Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-01-31
State bonds inactive.
Railroad bonds firm.

OtdIC UOAu iboStlfS.
Railroad bonds firm.
To-day's market was made up of
movements in special stocks evident
ly under the operations of speculative
cliques, who brought manipulation
freely to bear to aid the movements.
An overwhelming proportion of the
total business was concentrated in less
than a dozen stocks. st. Paul, Steel
& Wire and Southern Pacific contin-
ued very prominent but they were
supplemented by large dealings in
Rock Island and some of the South
ern stocks. The first five minutes of
trading were sufficient to demonstrate
that very powerful support was in the
market. The heavy offerings of st.
Paul were freely bought and its de-
cline was checked at $50. The same
was true in Northern Pacific and in
the steel stocks. The official color
given to denials this morning of the
so-called St. Paul deal and the expli-
cit assertion that it was off brought
a large speculative selling of the
stock and the statement on behalf of
the Steel & Wire directors, given out
after the close of the market yesterday
was a weakening infiunce in the steel
crop. When the determined and eff
fective support at these two threaten
ing points was observed the tone of
the speculation was strengthened and
the prompt advance in Rock Island
and of various other stocks later in
the day served to sustain prices in the
general list. Selling to realize was
0ninp on oativa1u 11r11or ,oua, of +Lo
strength in active stocks and the mar
ket was highly Irregular during the
whole day. Under the influence of
the first upward squirt in Rock Island,
which rose an extreme 81, there were
general recoveries, st. Paul and other
leading stocks rising above last night.
The fact that the buying of Rock ISL
and was by brokers identical with the
support in Steel & Wire, aroused some
distrust Of the movement and the
subsequent advances In special stocks
were not notably responded to in the
general list. SIT. Paul sold off later to
l4912 and closed with a net loss of a
point. Southern Pacific suffered from
heavy realizing on the statement OF
December net earnings showing the
41SISdSS VI DCOG,lOJ ON-
er December of last year
Mobile & ONO continued to advance.
rising 6s on top of yesterdays gain of
oh. No authentic information could
be secured during trading hours as to
the source of this buying, but it was
made the occasion by SPECTATORS for
advancing the stocks of various rail-
roads which might be benefited bv Sc
curing the control, including Southern
Railway, Louisville, Chicago & Alton
n Kansas City Southern. The con-
troll of the road is at present vested in
the bondholders through a voting trust
and 1t is said that no controlling in
terest IN the stock is held by anv one
party. Late in the day the steel stocks
were marked up vigorously after re-
sisting decline all day. The rise in
Steel & Wire from the lowest reached
33s in the preferred, 21a and in Federal
Steel 21s. There were gains of / to
1R by some other members of the
group. The engagements of gold for
export by to-morrow's steamer make
a total Of $2,250, 900 which is consider
ably less than the preliminary esti-
mate. But sterling exchange here adj
vaneed further to-day as it did in Paris
and 1t is evident that a gold movement
from here to London is imminent.
Borrowers in London ~resorted to the
Bank of England to-day, showing that
the efforts of that institution to con-
troll the open market are meeting with
success. With a prospect of gold be-
ing thus drawn from New York if
seems hardly probable that the bank
will be reduced tomorrow. An addi-
tional reserve of gold in London
would be desirable in preparation for
the placing of the coming war loan
there.
Prices of bonds were well sustained
to-day on a good absorption. Total
| sales par value 1885, 600.
U. S. bonds were all UNCHANGED on
the last call.
Atchison &. . . . al Mobile & Ohio i
do. pref -. :. :. Sc M, X. & T. -. 1917