Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-08
Mexican dollars 471ac.

u. S. new As registered. ................iSSt
u. S. new As coupons. log
u. S. old As registered. .................;;ll o
II. S. old As coupons. ............,.....ll 2 a.,
u. $. 5s registered. ....,..........
y. s. 6s coupons. ................'''.''lA@
Government bonds strong.
State bonds firmer.
Railroad bonds irregular.
Stocks-The stock market to-day Of
fered a striking demonstration of the
weakness engendered by a sudden and
violent advance in prices and the reck-
less speculative venture thereby inNit-
ed. The professional bear operators
found an easy prey in the swarm of
spectators who have been buying
stocks for a week past on margin with
borrowed money. In the latter part
of the day the bears swooped upon the
market, offering prices down with APP
parent recklessness and playing havoc
with speculative accounts held on mar
row margins. The wiping out of these
margins left no alternative to the hold
ers but to throw over their stocks in
order to avoid losses. The Dull leaders
of larger caltbre had either realized
profits at the higher level and were
willing to see a reaction in prices to get
into the market again or withhold sup
port from the market with view to
shaking off the undesirable following
of spectators with small resources who
constituted menace to the further adj
vance in prices. This is the class OF
SPECTATORS who come into the market
and buy stocks simply because there
has been an advance in prices with
sanguine hopes that there will be fur
Their indefinite advances. They buy
stocks on small margin with borrow
ed funds, and when prices advance re-
invest their paper profits in further
holdings of stock on margin. Large
numbers of them have no resources to
protect their margins in case Of sud-
den decline in prices. They have no
source of information except the ru-
mors and tips which fly in the street.
The weakness of their position makes
them timid and they are quick to sell
at the first note of alarm. It was this
class that were the principal sufferers
in to-day's shaking out, people who
control large capital and who bought
in the panic of December and started
the bull movement last week have
taken profits on a very large scale.
Their selling was met by so large de-
mand up to to-day as to keep up the
level of prices. There was evidence
during the morning of continued large
absorption at some points in the list,
notably in Sugar, said to be covering
for the bear account and Pennsylva-
mia, Union Pacific and Tobacco. Some
stocks of minor Importance also con-
tinued to advance, but it soon became
manifest that the selling pressure was
greater than the new demand could alb
SCRIBE. 1t was then that the bears
made a fierce raid ON the vulnerable
spots. They clipped five and a half
points from the price of Tobacco and
IN number of the metal stocks, con-
spicuously National Steel and Steel
Hoop and in Sugar and the local trac-
ton stocks, they drove down prices
from 2 to 4 points. In the railroad
list Baltimore & Ohio reacted 3h, Rock
Island nearly 8 points and Pennsyl-
vania, New York Central, st. Paul.
Burlington and Missouri Pacific from
IA to IA. AT the low level the rush
of the bears to cover caused some vio-
lent rallies, Metropolitan being pushed
up 51@ points. In Third Avenue, Sugar.
Tobacco. National Steel, B. & o. and
Rock Island the recoveries ran from
11a to over points. There was a very
heavy absorption all day of Union
Pacific at all levels, and in the final
rally was pushed up 51s. The closing
was rather feverish at notable recoy-
cry from lower level and at mixed net
changes.
The market for bonds continued ac-
tive, but price changes were irregular.
Total sales par value 1926 900.
United States OLD As coupons ad-
vanced u in the bid price.
Atchison ;........,............... 21%
Do preferred ACKNOWLEDGEMENTS. "a
Baltimore and Ohio ........... k71h
Canadian Pacific .................i oeiz
Chesapeake and Ohio. ....................i2S Z