Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-12
DEALINGS FILL OFT
OPENING SHOW OF STRENGTH
AND PEACE RUM0Rs FROM
LONDON.
(By Associated Press

otoSh ludihct dciuCustfdleu Inc pro-
fessional character into which it has
again relapsed. The volume OF deal
ings fell back near to the level which
was reported previous to last weeks
squirt of speculative activity. The d.
minished interest showed a tendency
to become congested in a few stocks.
The strength of these had some influ-
ence in sustaining the general market,
but this waned in the latter part of the
day. The opening made a good show
of strength under the combined influ-
ence of favorable Interpretation of the
government crop report, published af-
ter the close yesterday and the rumors
which came thick from London that
peace was imminent in South Africa.
fhe crop report had the greater effect
on account of the short selling which
has been done by the bears during the
past week in expectation Of showing
OF great deterioration in the crops.
Notwithstanding the decline in condi-
ton of winter wheat crop during the
month and the decrease in age OF the
spring wheat crop, experts are able to
figure bumper crop on the govern
ment showing. The rains which have
fallen since the first of the month,
which is the date Of the governments
computation, were also taken as an off
setting factor to the unfavorable fea-
lures of the report. The short covering
which developed yesterday afternoon
was therefore continued with energy
this morning. There was an attempt,
nevertheless, to distinguish in detail
the effects of the reports as bearing on
different States. The spring wheat
grangers were consequently strong
while the Texas, Missouri and Kansas
lines were held back. A sharp raid
carried Texas & Pacific down 2lk from
the high point, and Missouri Pacific it.
self fell under last night The whole
market suffered from realizing until
the aggressive movement in Missouri
Pacific checked the decline. This
stock touched 1925 on we'll defined ex-
pectations Of coming dividend There
was rurnor that the company's bonds,
which have the option of exchange into
stock, and which pay five per cent. are
to have the option exercised in their
behalf.
The pressure on Texas & Pacific was
attributed to change in the ratio Of
its proposed exchange with Missouri
Pacific stock, which has been supposed
hitherto to be two shares for one of
Missouri Pacific. The Mexican Central
issues were largely dealt in in connec-
t1on with report of refundng plan
which would bring the stock nearer to
dividend claims. The appearance of
controlling Standard Oil interests in the
directorate of the American Linseed
Company was responsible for the
strength of these stocks and of Ma
tional Lead, which, it is said will bene-
fit from the change. A number of .the
high priced specialties, such as Sugar,
Amalgamated Copper and American To-
bacco fiuctuated feverishly under the
influence of what seemed purely specu-
lative operations. There were some
sharp advances in less prominent spe-
cialties which were unexplained, in
Guiding American Express, North
American, General Electric, Virginia.
Carolina chemical. and others in which
the gains ran from / to points. The
money market was free from disturb
ance, but reports of transfer of sew
eral million dollars in currency to Phil
adelphia yesterday in connection with
steel company consultations, was an
influence upon sentiment. The selling
pressure gained force at the last and
the closing was heavy at about the low
est and generally below last night, de-
clines from the top ranging from 1 to
4 points in the principal active stocks.
The sale of 100 shares of Northwest
ern preferred was made at 13 points
lower than the preceding sale.
The demand for bonds was we'll dis
tributed and prices advanced. Total
sales par value, s3,975 900.
U. S. bonds were all unchanged on
the last call.
Atchison :. :. :. ssas Met. St Ry.. -i7eA