Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-13
TILL INTO al(NA1|OD.
THE MARKET BARE OF DEMAND.
A SENSATIONAL MOVEMENT IN COL
ORADO FUEL THE DAYS
FEATURE.
(By Associated Press.


market fell into staglalton during the
latter part of the day and the gains
which were established in the morning
were pretty generally wiped out under
the dribble of selling orders which came
upon a market almost bare of demand
Various points of strength made their
appearance during the day, but they lost
their influence in sustaining prices.
The more cheerful influence in London
this morning was quite noticeable in
fiuence in the opening dealings Ru-
mors have been very persistent for sew
eral days now that peace is approach
ing in South Africa. To appreciate the
Importance OF an adjournment of the
long drawn out struggle there, this is
for the world OF capital. it must be
borne in mind what enormous demands
the British government makes on ae-
cumulated capital for the conduct of
the war as we'll as the absolute cutting
off OF an important proportion OF the
worlds gold product while the war
lasts. The large disbursements by the
government on war account, combined
with transfers of Russian deposits from
Paris, Is what has given the London
money market its present ease and has
led to some expectation that the COVER
norS OF the Bank of England will fur
ther reduce the minimum discount rate
at to-morrow's weekly session. A 10
per cent. installment amounting to
$4,000, 900 OF subscriptions to the new
consol issue is due on Tuesday next,
June is. and the demand for money
which will result is factor against
the reduction in the bank rate. In the
local market the London influence soon
spent itself. The most notable features
OF the market were Missouri Pacific and
Pennsylvania, which each rose as much
as 21a at one time. The supposition in
the street is that the Missouri Pacific
directors will meet next Monday and
put the stock on a 5 per cent. basis
Stocks of afnliated companies showed
some sympathy, especially the Denver
& Rio Grande stocks.
The movement in Pennsylvania was
due to to-day's report of the acquisi-
ton of the Pennsylvania steel stock by
the Pennsylvania railroad company to
safeguard its steel rail supply. The
United States steel STOCKS were rather
significantly heavy but the stocks OF
independent companies shot up in a
striking manner. The movement in
Colorado Fuel was sensational, the ex-
IRENE rise reaching 1512 and the jumps
between sales reaching as much as 21a
points. A violent reaction left the
stock only S12 net gain. Tennessee
Coal rose AZ and the American car
stocks, the Republic iron and steel
stocks. Sloss Sheffield and Smelling be-
tween l and points. The dealings in
Colorado Fuel were for Chicago ac-
count. National Lead continued TO
show the effect of expected benefits
from Standard Oil contract Of Ameri-
can Linseed The New York public
utilities were strong on the hope of es-
cape from the provision of the fran
chise tax. Northwestern preferred re-
covered points of yesterdays ID
point loss. Movements Of any signifi-
cameo outide these stock were contin-
ed to a few rarely active stocks. The
preliminary statement OF the May ex-
ports of agricultural products, showing
an increase over May of last year of
over $11 ,000000 and the governments
weekly crop bulletin, reporting needed
rains in the districts shown to be suf-
fering by the monthly report of June l
seemed to warrant an assumption OF
increased values for securities, but
they had little effect in checking the
dropping tendency from the opening
high level, and the price changes for
the day are somewhat mixed between
gains and losses and are small In all
cases outside of the special features
indicated.
Mexican Central income bonds were
heavily bought but the general bond
market was dull and irregular. Total
sales par value $3,965,000.
T. S. bonds were all unchanged on
the last call.