keeping up the
enthusiasm. The market quite battles
detailed analysis or description. In
the aggregate number of shares dealt
in it has been exceeded on former oc-
casions, but in the breadth and va
riety of the dealings, it passes
Beyond all previous experience. The
number of different issues dealt in has
been greater than ever before and there
has been the most astonishing variety
and ~irregularity in the tone. Violent
breaks have occurred from time to
time in some stocks and the perssure
of liquidation going on side by side
with urgent new demand has been
constant and steady. The market