Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-22

oofSA iLlNh DOldo U OlhSs
State bonds inactive.
Railroad bonds irregular.
The sharp upturn in the steel stocks
which gained force rapidly toward the
close of the market was the only thing
that redeemed the market from unin-
teresting dullness today. National
Steel and Tin Plate showed the most
pronounced strength in this recov-
cry, the former rising 53s over last
night, and the latter 4A from the early
low point. The outstanding short in
terest which had grown quite large in
the stocks of the steel companies had
a large part in this quick rally. The
report that the so-called Moore prop
critics of the steel group were stand
ing out for a large share in the Sc
curities of the new company "a an in
fiuence in the rise, the supposition Of
the spectators being that they were
likely to get what they claimed. But
the other steel stocks were not much
behind in the movement. Federal Steel
rallied 81 from the low point, Steel &
Wire 3B and Tennessee Coal 3. Whe-
Their the movements accuratel fore
cast any actual developments in the
steel merger negotiations can only be
told when the results are given to the
public. Details were closely guarded
up to the time of the closing of the
market, but it is the general suppo-
sition that the reorganization plan Of
the steel companies, so far as it is to
have official announcement. will be
given out before trading is resumed
on Monday. Actual information of
these details is SO vague hat the
shorts in the steel stocks were overcome
with timidity, and fastened to close
their contracts before the coming three
holidays. The same influence was at
work in other parts of the list. The
early weakness of the market begun
to change to recovery when support
was manifest in the steel stocks. The
weakness was quite acute at one time,
the steel stocks leading the decline as
they did the recovery. Many Of the
prominent railroad stocks were down
between l and 2 points, the Changers,
Pacitics, Southwesterns and some of
the coalerS being conspicuous. Burllng-
ton, Kansas & Texas preferred, Erie
second preferred and Rock Island were
notably weak. These stocks were all
conspicuous in the rally also. A num-
er of the most important railroad
stocks were lifted a point above last
night. There was a very large demand
TOR the southern halfway STOCKS and Tor
the Walsh securities. There was a
vague expectation of some good news to
come concerning Southern Railway,
but nothing definite was announced.
Rumors ia the effect that a community
of interests with seaobard air line was
contemplated. met with disclaimers.
The Southern Railway stocks each adj
vanced 25s. The continued ease of the
money market was an influence in driv-
ing the shorts to over. 1t was expect
ed that there might be a furry in the
money market incident to the demand
to carry over until next Monday. The
anks report gains of cash from the
interior since last Friday and their
account with the sub-treasury about
balances. But the general conviction
is that further large loans have been
made in the furtherance of pending
financial projects and that the weekly
bank. statement will show a further
contraction of the surplus.
The bond market was dull and ir-
regular, except for an active demand
for Wabash de~bentures. Total sales
par value, S3,410,0O
U. S. refunding Is advanced X and
the old As and 5s II per cent. on the
last call.
Quotations closed bid: