Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-17
bonds irreguIar.

u. >. Old As, G,
y. =. 5s liz
u .. 5s coupons.
Government bonds irregular.
Stocks-The dropping tendency OF
prices proved too much to be over
come and the majority of stocks. show
net losses on the day. In the Stand
ard stocks these losses are small, but
the decline from the early high range
was considerable. The opening was
above last nights level in sympathy
with London, but even the initial
transactions, the weakness OF the
local traction stocks and OF Pacific
Mail served to unsettle the market.
Prices sagged pretty steadily from
that time until the bear operators
among the room traders startd to COW
er their short contracts in the final
dealings. This rallied the level of the
market from the lowest, but the move
ment was ~listless and entirely without
force. London was not encouraged by
its good news from South Africa to
buy stocks here and in fact prices
sagged in the home market.
Ccnsols lost all of their early gain,
supposedly on the imminence OF a
new issue. But London was disposed
to take profits at all points, even Rand
mines showing a sharp reaction from
the early advance. There was no oc-
casion for surprise therefore that the
local market failed to hold the ad-
vance ON the South African news.
The bears had not as much ammuni-
ton in the shape of the weakness of
special stocks as they had yesterday,
IHA III $4,000 49, ho ~ nlEA
was nevertheless reactionary. The
bears made inroads upon Pacific Mail
and U. S. Rubber. but otherwise no
very wide breaches were made in val
ues. The local traction stocks were
inclined to rally with the cessation of
pressure against Third Avenue. Sugar
was erratie during the early part OF
the day. but became frmer towards
the close. with considerable effect on
the general list. The general public
maintained it's attitude of apathy was
the main cause of the heavinesS. Prob
ably some vague uneasiness is Begin
ming to be felt also regarding the win
ter wheat crop because the ground is
bare of snow, leaving it exposed to the
cold.
Traders were disposed to discount
an ~unfavorable bank statement, al
though money IN call was in free sup
ply at 2 per cent for the greater part
of the day. The record shows, how
ever, that the banks have lost on sub
treasury operations 5 ,130,000 Ac-
cording to reports from the leading
banks shipments of money by express
this week are nearly a million dollars
greater than last week, while the re-
ceipts from the interior by express
have fallen off considerably over a
million dollars. This would indicate a
net loss on the interior movement of
nearly a million of dollars, bringing
the total loss including sub-treasury
operations over SO, 200, 900. 1t is known
that some gold has been received from
Canada, which does not figure in this
estimate. There has been a contin-
ued absorption of money into mercan>
tile paper and other forms of loans in
the course of active business, so that
a further extension of the loan item
1slooked for. A large encroachment
upon surplus reserves therefore seems
unavoidable. Sterling exchange hard
ened a fraction in response to the
higher discount rates in London. The
declaration of the first dividend on the
new preferred stock of the Baltimore
and Ohio was fully expected and was
without influence or the market. There
was a good absorption of some DOR
mant railroad bonds at advancing
prices, but changes generally were ir-
regular. There was quite an active
market for government bonds, pre-,
sumably on account of the passage of
the refunding bill by the Senate. Total
sales of railroad bonds par value ST.
OPS, 900.
United States new As advanced u.
while the old As declined Is in the bid
price.