Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-21

POINT OF THE WHOLE DAY
TAKING on PROFITS ON LAST
WEEKS LATE RISE THE
PRINCIPAL CAUSE.

NEW york, May 20.-Tna ls.e up
ward movement of stocks last week
failed to continue to-day although there
was some resistance at times in the
way OF strength for individual stocks
There was a progressive decline in the
influence OF these special movements
and the day closed with the market
quite active and decidedly weak at
about the lowest of the day all around,
There were one or two unfavorable new
features during the day but there were
also some developments which had a
favorable Interpretation. The market
was not very manifestly influenced by
the news of the day, but seemed rather
to move as the result of technical
causes. Taking Of profits on last weeks
late rise was the principal OF these
causes. The market gave growing evil
dence of its abandonment to the class
Of professional operators, some of them
Of large means and broad methods yet,
but with the public evidently not a fac
tor in the market and disinclined to
respond to the temptation OF price
movements. The maxim of the profess
sional operator to sell stocks on a show
OF strength and to buy them in a de-
cline comes into interrupt the move
ment OF prices before 1t has extended
far in either direction and to bring The
market constantly nearer to a state Of
equilibrium. The market opened IT.
regular and then yielded all around to
the realizing, but recovered quite
strongly in response to a movement in
the coalers. There was some strength
also among the Southwesterns, appar-
emily on the score Of published reports
of a projected new steamship line from
a Mexican port to the Orient. The OBJ
vious fact that the struggle for control
of the transportation of future trade
products to the Orient lies at the root
of most Of the movements working out
in the TRANSIT continental railroad terri
tory gives any suggestion in this line
an influence. The movement in the
coalers was apparently speculative. The
strength in st. Paul was not explained
by any news, but the buying was call
ed good. The stock yielded, however,
In the late weakness and closed at a
net loss. The weakness of Union Pa
cific was an effective factor in upsetting
the market. Allegations Of a further is
sue of convertible bonds to finance the
purchase of Northern Pacific stock
were the prime factors in the stocks
weakness. 1t closed at par 7h points
below Saturdays close and at the low
est of the day. other notable weak
stoncks were Atchison, which lost Az;
Consolidated Gas as much; Sugar 3H;
Manhattan 3s; Rock Island and Metro
politan Street Railway 8; Louisville
"a; Amalgamated Copper 2k, and a
large number of stocks from l to 2.
A number of the minor industrials
showed notable strength, although their
best prices were reduced by the late
weakness. Among them were the Inter
national Paper stocks, American Lin
seed stocks, United States Rubber
stocks, National Lead stocks and the
Rubber Goods stocks. In American
Linseed preferred and United States
Rubber preferred the gains had reach
ed about 8 points. There was large
buying of Burlington for cash which
was apparently connected with the fact
of the proposition for the Burlington
deal being conditioned upon the deposit
of at least two-thirds of the capital
stock on or before May goth. The be-
ginning of the machinists' strike and
fears of a spread of labor troubles was
the depressing influence and the adj
vance in sterling exchange rates with
the decline of sterling at Paris, indicat-
ing further shipments Of gold from
here. as we'll as the heavy receipts Of
the treasury which were unsurpassed
for May, discouraged the borrowing OF
O for speculative purpose.
The bond market generally was dull
and irregular, with some yielding In the
late trading in sympathy with stocks.
Total sales par value $3.50, 900.
u. S. bonds were all unchanged on
the last call.
Quotations closed bid: -
Atchison ......... tn North. Pacific ..l541s
lPenna -. ......146 do pref ........ sem
Raft. & Ohio. ..104A lOnt. & West. a2ls
60 pacihc lN2A Reading $500 A0Ax