Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-04
SUBSTITUTING EXPANSION
BOTH CHARACTER AND VOLUME
OF THE BUSINESS TRANSACTED
GAVE THE MARKET A BOOM
ING APPEARANCE.
,tBy Associated Press.)

.(By Associated Press)
NEW YORK, June Speculation in
stocks was again very animated to-day,
and the dealings showed a substantial
expansion over those OF Friday. Both
in character and volume of trading
the market bore close resemblance to
that in the boom period. Strenuous eff
forts were put forth by powerful f1nan-
cial interests to give it that appear
ance. There was an increasing on the
part of the outside public demonstrated
through the commission house orders
executed in the market, but the market
still continued for the most part in
the hands of the professional operators
and the larger speculative interests.
Much of the buying is predicated upon
the confident assumption that the pow
erful financial interests Of the country
have reached determination by tacit
agreement to advance prices to higher
level and to attempt to renew the spec
ulative conditions prevailing before the
upset in the second week of May. Buy
ers OF last week were heavy sellers to
take profits to-day, and this selling
caused very general reaction after
the opening advance, which was fairly
common to the whole list Some of the
stocks which were most conspicuous
in the opening advance did not do
more than hold their own in the latter
dealings. Others continued to advance,
while still others, which were strong
carly last week and then reacted,
renewed their strength in the late deal
ings After the first general reaction,
the policy was adopted or advanced
first one and then another stock in Sc
quence. Realizing was continuous un-
der cover of these movements, but the
net result of the days trading was
substantially higher level of prices
at the close after day of great activ-
ity and variety. The steel stocks were
conspicuously under pressure of realiz-
ing after the opening rise, and closed
net gains. Very conspicuous strength
was shown by st. Paul, Union Pacific,
Southern Pacific, Missouri Pacific, and
in the final dealings, the Readings and
Fries.
There was development of great
speculative activity in Sugar which car
ried that stock up an extreme points.
Amalgamated Copper gained 31s. The
Tobacco stocks, Colorado Fuel Consoli-
dated Gas, General Electric and Pacific
Mail rose from to Az. Sugar was
affected by the renewed conviction that
an understanding existed between the
competing interests. In the market at
large there was specific news to account
for the activity and strength beyond
the general belief that the agree
ment arrived at in the Northern Pacific
dispute carried with it an assurance of
concord among all the great railroad
$50, and at the closing was 100 bid
and $50 asked. Only one hundred
shares were dealt in. One of the ru-
mors current was that Northern Pa
cific stocks would be exchanged for
bonds to be jointly guaranteed by
Union Pacific, st. Paul, Great Northern
and Chicago & Northwestern. The
speculation was largely based on gen.
eral considerations such as that time
had demonstrated that the stock mar
ket panic had effected no impairment
of the prosperous business conditions
is that with speculative losses adj
justed renewed advance was in order.
The unimpaired earning power of prop
critics and the renewed accumulation of
capital, it is argued, point to renewed
demand for securities. The belief is
prevalent that still further large read
justments in the relations and hold
ings of the great railroad systems, look
ing towards additional stability of con-
ditions, are still in contemplation, and
it is argued that the panic in itself may
have facilitated efforts to concentrate
holdings of railroad securities with
these ends in view. An easier tone in
the exchange market indicated less
probability of gold exports this week.
Bonds were active and strong in SYM
pathy with stocks. Total sales par
value s4.700, 900.
United States bonds were all I'M
changed on the last CALL
Quotations closed bid:
Atchison ......... SIS Met st. Ry... .173a4
do pref ...1oi Mex. Central :. 2sss
Bait. & Ohio. los Mex. National. ia
do pref ......... IS MINI. & st. L.. 81
Can. Pacific -. .lGSl2 Mo. Pacific 49,. 115i5
Can. Southern :. liz NJ, X & t. 1923.
Ches. & Oho.... so do pref ~ 65L