Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-26

NEW YORK, November 24.-Stocks.-
The most striking point in to-days mar
ket was its dullness compared with the
recent level of activity. Neither the pub
Lie nor the large operators seemed to be
taking any part in the market the prices
drifted rather aimessly and hesitatingly.
The continued weakness in some stocks,
especially Steel and Wire at the opening,
was offset by the aggressive strength of
others. Northern Pacific opened over
point higher and extended the advance
later to two points. There was independ-
ent strength shown at different times by
Union Pacific and by the Southern Rail-
way stocks, which lifted them to to IL
points each. There seemed to be some
inkling of the favorable character of the
bank statement before its appearance on
the tape. The bear traders have circu-
lated rumors since yesterday that some
mysterious influence was at work which
would spoil the good features of the state
ment Shorts covered heavily in advance
OF the statement and a general rally oc-
CURED which lifted the whole market well
over last night, many stocks rising a
point or more. The bears were much
struck by the failures OF any large buying
demand TO develop with the easy money
conditions Indicated and they put out
fresh short lines in the last few minutes
OF the trading, making the closing active
and weak, and near the lowest, except for
the stocks where particular strength had
been shown The market at no time
showed the urgent liquidation which was
the feature OF yesterday, but new buying
was equally lacking, even when the tech
meal question became distinctly favorable.
80 lar as the known movements of money
snow the banks received less than s. co., 900
this week. The increase of 81, $50, 500 shown
by the statement is supposed to be due to
some special movement of cash from
nearby cities in which a single bank has
been concerned. This item figured more
largely In the deposit decrease than did
the loan expansion of $4874,000 There
fore in spite of the swelling of the re-
serve requirement by nearly s., 0G0 900, the
actual surplus is increased by s4,60S, 800.
Stock market activity has been fully
maintained during the week past but the
digestion of profits has made inroads upon
prices at many points and the opinion
extending itself has gained force The
notable strength of few stocks has been
due, to some extent at least, to special
causes, and has served as strong sus-
tanning influence The reactionary ten
dency would undoubtedly have been more
marked had it not been for this sustain
ing influence Opinion regarding the pros
porous outlook for business has not
changed, and no unfavorable factors have
developed. The only uneasinsss is lest
me-, tne OUTLOOK Is pelng oyer-discounted and
prices inflated by purely speculative de-
mand for stocks, thus inviting 70 a cor
respondingly violent collapse. Profession
al operators in stocks have been keenly
and have taken the short side many
times since November 7, only 10 be driven
to cover with losses at higher prices But
II Is matter of course that the further
tne market advances, the more vulnerable
IT becomes and the nearer it approaches
70 the period of reaction. The bears have
had the better success in making impress
SION on prices during the latter part OF
the week than at any time since the cleo
uon. But While the desires of "a bear
snort OF the market are all for lower
prices, his needs are a powerful influence
Tor advance. Forced buying from closed
out shorts has helped the advance more
than once in the last two weeks A CON
spicuous instance of this character was
offered by the London market London
brokers' sold privileges TO buy American
stocks on very large scale before the
election, which are subject to redemption
at the periodical stock exchange settle
ments, one of which occurs on next Tues
qdy. Nhen prices began TO advance here,
LONDON continued to sell with c , tdence
or with the hope of checking the advance.
But the London operators apparently de-
clded to take their losses this week end
not take the risk of seeing them grow
by a further advance. On Wednesday
LONDON bought more stocks in New York
imam on any previous day. the total being
eStlnated at 100000 shares. The de-
mand from this source had much to do
WIN the sensational advances in some of
the international stocks Large hear in
terests in New York were also renIIted tn
nave closed out at a loss 1t is the irony
ol d pear squeeze that when their forced
cal position of the market so far weak
ened that reaction is much more easily
caused as the later events of the week
proved. Inc European short interest was
largest IN Northern Pacific and the COW
efng mad not little to do win mat
STOCK sensational advance The effecr of
ene summer ana autumn period of diseour-
easement from the practical failure Of TIC
spring wheat crop converged OH this
STOCK ana was aggravated by The action
I'll t,ie directors IN refraining from oe-
"a
tne uine they declared the regular one
per cent for the half year ON ,Sen-enher
e ~ ~, the STOCK sold at 45s4. On Wednesday
VI TINS week 1t sold at l4A The changes
IN the conditions OF this company and its
poncy ana the sentiment towards its
StSch are typical OF the changes in the
Whoie speculative situation. Not only has
there been buoyant confidence in RENEWING
business of buying the by making con-
Tracts TO puy, based on the assurance thai
prices would go no lower, bag mere has
peen an astonishing unlooSening of cre1its
IN the money market Where formerl,,
ctSiateral was jealousy scrutinizcd and
sharp determinations shown against the
nlucn suspended industrial stocks now
credlts are freely accorded on the indus
trlais as collateral. Very large amounts
OF Hoating capital have undoiIIIedlv cons
INTO stocks for Investment and SGoeeS,Si.,
Ton has been on an unprecedented scaIe
Anat lhese demands have failed 20 absorb
al available funds according to alnooet
universal expectation, is a striSine 80;
uehce OF the extensive unlocking Of cred-
us. ms mas been a potential factor in
con1oundlng all estimates as to the rna;n-
zen ienance Of the strength i'll the stock mar
Aet. Another has been the large bnvine
encountered on any reaction The nar
ket seemed buttressed in this was nv wait
ing buyers who had grown distrustfIl of
me continued advance, but who were
qulck 10 buy when prices turned down
wards. The continued digestion of nrotits
IN IN me ne stock market was another element
OF the prolonged strength. Not only di6
holdings of stocks frequently n6ano ge
Ihanas' put the old holders would paw off
! tp that new holders would re-borrow
thus hghtening the pressure on the mon,
es market Inc loan item in the two bank
statements following the outbreak of The
SSpeeuihauon Is explainaDle on no other
rising money rate and with no nosiIt,a
u.ssNelopment OF discourasing Character
,ne cumulative lal Of prolonged advance in
prices Is difficult to curb within bounds nf
a. SaiesS. bu1 the available supply of cred
us Is pound to be exhausted il s9ecrlation
t tSn long enough TO absorb them and
We resulting reaction can only be lncas,1r-
o0 py the amount of liquidation whicb
contraction. VI circuit
"A, An active. business has been done in