Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-01-24
Railroad bonds Arm.

tSlJIfAS ne SCOcK market ueHlOu-
strated quite conclusively its profess
sional character to-day. 1t was dis
tinctively traders market The trad
ing was done by powerful spectators
with ample resources. The transac-
lions were on very large scale and
the price movement was much wider
than in an ordinary room traders mar
ket, but the method of operations and
the net results were much the same.
a scrutiny of the net changes for the
day will show that except in few
stocks, they are small and pretty well
,, mixed between gains and losses. Yet
at one time the whole list was at
level we'll over yesterdays final prices.
The realizing movement III the last
hour was sufficient to wipe out almost
all of the earlier advances. and only
the final slight rally saved the list
from a larger showing of net losses
than is actually the case. Buying
by room shorts to cover was largely
responsible for the final rally. The
concentrated nature of the .;uying and
the identity of the brokers by whom
1t was done, especially in the stocks
which were picked out for the great
est show strength, were warrant for
the conviction that the speculative
leaders were in the hands of the CO.
terie which made demonStratlve
change from the bear to the bull. side
of the market during the course OF
Mondays trading.
The selling during the last hour was
also of very concentrated character,
but was by different brokers' from
those who executed the early buying
orders The deduction that large spec
ulative profit taking was being made
is not strained one. The consistent
weakness of Missouri Pacific, which fell
at one time So points below yester-
days high level, left little room for ere
dence n the rumors Of big South
western railroad consolidation and
gave color to the report that large
interest in the stock had settled by
private agreement There was a dis
tinct shifting of speculative interest
from the railroads to the industrials
and it was the evidences Of realizing
in the railroad list under cover OF the
new strength in the industrials that
caused the break in the market. Such
early gains as 2s in St Paul. "a in
Brooklyn Transit. PA in Baltimore &
Ohio, 25s in Peoples Gas GnG others
nearly as substantial, were completely
wiped out in the late reaction. The de-
cline from the highest roint reached
3s4 in st. Paul. 37s in Brooklyn Tran
sit, 21a in Delaware & Hudson. PA in
Baltimore & Ohio and Manhattan and
from l to 2 points in a large number
Of active stocks.
The steel stocks roasted from the
best in sympathy but hardened again
in the late dealings, the leaders ris-
ing to the best at the close on heavy
,absorptions. Federal ,5teels gain
was 37s. Pressed Steel Car rose an
extreme GA, while the annual meet
ing was in session and the preferred
33s. All the most important members
in the group gained from l to 8 points
Therewas no news to account for the
rise, but the fact that the disturbances
which threaten the steel trade might
be settled by the few individuals who
control the resources in that trade at
present naturally makes them avail
able for speculative manipulation.
The volume of the gold exports for
to-morrow's steamer, which rose to
$3,950,G00 had rather chilling effect
on the late speculation. in spite CT the
continued large flow Of money to this
centre. The gains by the banks on
sub-treasury operations alone thus
far this week are only about $65000O
below the figure Of gold export.
Money continued very easy in all de-
mart mnDtS Of the market
With the exception q the reaction
in Wabash bonds, the market for rail-
road bonds was generally firm To-
tai sales par value, $4,8O0,C0O. U. S.
IS advanced 4 per cent on the last
call.
Quotations cl2scd bid: