Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-01-19
Railroad bonds weak.

IldllIOdu JULIUS WEAK.
Stocks-The market was subjected
to an energetic shaking down to-day
which caused a notable decline in
prices. Prices, however, had been
pretty we'll advanced before the de-
cline set in and there were notable re-
coveries at the end. The net changes,
therefore, do not by any means give a
just idea of the character of the mar
ket. The fall in prices was in most
cases a perpendicular one from the
high level to the low level, which gave
it the appearance of great violence.
The selling which caused it had all
the appearance of great urgency and
was in very heavy volume, large blocks
coming out on the decline. 1t should
not escape notice, however, that there
were important stocks in the list
which offered good resistance to the
prevailing weakness and which rallied
well from the declines. The tone of
the steel stocks was much better than
yesterday. They were vigorously sup
ported, especially Federal Steel, and
there was a good demand from the
short interest. Important members of
the group show small net gains on the
day. There were points of strength as
well in the railroad list. Missouri Pa
ciiic, Southern Pacific and Union Pa
cific were well absorbed during the
day, and B. & o. showed no further
sign of yesterdays extreme weakness.
Sugar manifested strength and closed
at ,ne best at net gain of nearly 2
points, but it was Noticeable fact that
the early advance in prices was some
what laboriously achieved.
The determined effort to support the
market which was manifest at the
opening. neceSSitated the acceptance
of some very heavy offerings before
the weakness was overcome. When
the movement of prices was once turn
ed upward it seemed TO have the effect
OF checking speculative liquidation
and the volume of dealings was rather
small on the upward course but it
p" ed an easy task for the bears to
lido the work of the bulls, when they
commenced to offer prices down. The
severest sufferers on the decline were
among the New York public utili-
ties, the grangers, the coalers and
later in the day, Northern Pacific. st.
Pauls extreme decline over points
and Northern Pacific suffered to the
extent of 3h. Consolidated Gas and
Delaware & Hudson were forced down
nearly 5 points, Lacawanna By. Tin
Plate preferred 3, Steel Hoop common
and preferred and Colorado Fuel 8 to
S&, the local fractions from 29s to 3ss.
the grangers to 8. Erie first preferred
8 and large number of the principal
active stocks from l to 2. The fact
was again demonstrated that the bear
element has been so eager to discount
the expected liquidation that the mar
ket is full of short accounts. The
eagerness of the bears to cover pulled
the list up again, rallying st. Paul
nearly 3 points, Erie first preferred
over and the larger part of the prin-
cipal active stocks between | and ,
points.
The activity of the market declined
as the rise progressed and there was no
evidence of any active renewal of a de-
mand for stocks. hec losing was I'M
steady and wavering, and at the best
in only a few cases. he forecast of
the bank statement had an influence
in driving the bears to cover with its
prediction of another increase of near
ly Sl0.O00,000 in the banks cash re-
serves. In spite of the payment to
the sub-treasury of the gold with
drawn from the assay Office for export.
the weeks sub-treasury operations has
V m he ho