Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-10-22
FINANCE and TRADE.

NEW YORK, October 20.-StOcks.-
The tentative opposition which has
been offered to the upward course OF
prices for two days past by a con-
siderable bearish element or profess
sional traders, was wholly abandoned
to-day and prices moved upwards,
without important exception and al
most without interruption. Consider
ing the very large volume OF the deal
ings. the movement of prices Of the
majority of stocks was surprisingly
small. The large and eager demand
from outside sources was, in fact,
pretty steadily fed by the professional
operators who were taking their profits.
But the undertone of firmness was
shown by the prompt decline in the Of
ferings when there was the slightest
yielding in prices. There were few
stocks also in which there were strik-
ing upward movements, notably in the
steel and iron group. American Hoop
was the leader and was strong from
the outset. Federal Steel encountered
some opposition to the advance in the
early dealings, but ultimately became
very buoyant In tone: The whole
group came into the movement under
this leadership, and advanced from l
to 31s, the latter figure for American
Hoop. This movement was an essen
tial factor in the buoyant tone OF the
whole market at the close. Pacific
Mail was marked UP points without
any news to account for the rise. The
buying was attributed to the hopes of
benefit to the property from the pass
age of ship subsidy bill at the coming
session of Congress. bank state
ment which reports a decline in sur
plus reserves OF 81, ,225, in spite of
the loan contraction Of over $10,000,000,
would precipitate an effective bear at
tack on prices in any ordinary market,
but the large loss in reserves, which
reached So, 305, 200, was offset by other
considerations and by the conviction
that the showing was due to the vagar
les of the average system of computa-
ton. Last Saturdays statement, it
will be remembered, failed to show the
known movement of money to the in
terror by over three million dollars.
To-day's statement is believed to over
state the READ loss by at least as much
as the previous statement understated
it. 1t is evident, also, that the weeks
receipts of gold came too late to at
feet the showing, and will have a re-
sulting larger effect on next weeks
showing. The mid-week receipts were
supplemented by $1,000 900 in gold
which arrived from Europe yesterday
and to-day, and by $4,S00,000 in sover-
eigns which arrived at San Francisco
from Australia yesterday. Additional
large receipts of Klondike gold are II
sight, and more of the European. gold
will come in next week, hence the nom
effect on sentiment of the poor sur
face showing by the banks. The large
loan contraction is explainable in part,
at least, by the fact already pointed
out in these dispatches that the trus,
companies have been the active lenders
In the busy week on the stock ex-
change and have drawn on their de-
posts with the banks, thus forcing the
calling of bank LOANS and replacing
them with loans on their own account
Business in bonds has been consid-
erably larger and prices of many is
sues have advanced
United States new is advanced u.
and preferred rs and old As Il per cent.
over the call of week ago.