Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-03-04
No STRIKING TEXTURES
PRESENTED IN THE CONDITION OF
THE NEW DIRK STOCK MAR
kET SATURDAY.
STEEL STOCKS WE'RE GENERALLY
HIGHER ON SMALL TRANS
ACTIONS.

-
STEEL STOCKS WE'RE GENERALLY
HIGHER ON SMALL TRANS
ACTIONS.
NEW YORK, March 2.-Commerical
Advertisers London financial cable
gram:
All departments were stagnant on
the stock exchange here to-day ex-
cepting only American shares, which
responded willingly at the opening to
the advance in New York yesterday af-
ternoon. The first sales were above
parity, and prices hardened gradually
during the day, closing at the top.
A poor bank statement was expect
ed from the New York clearing house,
and apparently that had been discount
ed. The only features were Baltimore
& Ohio, Southern railway and Union
Pacific stocks, and Tintos touched the
record price, 60, IA 9-15.
Money was easy. Call loans were
weak. The India council lent half a
million. Gold was received from Au-
stralia to the amount Of E75,G00, and
the bank bought 95O1, 900 in bars.
NEW YORK, March dealings
were rather unimportant in the stock
market here to-day, neither the volume
OF transactions nor the range of prices
offering any striking features. The bank
statement bore out the index of the
money market during the past week,
rather than the indicated cash chan
ges. No ineligible explanation can
DE offered of the fact that the known
movements of money showed a loss OF
Over 81, 900 900 for the week, while the
hank statement disclosed an actual
Increase in cash revenues of over y
million dollars. The system of rech-
o.:ng the various items by the daily
averages S unusually accepted for ex-
PLANTATION of all such vagaries. The
moderate loan expansion can hardly
be attributed to any of the great fin
ancial transactions whose effects have
been most feared, especially the stee,.
merger. AS there was some selling Of
stocks by traders yesterday on the sup
position that a decline in surplus rev
enues would be reported, the publica-
ton of the statement brought a de-
mand from this source to cover short
contracts. Prices ran off again in
some cases, and the closing was irreg-
ular in tone, as the trading had been
throughout the short session. Net
changes are mixed. The days market
served to c~orroborate the view that
trading has been relegated largely to
the hands of board room traders. The
steel stocks were generally higher on
small transactions; Tin Plate preferred
showing the largest advance, with a
rise Of 2R. The Steel & Wire stocks
were exceptions, and are slightly lower.
The bituminous tidewater carriers con-
tinued in some demand, the B. & O..
stocks being marked up 25s and ga
respectively for the common and pre-
ferred. Sugar was inclined to re heavy
but recovered the worst of it's loss.
There were advances in some of the
less important stocks here and there.
in the list, and some strength in indi-
vidual railroad stocks on reports of
good earnings.
Events Of the week in the stock mar
ket have hinged on the consolidation
of the Steel companies. The stock mar
ket world has not concerned itself
much with the larger bearings of this
vast project as to the ultimate effects
on the iron trade of the world, the in
crease in efficiency of control and d.
rection, maintenance of stable condi-
tions and such like problems. Operat-
ors in stocks have been almost wholly
taken up with the question of relative
values OF the different steel stocks.
measured by their allotted rights to
participate in the securities of the new
corporation by exchange. There was
wild speculation in the steel stocks on
Monday, when the conviction was gen.
eral in Wall street that the basis of
exchange had been settled during the
previous t~hree-days interval Of a closed
market. The failure to put out any
official statement of these terms left
room for excited speculation on the
part of those who were left to con-
lecture the terms from tips and from
the actions of those credited with hav-
ing inside information. When the Off
cial statement of the terms of exchange