Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-03-20

the professional traders turned u the
bear side OF the market owing . the
heavy realizing selling that showed all
through the list and onefed prices
down boldly, taking the market away
from the bulls and ~uncoverlng some
stop loss orders where speculative ac-
| counts had been unduly extended on
insufficient security. The reeult was a
tumbling of prices that looked for a
time like decentralization on the part
of the bulls. The reaction from best
! prices in the most prominent Of the
strong stocks ran from / to 2k, n
quite a number of stocks which had
not been marked up during the day fell
below last nights level. There was a
momentary rally on covering by the
room shorts, but the profit taking was
renewed and many stocks closed at the
low points of the reaction. The steel
stocks We're a conspicuous exception.
They held firm at each successive ad-
vance all day and in the closing furry
mounted %buoyantly in face of the ac-
tive selling elsewhere. The time fixed
for the deposit of these stocks in as
sent to the terms of the steel merger
expires tomorrow, and to-day's buoy
ancy in the stocks gives rise to the sup
position thai the plan Will promptly
be declared operative. This SUPPOSE
ton was without official confirmation.
There was an excited speculation in
the United States steel stocks on the
curb. The common sold up 2A over
last night and the preferred 81, but
reacted. On the exchange the prefer
red steel stocks were remarkably buoy
ant all of them rising from Az to 81,
the last named Tin Plate preferred. In
the railroad list Burlington continued
the center of attraction in spite of en-
phatic denials from President J. j. Hill
OF a purchase o a plan to purchase
control. The upward movement of the
stock was interrupted by frequent re-
actions on profit taking, and after ris-
ing an extreme 5$ it closed IA lower
at a net advance of 3h. Other not
able points of strength We're Rock ISL
and, L. & ~, Missouri Pacific, the
Atchisons, Union and Northern Pa
cific, B. & O., New York Central and
the Southern railway stocks. Among
the less prominent stocks, Lake Erie
& Western advanced s; p, c., C. & St.
L. ga, and United States Express 8.
Delaware & Hudson and Erie second
preferred were strong for a time, but
succumbed to the renewed heaviness
which developed in the coalers. Talk
OF increased dividends, retirement of
various preferred stocks and the rela-
tive cheapness of some stocks on the
basis of their dividend return contin-
ued to be the influential factors in the
speculation. Some stocks were weak
throughout or profit taking, notably
the New York public utilities, espec-
tally Manhattan, which lost Az, Great
Northern preferred Az and Chicago &
Eastern Illinois 5. A number of other
weak spots might be enumerated both
among the street railroads and indus
trials. Money continued apparently
abundant and lenders were not exact
ing as to the collateral, n~otwithstand-
ing the fact that the first installment
is payable tomorrow of IS per cent OF
the subscription to the new issue of
$40, 000,0 600 OF Union Pacific convertible
bonds. The operation of the steel mer-
ger plan involves the supply of $25 ,000,-
600 of cash by the syndicate. The
s~ub-treasury continues to take largely
from the money market, notwithstand-
ing the large disbursements for pen
sions. Sterling exchange was also
notably strong to-day, sight sterling
rising to near $4.88, in spite of large
buying of stocks for London account.
The railroad bond market was some
what less active and profit taking in
special issues made it very irregular.
Total sales par value $5,77 1000.
United States refunding Is and the
new As advanced Is per cent on the
last call.