Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-24
on 4 SMALLER SCALE.
THAN MONDAY WAS YESTERDAYS
MARKET, BUT NO LESS VAR
CLOSED AT NET DECLINES.
AN ADVANCE In UNITED STATES
STEEL BECAUSE OF REPORT
ED ADVANCE IN RAILS.

btoSh AudIhSJ presented even more var
icty than that OF yesterday, although
the high record OF transactions estab-
lished yesterday was not disturbed by
to-day's business. Dealings were on
smaller scale than yesterday. In fact
1T was not until the urgent selling
movement of the last hour had gained
full Roadway that the market presented
anything like the animation which
characterized it yesterday. Speculative
sentiment ran over pretty much the
whole gamut OF emotions, from that OF
buoyant elation during the morning to
something like collapse in the after
noon. Although the market closed at
net declines throughout extending in
some cases to three or four points or
even more, there WAS time during the
morning when the level of prices was
materially higher than yesterday and
the market had the appearance of a
full resumption Of the bull speculation.
The high priced railroad stocks contin-
ued to be the principal subject in the
speculation, especially st. Paul, Union
Pacific and Southern Pacific. Atchison
preferred had a strong upward move
ment and there were points of strength
d1AOh6 LILO DOuluWSBtCIuS.
and Northern Pacific we're strong and
held better than the average of stocks
in the late break. Among the special
les Amalgamated Copper recovered
quite vigorously from yesterdays de-
preston and u. S. Steel stocks made
show of strength for the first time in
several days. These were the princi-
pal centers OF the early strength in the
market, but their influence was radiat-
ea pretty generally through the list 1t
would be somewhat difficult to assign
cauge for the early strength OR the late
weakness, as 1t seemed to depend little
on news of the day. The motives of
the traders were confined for the most
part to fears or suspicious of what 9TH
ers were doing Powerful support and
violent manipulation were resorted to
in the early dealings and the success Of
these measures in turning prices up
wards caused heavy covering move
ment among the large short interest
which was formed yesterday. There
were limitations during the morning
that the Official statement regarding
the Burlington deal would be given out
later in the day and a rumor was cur
an exchange of bonds to the value OF
$50 per cent and cash payment of $40
per share together with cash payment
of 81 per share for the next dividend.
The report that the price OF steel rails
was to be advanced to $28 per ton, was
the cause Of the advance In u. S. Steel,
although professional manipulation was
much in evidence, as it was in all parts
Of the market. The announcement ov-
er night OF an engagement of 1000 600
in gold for export seemed to have lit
tie effect on sentiment and reports
were set afioat that large blocks of gov
eminent bonds were held ready to Of
fer for redemption, which would pro-
vide gold for any export demand with
out affecting the money market.
The source OF lis available supply
of government bonds was not disclosed
Sterling exchange also yielded slightly
under the offerings against the gold
shipment. Probably It's recovery later
in the day was a large influence in the
renewed uneasiness manifest over the
money outlook. The sub-treasury is
again taking money from the market
anu New York exchange in the interior
has fallen back to discount, indicat-
ing a cessation Of the supply of funds
from that source. The adjournment Of
the Burlington directors without offer
ing an oflcial announcement was disap-
pointing. The success of the bulls in
getting prices up was Offset by the very
heavy offerings to realize attracted by
the advance. This was especially SO in
the u. S. Steel stocks owing to the sus-
picion prevalent In Wall street that
heavy liquidation ds going on in these
stocks On the part OF former large in
terests in the individual companies alb
sorbed by the combination, and who
are retiring. Bear selling also became
very bold and extensive when the fulfill
ity OF the bull efforts to sustain the
market began to be seen The closing
was weak at the lowest and showed
such violent declines from the top lev
ell at 51s in Sugar. AZ In st. Paul, ~
in Brooklyn Transit, 4 in Consolidated
Gas. ~ in Rock Island and from to
over 8 points In long lisl of important
stocks
The bond market was active and IT.
regular. Total sales par value s4,s70,-
900.
U. S. s's coupon declined v per cent
o nthe last call.
Atehison -. ss:SliMoeile 4 Ohio. g
p DO z Ppsef =. =. = e. NJ, K Z r.. g
DO. pref =. =. =. shNo 90 ). p Central is s.
Can. Pacific -. sSn ". Y. Central. .I5lL