Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-11
4 FAIRLY QUIET MARKET.
SATURDAY WAS FREE FROM sen.
SATI0NALIsM on THE STOCK
EXCHANGE.
Atchfson Made q Spurt In the Last
Five Minutes, While Union Pacific
Preferred Sold Down--The Bears
Were Timid-The Rank Statement.
The Produce Market.

NEW YORK, February 9.-To-day's
stock market was free from sensation
al movements but was fairly active
1t was evident that realizing was go
ing on, on a liberal scale, and espe-
cially in the high grade railroad stocks,
under cover of the upward movement
in some OF the very low priced stocks
in both the railroad and industrial
lists. Among the candidates for favor
in this department were Standard
Rope, Leather, Mexican National AMI
some other stocks of a similar grade,
which showed continuance of yester-
days strength. Advance in Sugar,
TOBACCO and General Electric also
helped to sustain the market. Atchi
son was firm all day and in the last
five minutes was suddenly run up to
56A at the same time that Union Pa
cific preferred was sold down sharply
TO 81. Chicago and Eastern illinois
was pushed UP Ga but reacted 21a, and
Louisville & Missouri Pacific were
rather firm. The steel stocks moved
rather narrowly and were irregular.
Spectators in those stocks seemed dis
posed to await the expected authorized
announcement CT the reported plan for
adjustment OF control in the steel
trade before making further commit
ments. The bank statement brought
some further selling upon the mar
ket but vigorous support was forth
coming and no further serious in
roads were made upon prices. The
further large impairment of reserves
disclosed by the bank statement and
the probability that the steel deal 10
yet to be provided for undoubtedly
somewhat chilled speculative enthusi-
assn. But the bears were manifestly
timid about attacking the market, in
view of the important possibilities OF
further great financial projects. This
weeks increase of s23, 481, 200 in the
outstanding loans and discounts of the
banks brings the total loan expension
for the last four weeks up to $37 ,257,-
600, which is far in excess of any prev
ious increase in the same length of
time in the history of the clearing
house. The soothing assurances Civ
en- out by some of the principals in
the pending steel negotiations of the
certainty that this vast project can be
carried out without ripple in the
money market do not carry universal
conviction, in face of these figures of
the results Of the less important rail-
road deals which have been carried
through. The tendency of the money
market which is thus indicated lessons
the probability that American sub
scriptions to the new British loan will
he large. To-day's sub-treasury state
ment reflects the receipt by the gov
eminent of check for nearly $1,000
600 in payment Of note Of the Central
Pacific railroad to the government. 1t
is probable also that the demand for
money in the interior will show some
growth from this time on, with the
Cpe0ing OF spring trade.
Wall street has been all week in the
throes Of the excitement or prodigicus
financial projects, contemplating such
vast consultations of property as have
never before been known. When the
market opened on Monday it was the
first opportunity for the effect on the
public sentiment CT the Union Pacific
Southern Pacific deal to manifest itself
as it's consummatfon had not been
formally announced until Friday aft
ernoon, after the close of the market
and upon the eve of the Saturday hol-
iday Information of the negotiations
in progress for the gigantic comibina-
ton Of the great steel corporations has
also become public property during the
week. Speculative sentiment has been
GaZzled by the financial personalities
thus shown, and trading in the stock
market has again run up to near the
high record of activity. The extent
of price movements has also been ex-
traordinary, as is but natural when
the abnormal proportions of the deal
ings is considered. Where spectators
are dealing in one thousand to ten
thousaid share lots, as they have been
doing this week, much greater changes
in prices are bound to occur than
where the normal unit of one hundred
share lots is adhered to. The highly
speculative character of the market
Is shown by the feverish and erratic
character of the price movement.
Professional operators are well aware
that speculation invariably overruns
itself in such a headlong and reckless
market as that now prevailing and
they have been quick to avail them
selves Of opportunities to take pro-
hts. This has been true not only of
the bulls, but of the bears also, so
that the occasional bulges in prices
have generally given way before the
heavy offerings encountered, while the
sudden dips, which have at times oc-
Cured have been followed by violent
recoveries. The purely speculative
class Of operators are not distinguish
ed for close analysis Of values. If
they can attract large following
which will join them in buying or~in
selling stocks until change in prices
has been caused which offers them a
profit, their object is attained. The
success lies in the alertness with
which they disengage themselves
from the current before 1t has spent
Its force and the tide is turned As a
rule they are dependent for a guide to
rheir operations on the indication as
20 whether prices have reached a level
where insiders" who presumably
nave means of knowing the intrinsic
value of their properties, are tempted
% buy or sell, as the case may be.
But the scope of the financial projects
now in contemplation is so vast as to
stagger the judgment even of the large
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