Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-10-25
THE SHIFTING OF LONGS
From Ono Group OF stocks 60 An
other Apparent.
(By Associated Press,

other Apparent.
QBy Associated :'reSs.,
NEW YORK, October 2t-To-day's
stock market saowed what Is frequeat
in the progress OF professional opeI a
tons in the market for an advance,
namely the shifting of long accounts
from one group of stocks into another
by reahzing where an advance in price
has already occurred and buying into
group that has been Quleseent. The
group selected for the advance to-day
was the coalers. The plausible rea-
sons for the advance in the prices of
these stocks were the fact that the
present years output promises to be
the largest on record while prices are
firmly maintained at a profitable level
both for the mining of the coal and its
transportation to market The policy
adopted of beginning TO advance the
price of coal several months ago
brought IL to the maximum intended
on September LIST. THIS has had the re-
suit of keeping up the demand all
through the summer months instead
of throwing the requirements for the
whole winter on the period of cold
weather, but confluence Is pro.essed
through the winter and much was
made to-day of reports that only lack
of sufficient cars paced a limit upon
the anthracite and soft coal movement
While the enorts WAS rather obvious
to concentrate speculative attention
upon these stocks and the causes wnicn
moved them there was enormous reai-
zing proceeding IN ST. Pau, Union ga
ot "a fn
bilts which have been advanced by the
recent manipulation. Rather less was
heard OF the Northern Pacific senti-
ment and the working out Of extensive
additional plans in the trans-eont,nen-
tai railroad field. The forcing to cover
of large outstanding short interest
is an evident factor and probably a
motive for the operations ior the ad-
vance. The failure of a small broker
age house, not a member or the sock
exchange which was caught snort of
some or the stocks recently advanced
was an indication OF the distress of
that element. The heavy profit taking
in the Pacifics and st. Paul was en-
phasized by the decided weakness of
Peoples Gas ON threats OF continued
hostile lawsuits, the stock fell an ex-
/
lowest. Amalgamated Copper was
also decidedly weak early in the day.
The personality of the sellers giving
the appearance of inside liquidation.
The stocks rallied we'll. however. and
closed with small net gam. There
was ralner more urgent selling of the
United States steel stocks than for
some time past. hut the decline was
Sfrfr ta1 n I'm ti WI m Nv
recovered. Among the gains. that in
| Lackawanna reached s; Delaware &.
Hudson and Baltimore e. Ohio 3; Chi
cago Greatwestern prefrred AS and
others of the coalers between l and 2.
Part of these advances we're yielded
before the closing which was heavy
and near the lowest for some stocks.
st. Paul's extreme decline was "a !;
Chicago & Northwestern ~. Union
Pacific Is and others pc Mt or over.
Conditions in. the money market with
out notable change. The sub-treasury
on its routine operations has retrieved
its earlier contribution to the market
on account of payment for gold de-
posted at Pacific coast points. There
was a pause In the advance in foreign
exchange owing to the larger receipts
of cotton bills. Apparently there was
renewed selling of long sterling with q
view to covering at maturity. The
weekly statement OF the bank Of France
showed a strengthened condition, but
money rates continued hard in Paris
and over million dollars was with
drawn from the Bank OF England for
shipment to Paris, adding to the pro-
liability of an early advance in the
Bank of England rate.
The railroad bond market continued
quite active, but realizing In the con-
vertible bonds made IT irregular. To-
tai sales, par value, s3.525 600
T. S. bonds all unchanged on the last
call