Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-09

iSAho anu dClilS lelo.. Lev
Union pacific ACKNOWLEDGEMENTS 57s
Wabash lists ...-.............''.......' 12oH
West Shore As (bid).
Wisconsin Central Observation-Disclosures. 90k
Virginia Centuries tbidD. s51s
Government bonds strong.
State bonds inactive.
Railroad bonds irregular.
The call loan rate proved to be the
+ solar plexus of the stock market as it
has done on many occasions before
The construction of the money supply
and the advance in the rate for call
money precipitated such a spasm Of
into a condition bordering on demon
alization. What happened to-day in
the stock market is what, according to
the common agreement Of all classes
of observers, was bound to happen in
due course of time. Neverth eless, as
is the wont of stock market happen
ings, the days events came as a sur
prise. Even the most enthusiastic bull
has agreed to the proposition that such
ing on for weeks past was bound to
overdo itself and be followed by re-
lapse of corresponding violence. Only
the enthusiastic bull has chung to the
supposition that the relapse was still
remote and has continually moved for
ward the supposed date Of its occur
renee in the hope that there was time
for still another speculative turn. Even
the wild and excited markets of last
left the bulls unprepared for to-day's
developments. Tips for rise in many
stocks were still widely prevalent be-
fore the opening this morning and the
explanation was offered that Thursdays
furry in call loan rates was due to
manipulation by the bears. But the
instant the market opened it became
evident that the developments since
Thursday had induced widespread de-
palpable fact was that some of the
most powerful operators in the market
had already sold their holdings and
taken profits during the wild excite
ment of last week and were compactly
organized on the bear side of the mar
ket this morning. Perceiving the high
ly vulnerable condition of the market
owing to the over extension of long ac-
counts thinly margined and backed by
weak resources, the bears fell upon me
market with great fierceness and cut
wide breach in prices at the first
onslaught. The wide extent of the first
declines which were made by success
i've drops of from l to 2k points be-
tween sales, invited to quick profit TAX
ing by the bears, and the violent rail-
lies which ensued encouraged the bulls
to make some stand against the reduc-
ton hoping that the furry was tenn
porary and the market prepared to re-
| new the advance. This was the only
period of the day when there was any
show of positive strength, and Sugar.
Peoples Gas, Texas & Pacific and a
number of less important stocks were
marked up sharply over last Thurs
days level. The strength was short
| lived, however. and after the demand
from the bears had been satisfied, many
of the banks began closing loans. This
brought a fresh supply Of liquidation
on the market and invited fresh at
tack by the bears.
The selling became precipitate as the
fall in prices wiped out margins and
| uncovered stop-loss orders and the
unlucky bulls jettisoned great bales of
stock with the hope of relieving their
load and saving other holdings from
i! the shipwreck. The only important de-
mand at any time came from the shorts
and the occasional spasmodic rallies
were not held in any case This was
true OF the last as of former rallies
and although prices had not fallen
back to the lowest all around they
were again on the down grade most