Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-10-23

Do coupons li47k
T. 8. 5s registered. ........ .............. ~
Do coupons s1lS14
Government bonds firmer.
State bonds strong.
Railroad bonds strong.
Stocks-To-day' furiously active and
buoyant speculation was brought up
with a sharp turn in the final hour OF
the trading by a furry in the rate OF
call money which carried 1t UP to per
cent. This was accepted as an admoni-
ton that the speculation was overrun-
ming the newly acquired resources OF
the money market, and very heavy SELL
ing to realize profits Immediately set
in. In some of the stocks most effected
by the late selling the earlier gains
were entirely wiped out and the aver
age level was carried down consider
ably below the best of the day. The
effort of the bulls to retrieve their
ground caused a very unsettled tone,
but the closing was on the whole easy,
with the buoyant snap apparently taken
out of the market. Notwithstanding
this late setback, there were some very
striking upward movements of prices,
especially in the steel group, and the
largest days business in stocks since
the earlier part Of the year was trans
acted at a level Of prices well above
those of Saturday. spectators reveled
in the revivifying streams OF gold which
are pouring into the New York money
market from many quarters or the
world Yesterdays incoming steamers
from Europe brought up the total re-
ceipts of the gold engaged there for
import to over 100000, and Satur-
days receipts of $4S000O0 at San Fran
cisco and made Immediately available
to New York by Geographic transfer.
The balance of the total engagements
in Europe, which amounted to up
wards of $4,000, 900, is fast following on
the heels of the shipments already re-
ceived Neither on Saturday nor to-
day was there single dollar deposited
at the sub-treasury for transfer to the
South or West, which is conclusive
demonstration of the marked decline
of the interior needs for currency.
Sterling exchange fell weakly back to
nearly the gold import point and the
continued downward tendency OF in
terest rates in London and Berlin
seemed to offer acquiescence in the
threatened further demand for gold for
New York. 1t Is important to note that
the weakness for sterling exchange is
largely due to the heavy buying of
stocks for London account, which
amounted, according to reliable esti-
mate, to $4,000 shares. Exchange
made from this source, unlike that due
to the cotton movement, does not in
volve a corresponding drain from New
York such as is required to move the
cotton crop. Londons large buying
was reported to be due, in a degree, to
speculative covering of calls for Amer
lean stocks, which London has sold
quite freely for some time past and
which the current rise in prices forces
that market to provide itself with The
consequence of these various faviring
factors was what the brokers called the
best open market for stocks since last
spring. This was taken advantage of
from the outside to realize on very
large scale, and the professional opera
tors became somewhat uneasy, as they
detected evidence of inside selling. The
squirt in the call money rate was all
that was needed to precipitate the gen.
eral selling movement. This develop
ment served as a reminder that it may
not be eXpedient to lend all the newly
available money resources at once for
speculative. purposes. The time money
market was dull to-day, borrowers ex-
pecting lower rates and lenders holding
out for the higher rates, but bankers
looked for considerable additional re-
quirements for loans to be met in the
near future.
There was greatly increased activity
in bonds as well as in stocks, and prices
advanced very generally. High grade
bands were not conspicuous N the deal
ings. Total sales par value $2,705, 900.
United States IS registered advanced
"a per cent. on the last call.