Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-18
AL NERVOUSNESS COM.
|oN GENERAL CONDITIONS
MOST OF THE CONFIDENCE WAS
BASED-PRICES ON A SAFER
LEVEL.

NEW YORK, May 1.-THE fever and
nervousness were practically all gone
out OF the stock market to-day. There
was really impressive demonstration
OF confident strength, which was some
what intermittent and spotty in the
early dealings, but which grew and
oroadened with the progress of the day
and closed with a buoyant outburst
which recalled the days of the early
period of the late boom. The strength of
the market was principally based on
general conditions. but there were be-
SIDES an unusually large number of
period OF the late boom. The strength
STOCKS influenced 10y individual cause.
Inc aggregation Of these strengthening
influences was potent factor in its
syMpatnetlc effect on the market.
broadly considered the general feeling
lnaI prices were on a safer level by
reason OF the imitation let out of them
Whlie the business conditions of the
country and the earning power of prop
eftles were unimpaired, encouraged the
buying. The evidence that forced liqui-
datlon growing out OF the panic had
been completed was thought to leave
the way open for renewed advance. The
indications for tomorrow bank state
ment were of such strong recuperation
that some pressure to lend money SEEM
ed probability not far in the future.
1t should not escape notice, however,
that the principal buying of the day
came through the same channels as that
which marked the leadership of the re-
cent bull speculation into its last stages
OF excess. These operations were sup
posed in Wall street to be inspired in
the interest of the great combinations
OF capital whose measures of consolida-
ton have produced crop of new Sc
curitles which remain to be success
fully marketed to insure the reimburse
ment OF the expenses of those CONSOLE
dations. The belief in the settlement
of the Northern Pacific controversy is
felt to offer assurance of a more effec-
tive naturalization of the whole west
ern railroad territory than has ever
before been known. The prominence
of the stocks OF railroads in that region
was due to this cause. There were very
definite reports afoat that a dividend
OF Missouri Pacific at the rate of per
cent was an early probability. The
movement in the local fractions was
due to the inauguration of the under
ground trolley on additional lines of the
Metropolitan Street Railway and esti-
mates of the benefits to result to the
Manhattan systems from the use of
n1n ini{ 4a1 hxr
ports of an agreement with the coffee
interests and was heavily bought for
Boston speculative account. Expecta-
ton of a Melon-cutting helped Consoli-
dated Cas- A reported settlement with
the city authorities giving assurance
against interference was the cause of
the strength of Peoples Gas. The bet
ter prospect of settlement with the
machinists and the progress of meas
ureS toward renewed organization Of
the United States Steel Corporation
companies indicated by the election of
new directories induced buying of the
u. S. steel stocks. Reports of large
deposits of stock in assent to the pro-
posed exchange with Amalgamated
Copper explained the demand for that
stock. There was talk of closer rela-
lions between the American and Con-
tinental Tobacco Companies. The
Pennsylvania Railroad was said to be
perfecting its control of the subsidiary
coal carrying roads. Such individual
causes of strength might be consider
ably extended, but enough has been
said to indicate the character of some
of the markets strength. Gains all the
way from to 10 points are shown by
an extended list of stocks and their
last prices were practically at the top.
Owing to the heavy receipts from the
interior the banks are expected to show
a gain in cash in to-morrows state
ment of nearly $5,000,000 after allow
ing for gold exports. This promise
neutralized the effect of the falling due
on Monday of the third installment on
Union Pacific bond subscription, in
volving S10,G10,000.
The bond market was broad and
prices were we'll sustained. Total sales
par value $3,455,O00
U. S. IS declined Il per cent on the
last call.
Quotations closed bid
Atchison ......... 7l9s No. Pacific .....149