Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-01-07

NEW YORK, January 5.-Specula-
tore jumped into the stock market
this morning and put prices into a state
of violent effervescence. They quick
ly SKINNED the froth at the top level
OF prices to take profits and attracted
so large a following to the selling side
that the sensational opening gains
were mostly wiped out before the close
and in all cases greatly reduced. After
a day of violent excitement at exceed
ingly wide fluctuations the market
was decidedly easy in tone at the close
and at a level generally. below last
night. There were some important ex-
cepticns and there were a number OF
spasmodic rallies of weak stocks on
covering by shorts. 1t wal a specula-
tors day pure and simple and what
ever substantial considerations may
have been behind the buying move
ment, were all completely lost sight
of in a frenzy of speculative excite
ment. No story was too wild or in
credible to gain ready credence. The
growth of the conviction that st. Paul
is to pass to the control of the North
ern Trans-Continental lines has made
the speculative mind open to almost
anything in the way of rumors regard
ing railroad combinations. Capital
lists who have been influential in the
st. Paul deal are supposed to have adj
ditional far reaching plans. These
supposed plans were made the basis Of
to-day's extraordinary movement. The
oufhnriYnd onnnrnnppoo ont hpfOrn tho
close that J. p. Morgan & Co. had Sc
cured control of the Central Railroad
of New Jersey in the interest of the
Reading company offered some basis
for the rumors current. The Reading
stocks were not prominent in the open
ing squirt Of prices, the 1rst preferred
mounting 5 points, the second prefer
red 3k and the ommon 6B. The
extreme advance in New Jersey Cen
trail was 5A. In the heavy buying at
the opening there were advances also
of 4 points in Missouri Pacific, 3k in
st. Paul, 81 In Erie first preferred, 25s
in Erie common, 3 points in Erie sec
ond preferred, and "a in Rock Island.
Gains of from 1 to 2 points were
numerous all through the list.
The eagerness of lie selling to take
profits caused sudden and violent de-
clines, successive sales in some cases
clipping a half to a point from prices,
until they were carried back to last
nights level or below. Meantime
there was growing weakness in Sugar,
Tennessee Coal, the Rubber stocks and
some other industrials. The feverish
excitement on the floor of the exchange
was indescribable. With prices in a
state of wild ~f1uctuation, the sense of
insecurity became overwhelming. Vio-
lent advances were followed by wild
relapses and as sudden recoveries. The
evident instability of prices increased
the disposition to sell and the favor
able bank statement vas taken advan-
tage of to further unload. st. Paul
reacted 5s from the top, New Jersey 4,
Northern Pacific 3a and Pennsylvania
3A. The Reading stocks saved for the
day net gains of 2 to 5 points, the Erie
stocks 2to 3, Baltimore & Ohio 33s,
New Jersey "a and Missouri Pacific
rs. Otherwise there was nothing i'm
portant on the side of gains and the
list presents a ragged line of net
losses.
Railroad bonds have not escaped the
reactionary tendency of stocks and
have not shown as vigorous a tendency
70 recovery as stocks.
United States new As declined l per
cent; Is coupon IN; do. registered 2;
fefunding rs 15s and old IS and IS 2%
below the ruling bid a week ago.
Railroads.