Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-11

LONDON A LARGE SELLER.
MYSTERY CONCERNING CONsOLIDA-
TON OF INDEPENDENT STEEL
COMPANIES.
: Associated Press !

NEW lOlh, June 1U.-ln mere Was
some liquidation in the stock market to-
day, as was foreshadowed by the drop
in prices Saturday after the bank state
ment appeared. The bear party, wn4ch
sold stocks at that time, continued their
efforts to get prices lower to-day, and
extend their profits. A number of Gevel-
opments helped them in this purpose,
but after the pressure Of the selling
had been relaxed and supporters Of
stocks began to bid up prices again, the
bears took alarm and began to cover
their short lines, causing very general
recoveries of losses and in few stocks
quite notable net gains. AS long as
trading was going on in the London
stock market the feeling of depression
continued. London was quite large
seller in this market, and there was
feeling of some uneasiness lest the
gloomy tone there foreshadowed some
unfavorable development. This was
London stock exchange settlement day,
and somewhat dreaded, although assur-
ance is given that the shorts in North
ern Pacific are fully prepared to meet
the decision to-day of the stock ex-
change committee for general purposes
nending the moratorium granted to
the Northern Pacific shorts after the
corner developed in the stock The per-
sistent heaviness of consols, in face of
the growing ease of money in London,
gives rise to some dread of a secret de-
velopment in diplomacy or internal gov
eminent policy. The heavy demands dis
closed by the bank statement on bank
Ing resources here caused uneasineSS,
as 1t was not known how much further
they might proceed. Payments for the
sec, 100000 worth Of new Pennsylvania
stock are required between June l and
June 10, so that the needs on that ac-
count might run over period to come
The easy rate for money to-day caused
more cheerful feeling, however, and
encouraged the hope that the require
ments Tor large corporate transactions
have been mostly satisfied for the pres
ent. This was a potent factor in the
latter rally of the market when the adj
journment of the London stock market
had relaxed the pressure here.
The mystery attaching to the puc-
chase and consolidation of some of TIE
independent steel companies was made
much of by the bears, who circulated
rumors that breach in the steel trade
was imminent between the two finan-
cial groups which figured in the North
ern Pacific quarrel. The steel stocks
lost rs and rs respectively for the
common and preferred during the per-
iod of dizziness, but rallied to 4 frac-
ton over yesterday The bears were
also inclined to discount their suppo-
sition that the government crop report
which was not due until an hour after
the closing of the stock market would
disclose a decided deterioration in the
condition of cereal crops. Some sharp
gains that had been. established in the
southwestern group were wiped out by
the pressure to sell, stocks IN that
group declining in sympathy with the
general list. Rock Island fell as much
as Az from the best, st. Paul SO and
Missouri Pacific 81. The leading in
dustrials showed rather acute depres-
sion, Sugar falling nearly 4, Amalga-
mated Copper 312 and American To-
bacco, Peoples Gas and the New York
public utilities from 134 to "a. The
late rally left the net changes signiil-
cant in only a few stocks. Missouri
Pacific rose very strongly. to 100 in the
late dealings which was 21a points over
Saturday The Southwestern stocks
generally, Southern Pacific, Atchison
and Union Pacific made notably good
recoveries and Pennsylvania was lifted
a point over Saturday. The closing
nevertheless, was slightly irregular, the
market yielding again in spots. Ameri-
can Linseed rose S1a and the preferred
s on the buying of only a few hundred
shares.
The bond market was moderately &C.
tive and showed some irregularlty, but
was in the main firm. fetal sales par
value 81, 600.
U. S. bonds were all unchanged OF
the last call.
IL. l. a