Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-26

STANDARD Rope and TWlne 6s..... III
Texas and Pacific lists (bid) .1lIh
Union Pacific IS los
Wabash lists lls.k
90. 2ds loifered) ......-. 1lo11
Wisconsin Central lists fbid).......... S..
Virginia Centuries bid)..-........ 95h
Government bonds strong.
State bonds inactive.
Railroad bonds firm.
The stock market made a remark
able exhibition this morning of spas
modic strength followed by a relapse
and a period of undertaking dullness
and dropping prices UP to the close.
The principal influence in the opening
bulge was the many rumors and Cit
cumstantial accounts of the alleged
details of the steel merger and the
terms of exchange OF the proposed
new securities for the existing stocks
OF the steel companies. This accumu-
lation of conjectures was supplement-
ed by reports of the proceedings of
brokers up town during the three days
interval while the stock exchange was
closed. The prices bid by some of
these brokers for blocks of the steel
stocks and the sales made according
to report about the uptown hotels
were calculated to excite speculative
cupidity. The excited bidding which
was thus attracted in the opening deal
lngs sent prices OF the steel stocks
up like a rocket. Tin plate was the
most notable in the width of its duc-
tuations. The stock was rushed up 10
points in a few minutes and after
dropping back was lifted again al
most to the top level, but it ultimately
gave way with the whole market.
Other steel stocks, including both the
common and the preferred were up
from l to nearly 6 points. These
prices brought in heavy realizing sales
at the start. The professional room
operators were obviously disposed to
let the group alone, not caring to COM
pete with insiders in p~retensions to
accurate knowledge of the value of the
stock. Besides this influence which
whipped the steel stocks into efferves-
cense, the interval since Thursday
has seen the publication of the favor
able bank statement of Saturday.
Traders bought according to their in
variable rule on the showing of an in
crease in the surplus reserve. Last
weeks gain in cash was a good deal of
relief to the apprehension regarding
the money market. The check to the
recent heavy increasing tendency In
the loan item was supericially regard
ed as favorable but the conviction that
it was due to the calling in of loans
placed in the stock market led to some
later apprehension thai the process
would be continued in further prepar-
alton for corporation financing opera
tions. London sent higher prices UNI
der the favorable influence of the sue
cess reported for the British arms in
South Africa. These influences caused
some advances in the railroad list of
from one to three points. A good de-
mand developed later in the day for
the Southern railway stocks and there
were isolated instances Of strengths
among some of the less important
railroad stocks. All other considera-
tions, however, yielded to- disappoint-
ment over the still further postpone
ment of the official announcement OF
the terms of the steel merger and to
growing skepticism as to the accur-
acy OF reports already current. With
the reactionary tendency thus devel-
oped there came renewed apprehension
over the effects on the money market
of the steel merger, gains in the rail-
road list were with a few exceptions
wiped out and some of the most i'm
portant of the steel stocks fell back
below Thursdays level, steel and wire
falling 4 points lower than Thursdays
close. National Steel 2 ar1 National
Tube IA. Tin Plate reacted II points
from the top and closed with a net
gain Of only 5 points. American Hoop
rose to the best at the end. with a net
gain of 6. There was some stiffening
in the group on a special covering at
the close, but there was nothing left
Of the early %buoyancy. Pacific Mail
lost 6H on Fridays disaster off n
Golden Gate. The bond market was
inclined 70 go off in the afternoon, but
retained a part of the morning ad-
vances. Total sales par value $780,
600.
United States %refunding IS advanced
4 and the IS IL per cent on the last
call. The new As declined 4.
Atchison :. -. 55A Mobile & ohio. 7S11a
a. nraF IS M K r. T. 1888