Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-20

support of the market would drive
these bears to cover. The manoeyre
| was entirely without success, espe-
cially In the early dealings, but all Of
the markets strength was confined to
very few stocks and was not long
maintained Business fell away to
the point OF semi-stagnation at times
during the day showing no signs of
the recent large general demand or
of the operations by large banking
and financial interests, which was the
backbone of the market for long
, time. Obviously none but professional
operators were interested to any great
extent in the days transactions.
There are too many dubious consider
atoms in the immediate future to have
a depressing influence on speculation,
which has been busy for long time
past in discounting all the most ia
vorable considerations that could be
imagined and many Of which have en-
tirely failed to occur thus far. The
suspense of the protracted negotia-
tons over the steel merger is trying to
the nerves of all spectators. The
ramifications of the plan extend so
far and there Is such a mass of de-
tails pertaining to the various COM
panies to be considered which in the
aggregate may make vast difference
in the status of the whole matter, that
conjecture halts in it's attempt to
grasp all of he outlines. For instance,
it was rumored to-day that it was pro-
posed to divide the cash assets of one
Of ha Nj NJ,
plated in the merger before it shall
be taken in. The preferred stock OF
the company would have prior claim
thus offering very aIbstruse problem
OF the relation of the present value
of the stocks to the value of their
share of the new securities after such
division of assets has been made. EX-
pectation continues on toe of an Off
cial announcement of the terms of the
steel merger which are almost hourly
expected and yet it is evident that the
cumbersome project may drag for a
long time.
The steel stocks were all feverish and
unsettled but generally weakened dur
ing the course of the day. The money
market was not violently disturbed,
but the tone continues to harden. A
check for over 23,000000 on account
of the New Jersey Central railroad pur-
chase went through the clearing house
to-day and was a reminder of the in
fuence on the market on the recent
deals. A development which may have
important consequences was recovery
in discount rates in London, in spite
pf hot "a
bank rate will be reduced this week.
Sterling exchange hardened in New
York on demand for remittance by to-
morrow's steamer. 1t seems to be the
expectation in London that the low
point has been reached for discount
rates, which would have an important
bearing on any future needs of the New
York money market. The decision to
close the stock exchange from Thurs
day afternoon until Monday morning
was an influence toward dullness. There
was some uneasiness due to the reop-
ening of the wages question in the an
thracite regions the present agreement
only extending to april lrst. the coal
ers were in consequence especially
weak. Delaware & Hudson was errat-
ic, breaking violently 5A from the top
and closing with a net loss of 21a. The
Southwesterns were all notably weak,
declining from / to rs and there were
severe losses in Great Northern pfd.,
General Electric and the smelling
stocks besides those in the steel stocks.
There was an upward turn in Sugar,
but it did not hold. comparative firm
npcs was shown nv TTDiOn papific IL
linois Central and for a time, st. Paul,
though that stock gave way at the last.
There was large buying again in
Southern Pacific bonds, but they lost
most of their gain before the close and
the general bond list was reactionary.
Total sales par value $4,685, 900.
e. S. bonds were all unchanged on
the last call