Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-15
(Ey Associated Press. ,

(By Associated Press)
NEW YORK, May 14-The inherent
weakness of the stock market after last
weeks severe shock to confidence be-
came obvious to-day and some violent
declines were caused by comparative
ly light volume of liquidation. The
The weakness was partly due to the fact
that the natural rebound after the panic
had expended itself. The factors which
weakness at higher level of prices. For
instance the professional operators who
were so fortunate as to secure stocks
that were sacrificed at the low level on
Thursday were very willing to sell and
take profits when they perceived that
the rebound had about reached its linn
it's. There was another class that Of
the insiders and friends of various
stocks, who bought heavily on Thurs
day to support their favorites in order
to protect their values as far as posi-
Bile. This class was anxious to tighten
its holdings when the panic was check
ed and took advantage OF the high level
of prices. There was large amount
of belated liquidation also in to-day's
market on the part of the capitalists
and operators who were strong enough
to hold through the panic and save their
property from absolute sacrifice, but
who were nevertheless bent on liquida-
ton. The Saturday holiday was taken
advantage of all through the Wall street
district to bring up accounts to the date
and the weak condition disclosed in
many cases prompted the closing out of
these accounts. This factor would have
had more influence yesterday had it not
been for the encouraging effect of the
favorable outcome of the London set
tlement. The bears also resumed their
aggressive mood to-day and not only
ofiered prices down to take the market
away from those seeking to hquidate,
but were industriously circulating
alarmist rumors of the further conse-
quences to ensue from the conflict in
Northern Pacific. 1t was observed with
apprehension, as indicating a possible
spread Of hostile tactics to a general
stock market warfare, that brokers US
ually supposed to be employed by STAN
dard Oil interests were sellers of So
called Morgan stocks while the suppos-
ed Morgan brokers were in evidence
when the stocks in the Southwestern
group began to give way. This might
easily have been a bear manouevre, but
it was effective in driving prices down.
ward. There were whispers about the
exchange also of new element of dis
turbance in the Union Pacific situation.
That stocks was most prominent in the
market all day and its violent break
after a brief period of strength was an
effective influence in unsettling the
whole market. The selling was SEEM
ingly for the account of insiders, judg-
ing from the agents employed in execut-
ing orders and very large selling orders
in this and in other western railroad
stocks came from that portion of the
country through Chicago. Boston was
also active on the selling side 1t was
the prevalent belief in the market that
the powerful operators, including the
most conspicuous of the group who
were so long foremost in the bull mar
ket, had turned to the bear side and
were selling freely. 1t was clear that
the buying demand for stocks had fallen
to insignificant proportions and the liq-
uidation even Of comparatively light
lines caused sudden and rapid melting
away of values. There were intervals
On the down grade Of !, 2 and even five
points between sales. A scrutiny of
the price changes of the day will reveal
net losses of between three and six
points for large number of the princi-
pal active stocks. The money market
was not an influence, as there was no
large demand for call loans. In fact
people We're mostly converting securi-
ties into money as rapidly as was posi-
BILE. For the same reason, the growing
difficulties of the foreign money situa-
ton and the belief that it will draw
largely on New Yorks money supply
was view with lessened apprehension.
The coming installment of the British
war loan the expected issue of the Rus
sia7 loan in Paris and the embarrass-
ment feared for the London market by
the withdrawal of French credits are
expected to result in a considerable
movement of gold from New York. not
withstanding the easier tone of the ex-
change market to-day.
Bonds became weak in sympathy with
stocks after an early show of strength
fo1 H. -