Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-12
FINANCE And TRADE.

except ludl du opportunity Was given
to test it when the bank statement
made its appearance. Considering the
kind of buying that has been going
on during the latter part of the week
and the extent and reasons for some
of the advances made, the market
came through the test fairly well. The
momentary chill which struck the mar
ket when the statement first appeared
seemed to pass, but fever fit was on
when the market closed and fiuctua-
tons were wild and unsettled under
the conflicting influences of vigorous
pressure by the bears and eager sup
port by the powerful dull cliques or
frantic unloading by weak speculative
holders and nervous coverings for a
quick turn by shorts.
The earlier market showed very mix
ed conditions, but the eager demand
for stocks over rode all other influences
and prevented much effect on prices
from the realizing, which. was on
very heavy scale. Pacific Mail jumped
nearly 10 points by half point intervals
on the announcement of the entry OF
Union Pacific interests into the dlrec-
tory and Union Pacific was also notably
affected. The steel stocks showed vide
and excited fluctuations on contln-
uance of the heavy speculation in those
securities. American Hoop, Tin Plate
and Tenn Coal were most conspicuous
and were marked up three points or
over. When the market relapsed these
stocks and other prominent lndustrlals
and specialties were most affected, los
ing in some cases between and 8
points, partly recovering before the
close The CONSERVATION manifested
amongst SPECTATORS over the showing
of the bank statement was due either 10
foolish laundering, or to reckless mis-
statement. as yesterdays preliminary
figures from the banks themselves
clearly indicated loss in cash, though
not as large as uhe $4,015,200 actually
reported to-day. The extent of this
decline will inevitably lead to discus
sioh as to whether cash was Withdrawn
and hoarded over election. The loan
item seems also to reflect the precau-
tionary loan contraction OF Monday,
rather than the later liberal policy re-
fiected in the money rates on the STOCK
exchange.
The professional speculative world IS
so accustomed to paradoxes that 1t was
taken somewhat by surprise by the
logical rise in prices OF stocks wnlcn
followed the election. The whole OF
the speculative lifts in Wall street con-
sists of efforts to anticipate future
events and conditions. Thus, a convic-
ton that large demand is imminent
for stocks prompts large buying, and
when the event takes place which has
been looked to cause the demand, pro-
fessional spectators are eager sellers,
not only Of all their holdings, but of
short contracts as well. 1t is almost
invariably the case that events are
over-discounted. Hence the prevalence
of the paradox in Wall street. Buy in
a weak market and sell on good news
are standard maXims there. 1t is rare
ly in the case that Wall street fails to
sufficiently discount an event or con-
dtion, especially a. condition that has
been so confidently expected as the
large public demand for stocks which
was to spring up after election, but
that is just what happened this week.
Wednesdays market quickly showed
the effect of the enormous selling to
realize by the powerful operators who
had been accommodating long stocks for
several weeks in anticipation of the
after-election demand. The concen-
tration of stocks in strong hands, cou-
pied with a frantic eagerness to buy,
made it possible to establish an impos-
ing advance in prices at the outset
Not only were holders of long stock
induced to realize, but bear operators
almost Immediately began to put out
short lines, confident that the golden
moment of the elimination of rise
had arrived. But the torrent of the
general demand swept up all the offer
ings in the market and continued of
sufficient force to afford a medium for
continued operations for an advance
during the rest of the week, stimulat-
ed by all the arts of manipulation
known to the professional spectators.
The present health of the market as
result of the weeks movement can
only be determined when something
more becomes known of the character
of the buying. There has been large
investment buying as a matter of
course, coming from interests acting
on positive and accurate knowledge of
the properties whose shares they
sought to possess, and who had held
off from buying from desire to see
the issues of the election first posi-
lively determined. Substantial bank
ing interests have been large buyers in
this class, partly from conviction
that higher level of prices is war
ranted by the growing certainty of
sustained business prosperity and
partly, no doubt, in connection with
plans for financial and administrative
changes in great corporations involv-
ing increased econmy of operations
and consultations and combinations.
There can be no question OF the in
creased health brought to the market
by this class of buying, which salts
fed a substantial and legitimate de-
mand and reduces the floating supply
of stocks, sending them into investors
boxes to be strongly and confidently
held.
The large demand for railroad bonds
affords a better index of the substan-
tial character of the buying than that
for stocks
United States new As advanced 2%,
the refunding IS when issued and old
As Is, and the IS and IS Y per cent
over the ruling call price CT week
ago.
ALFRED E. MEYER COMPA NY