Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-14

Do coupons ........................... -1U974
U. S. new As registered. .................l Sz
Z. S. old As registered. .........-....-- ll513
DO coupons ..;.-....t ...............1I119s 1872
u. S. 5S registered. .1lz12
DO coupons ACKNOWLEDGEMENTS. ..11z1z
State bonds steady.
Railroad bonds irregular.
STOCKS-To-day' relapse in prices was
quite vigorously contested by some power
full interests still long of stock, or which
had fixed considerably higher price
level as desirable to unload old holdings
by speculative pools. But the reaction
was too closely in accord with skilled opin-
lon and observation to be opposed with
hearty conviction. The real question this
morning was not whether or not prices
would decline, but how far the decline
would extend The question still remained
undecided when the market closed with
speculative liquidation still in force and
prices on the down grade, except where
professional room shorts were taking
hasty profits by covering their contracts.
AS a result of the days trading prices IN
number of prominent industrials, lncIud-'
ing Sugar, Tennessee Coal, Steel & Wire,
and Peoples Gas, suffered declines of
from to 4 points, and Met, Street Rail
way lost Az, A still larger list of indus
trials fell between and points and IN
the railroad list not a few losses reached
between / and 2 points. The more sub
stantial commission houses in the street
have been advising their customers for
several days past to take their profits and
to buy no more stock for the present.
erful speculative pools, have sold out on a
very extensive scale and taken their prof.
it's. Up to this time since the election.
buyers outside the street have been UNI
heedful of their brokers' advice and have
continued to buy stock without much dis
elimination. Yesterdays late yielding OF
prices had the inevitable effect, which no
amount of advice could have, of dis
couraging some Of the outside demand.
The extent to which the advance has gone
made the market as matter of course,
ton cd was
/: counts on light margins and backed by
weak financial holders Professional bear
spectators who have been alertly looking
for the moment of reaction ever since last
Wednesday, found that the free selling
to-day for the first time was not effect
ually absorbed. Their efforts were re-
doubled when the prices began to make
wide declines, stop los sorders were dis
lodged and the fall thus prec!pitated. The
bears were in a reckless mood and were
quick to take profits, causing frequent
rallies as they covered their short con-
tracts. While some outside demand con-
tinued during the day, 1t was at no time
resumed in force. The resumption of SELL
ing for London account disspated the
hope of an enormous short demand for
that account to be covered. If London IS
still short in the New York market, 1t
is on contracts due at some future set
tlement and the continued selling from
there indicates an unchanged conviction
here before that time. The expectation of
another large war loan to be f1oated in
London depressed that market and was a
direct influence in New York well. 1t
emphasized the apprehension hitherto felt
of a further German government loan is
sue also 1t is not to be supposed that
with the huge indebtedness of the foreign
money markets to the United States, the
foreign government authorities can hope
to successfully float their loans without
assistance from American money mar
kets, and experts believe that an outward
movement of gold from New York would
probably be necessary. The money which
is used for speculative purposes in the
stock market is money for which no more
substantial demand exists, and it is invar-.
iably the rule that when any advan-
tageous opportunity is offered for fixed
investment of capital, speculative Dor
rowerS are called upon to repay their
credits. With this prospect III the future
call money in New York advanced to 6
per cent to-day, Notwithstanding the con-
siderable speculative liquidation. An act
i've demand sprang up for short time loans
which forced the rate up for sixty and
ninety day money to per cent. The
tone of the money market was in fact
decisive influence on the days speculation
and 1t was not without significance that
sterling exchange was firm in spite OF the
higher money rate.
Business in bonds was on a large scale,
and there was free profit taking in some
of the speculative issues while others adj
vanced strongly. Total sales par value,
81, no, 600.
All ". S. bonds declined 4 per cent on
the last CALL except the new As, which adj
vanced Is per cent.