Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-17
INTEREST Is DECLINING.
FEWER THAN A MILLION
SHARES WERE SOLD FOR THE
FIRST TIME SINCE ROOM
BEGAN.
Ry Associated press

(
still further lapse Of interest in the
stock maSket to-day as was shown by
| the decline in the volume of dealings
to below million shares for the first
time since the late boom attained force.
The market also gave evidence of fur
Their progress towards normal condi-
lions. There was still rather fever
ish price movement, but the oscillations
showed lessening tendency These
are phenomena which invariably fol-
lew panic. Usually the first violent
relapses after the first rebound do not
carry prices back as low as the panic
level nor do the rebounds reach as high
| as the previous level After the vio-
lence of the fluctuations has subsidized,
there is likely to be a dull period and a
grayitating tendency to a lower level
| unless some rev factors OF strength
develop to reEWaken outside buying de-
mand. To-day the speculative contin-
gents were inclined to look for such a
| new influence to the promised settle
ment of the Northern Pacific dispute
No authentic information can be had
| as to the terms OF this agreement but
it is generally accepted in Wall street
that it will insure the safeguarding of
| the interests which deem themselves
| threatened by the Burlington deal with
out retracting from the benefit of that
deal to its original projectors. The
rapid progress reported to be making in
the deposit of Burlington stock to be
exchanged for the proposed new bonds
seemed toin sure the rapid consumma-
| ton Of the Burlington deal itself The
effect of this development was most
| manifest in ST. Paul and Rock Island.
! Northern Pacific, owing to the abnor-
| NAL standing of that stock in the mar
ket was no. an index to the situation.
The process Of exchange going on in
| the Burlington stock affected it to some
| extent in the same way. The advanc-
| ing tendency in Union Pacific was con-
stantly checked, supposedly by the sur
misses as to the method of financing the
| purchases of Northern Pacific stock
made in the company's interests. The
] advance in ST. Paul over last nights
| level reached rs in Great Northern
preferred 6ss; Northwestern and
Rock Island 43s.
| Another active centre Of speculation
was Amalganzated Copper, in which the
buying was large, apparently by inside
interests, and regarding which various
| favorable items Of news were publish
| ed during the day. The most import
ant was the reported intention OF the
vice chancellor Of New Jersey to dis
solve the injunction against the absorp-
| ton of the Butte & boston and the
| Boston & Montana companies. The
| stock advanced at one time IL. There
were various other points OF special
! strength, the causes OF which were not
always disclosed. This International
Power advanced 1012; Minneapolis &
! St Louis 71s on expectations of divi-
dend increase; American Express 934;
Consolidated Gas 81; L. e. & w. ia;
Iowa Central preferred and Pullman
| Az. the relaxation OF forced iquida-
! ton made comparatively light buying
orders effective in advancing prices.
| There was undoubtedly a good deal of
manipulation by insiders in the inter-
est OF better prices, OUT there was also
| a growth in investment demand for
| good dividend payers. But not less
| striking than the strength with which
prices advanced was the ease with
which they We're forced down again I'M
der very light selling with which the
| day closed with prices all the way
from 1 to 5 point below the best and
with net changes a good deal mixed
| and for the most part small. Reports
OF needed rains in the southwest were
| an early encouraging feature and the
| growth OF labor troubles caused some
uneasiness, especially the candid ad-
mission by the leading publication in
| the interest OF the iron trade that there
may be widespread disturbances in that
trade after July 1st The ease in the
money market was due entirely to the
| falling OF in demand and speculation
| as other causes are tending to a steady
| depletion of New York bank reserves.
The bond market was broad and mod
| erately active and price changes were
| irregular. Total sails par value $2,S45,-
COO
United States bonds were all un-
changed on the last call.
/ Quotations closed hid.