Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-20

NEW york, May 1S.-The promise
Of renewed strength in stocks held out
by yesterdays market was not fully re-
allied to-day although the substantial
early gains were not all wiped out by
the late reactionary tendency, due prin-
cipally to the bank statement. Just at
the close there was an abrupt marking
UP of few stocks to top prices appar-
emily by manipulation, which lessened
the appearance of weakness. The dis
appointing feature Of the bank state
ment was the decrease in the cash re-
serves. The preliminary estimates of
the interior currency movement indi-
Gated that receipts had been so heavy
as to Offset the outgo by gold export
and sub-treasury requirements and
bring the net gain in cash by the banks
to $6,0t0,000 or upwards The state
ment shows decline on the contrary
of $1,293,600. The discrepancy is sur
prising. but the fact is obvious that the
relaxation in the local money rate has
lessened the attraction here which was
drawing money from the interior dur
ing the stringency OF last week and
early this week, just as it allowed gold
to go to Europe. The heavy stock mar
ket liquidation is shown in the $24 ,204,-
800 Of repayments of bank loans. 1t is
clear that the money market is again
a factor to be considered in the stock
market, with receipts of currency from
the interior arrested and gold going out
to Europe. The effect of realizing was
quickly manifest this morning in stocks
which had been strongest yesterday.
Atchison forged upward to the leader
ship of the marke. and closed at a net
gain of3ss. There was no news to ex-
plain the rise. Other strong features
were the local gas stocks, Baltimore &
Ohio, Lackawanna, Rock Island, Illi-
nois Central, the Shicaog and Alton
stocks, Pittsburg, Cincinnati, Chicago G.
st. Louis, Northern Pacific, Great
Northern pfd., the Fries, the Southern
Railway stocks, Wheeling & Lake Erie
list pfd, International Power, the Ma
tienal Lead stocks, Manhattan and a
number of minor industrials and spe-
cialties. Last prices were decidedly be-
low the best in most cases. The de-
crease in loans was the largest for one
week in the history of the clearing
house.
The stock market has shown the in
evitable aftc effects of last weeks con-
vulsion during the whole of this week,
in spite of opinions voiced by the less
rational of the speculative element that
the panic was only sort Of emotional
insanity without real cause in actual
conditions and that therefore the stock
market was likely to come back prompt
ly to its previous state. The various
violent rebounds which have occurred
from the lower level Of prices have been
cited to strengthen their views. But
violent fluctuations fthe kind wit
messed this week are phenomena al
ways witnessed in the market immed-
lately following a sudden commotion.
The movement of prices is exactly an
alogous to that of the waves in pool
where a sudden withdrawal of a huge
displacing body forces a violent process
sion, followed by an almost equally vio-
lent rise and then lessening oscillations.
Those who can possibly comman means
or credit to hold stocks will make al
most any sacrifice to prevent selling of
property on which they have any
claim in such a market as that of
Thursday of last week.
U. S. As advanced 1a and the refund
ing2s "A per cent. The IS declined Il
below the closing call of last week.