Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-03-21
Stocks.


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NEW york, March 20.-Commercial
Advertisers London financial cable
gram:
The stock market here suffered a
general depression to-day under the
influence of the news of Botha's dec
lination Of terms offered for peace in
South Africa and of the definite an
nouncement that Graf Won Waldersee
had failed to arrange the differences
at Tien Tsin. Both London and Paris
sold consorts short, but nobody in the
city takes a really serious view of
the situation, which undoubtedly will
be settled amicably.
American shares began dull, but the
selling here was o o topped by buy
ing orders from New York, especially
in the Atchisons, Union Pacifs and
Southern Railways. A very steady
improvement ensued until al the close
the rather bad news from China caus-
ed the market to ease off. American
Bridge stock spurted, the preferred
Az points to par, on the announce
ment that it would be included in the
United States Steel Company. They
are talking of no for the stock. Ber-
lin bought Northern Paciics but took
profits elsewhere in the list.
OF gold 100000 is being exported to
South American ports.
The call loan rate was 3@3%, bills
39s. The market is still borrowing
freely from the bank.
Stocks-The market was overwhelm-
ed with selling orders during the course
of to-day's trading and the phenome-
non occurred of an eager unloading of
stocks by alarmed holdings without n
Dad news bearing on the value of their
property to alarm them. Such move
nentS always occur as an occasional
episode in a bull market and as a Sc
quel to a prolonged bull movement.
The question whether it is episode or
sequel is always one of conflicting
judgment and Is never determined ex-
eept by experience. The bull leaders
attempted for a time to-day to contest
the decline and to divert the specula-
ton into new channels. But the mar
a.
ket was obviously tired and responded
languidly to the manipulation for the
advance. Yesterdays heavy profit TAX
ing brought further selling orders
through commission houses and the
bears, detecting the strained conditions
in the market, put out larger short
lines. When the bulls finally ceased
their efforts to check the decline, prices
crumbled rapidly and stop-loss orders
were dislodged on a large scale. With
only a few exceptions prices fell well
below last night. Profit taking by the
bears caused a considerable rally in the
last hour, so that last prices were not
the lowest, although profit taking was
renewed OF the advance making the
closing tone irregular. The taking of
speculative profits in Burlington was
on an enormous scale. There was de-
termined support in the stock at the
opening but the utmost that could be
secured for it was a half point advance.
The opening prices was the highest
and it was steadily under pressure for
the rest Of the day, except for the COW
ering movement by the shorts. The
contest for change of control of this
road seems to have been Intellectual.
the competitive buying of insiders
which carried the price to yesterdays
high level having defeated the attempt.
Yet the recorded transactions in the
stock within a few days has proved
much more than would be sufficient to
change the control. The highly specu-
latiye character of the dealings is thus
clearly indicated. An effort was made
to substitute St. Paul and Northern
Pacific as market leaders and Missouri
Pacific was marked up very buoyantly
to 101. crossing par for the first time
IN many years. There vas a strong
upward movement in Brooklyn Transit
on rumors of oficial changes and on
buying on the am character in Man.
haitian. The steel shocks all continued