Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-10-26
government bonds strong.
State bonds inactive.
Railroad bonds firm.


State bonds inactive
Railroad bonds firm.
Stoeks-According to the phrase OF
the professional traders in stocks.
reaction in prices was theoretically due
to-day. The reaction was strenuously
contested by the bull element, but their
efforts proved futile and prices gener-
ally show losses on the day. A sud
den and characteristic break in sugar
in the final hour had not a little to do
with the decisive course of the market
downward. Sugar suffered from very
heavy liquidation after its recent sharp
rise which was not accounted for by any
news. To-dIay's break was equally with
out very serious effects on prices. In
the late dealings manipulation by the
wide declines on light transactions.
The theory which professional opera
tors offer to explain a reaction like
that Of to-day is that stocks as a re-
suit of a steady and prolonged edvance
had passed from strong and organized
control into the hands of weak and
scattered buyers outside, who do not
command large resources and who lack
great skill in speculative methods to
protect their holdings. The anxiety to
sell of this class of holders On any
sign OF a reaction becomes a drag on
bull market always in due process
of time. To-day's disposition to sell
had no accompanying favorable news
to explain it, unless the fragrant lack
of confirmation of many Of the recent
rumors which have been used to adj
vance stocks could be called bad news.
This class of news centered about
Brooklyn Transit to-day and included
rumors Of change Of control of Metro
politan Street Railway and allegations
of a newly acquired interest by the
Pennsylvania Railroad in the property.
The stock was pushed up an extreme
5A on these rumors but fell back "a
Is
Southern Pacific was the conspicuous
feature with an extreme advance of
nearly points and net gain of IA.
The new Chicago & Alton securities,
which were traded in for the first time,
advanced steadily for the common stock
which rose points while the preferred
recovered a decline. There was moth
ing in the money market to disturb
speculative borrowers. The maximum
rate for call loans was Az per cent,
against per cent. yesterday and the
rate yielded to 31a per cent. in the
late dealings. There were no deposits
at the sub-treasury for transfer to the
anterior. Sterling exchange steadied
Slightly on the frmer money market
in London, which resulted from the
weak return of the Bank of England
But the improvement in condition of
Che Bank of France was really a greater
factor, as Paris is looked to to conserve
the money situation. The French in
stitution gained in gold during the
week s2,175,0 900, while its note issue
was contracted to s9,140,0O0. and loans
and discounts of the banks were re-
paid to the extent of s7,1S0,000. 1t is
evident that New York can draw fur
ther gold if 1t is desired, but of a total
already engaged abroad for import of
s1o,900,000, less than 100000 has been
actually received and placed in the
banking reserves. The rest is in tran
sit and will soon become available.
The bond market was not very ac-
tive to-day, but prices were firmly held.
Total sales, par value, $2,250,000
U. S. IS advanced Il per cent on the
na1l