Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-03-01

w mus
Wisconsin Central lists ................ SS&
Virginia Centuries 9512
Government bonds strong.
State bonds inactive.
Railroad bonds firm.
Stocks-After an %unavailing effort to
check the yielding tendency of prices,
the market gave up to the threatening
depression, and the closing was decid-
eddy weak at the lowest, with some
thing very like a splitting out of stocks
going on all through the list. The
steel stocks were most acutely affected
and were weak throughout. One Or
two in the group advanced slight frac-
tons at time under the process IF
arbitrage operations, which involved
purchases to cover sales in other
stocks, but the prevailing disposition
was clearly to sell. Dealings continued
on the curb in the contracts to deliver
United States Steel Corporation stocks
when issued, though on not as large a
scale as yesterday. These stocks,
which were regarded as the index Of
the value of all the members of the
group, showed an increasingly heavy
tone. Bids of 81 for the common and
S2h for the preferred were put in at
the opening by brokers acting on be-
half of the Banking interests concern
ed in the organization of the new CON-
pany. There was some firmness in the
common stock during the day, but in
the closing dealings the bid for the
common stock was reduced to SO and
for the preferred stock to 80. The good
conditions reported in the iron and
steel trade by the Iron Age in its issue
to-day was ~disregarded in the trading
in the steel stocks. The last prices
showed National Tube Az lower than
last night, American Hoop, Steel IL
Wire, Tin Plate and Steel & Wire pre-
ferred from 2 to 214 and the others OF
the group from a fraction to nearly 2
points. The stocks not included in the
consolidation were also weak, Tennes-
see Coal declining neariy 8 points. Puo-
lished reports from Pittsburg of dis
satisfaction on the part of the National
Tube stockholders with the terms of
the exchange were an influence in the
depression. The relapse in Sugar, To-
bacco and st. Paul after a short-livcd
opening bulge, also served to discour-
age the speculation.
Efforts were made to substitute
other stocks for the purpose OF main
tanning the market, but they were in
effectual. They were most conspicu-
Gus in the smelling stocks, which rose
SIS for the common and 2% for the
preferred. Anaconda, with a rise OF
21a and Amalgamated Copper with an
advance of 3 points. The American
Linseed stocks, the United States rub
Der stocks and International Power
were up from IL to 3 points. st.
Louis & San Francisco rose 3 and the
second preferred 1Aa. These move
mentS were without explanation, tx
cept that it was announced that cop
per stocks would benefit from the ap-
preaching adjournment of the Mon
tana Legislature. This seemed a more
potent influence than the reported
heavy decline in copper stocks. The
movement here, as in the steel stocks,
was without regard to the trade news.
A batch Of strong railroad statements,
especially from the c~oalers, was equal
ly ineffective in sustaining that de-
partment Of the stock market. Prices
in a number of the most prominent
stocks are at a point or more lower
on the day. The money market con-
tinued easy, Notwithstanding the large
absorption by the s~ub-treasury and the
demands for the months end settle
ment. 1t is not unlikely, however, that
the money market possibilities are an
element in the caution manifest in the
speculation. A sharp rise in sterling
exchange in response to the harder
money market in London served to
emphasize this caution. Probably the
true explanations of the h~eayiness of
the market is the Illumination of the
trading. with many of the largest for
vacation after the prolonged period
of unprecedented activity and excite
ment in the stock market.
Bonds were relatively better sustain
ed than stocks. Total sales, par value,
s3,025. 900.
q. S. registered IS refnding advanced
IS, and the 5s Il on the last call.
Quotations closed bid: