Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-01-23
State bonds inactive.
Railroad bonds firm.

The influences in the stock market
resolved themselves to-day into sew
eral distinct component parts, which
operated in conflict part of the time
and never in clearly defined concert.
There was a palpable effort to open
prices high In fact brokers in a
number of stocks admitted the re-
ceipt of orders to make first prices as
high as possible. This is familiar
device of traders who have gone long
OF stocks during rise on one day, to
get the greatest possible benefit from
the relapse after the opening.
Prices of stocks. which were most pal
pably manipulated yesterday dis
closed the operations of this class.
St. Paul and Northern Pacific were
conspicuously affected in this way, the
former opening up IL and the latter
rising almost as much and then
running off again to near last nights
level. The same stocks came into
prominence again late in the day, aft
er the news had been received of
Queen Victoria's death. This event
had been so definitely foreseen that
there was little reason to expect that
40 uSIudl WOulu Cduoc
any marked depression in the market,
but apparently there was a specula-
tive element who feared the possioiI-
ity of selling induced by the Queens
death. After that event was reported
there was a pause in the activity of
the market as though awaiting it's eff
feet on prices and shortly afterward
room traders set to work to bid up
prices again. They lifted St Paul an
extreme Az over last night, North
ern Pacific 25s and the grangers, Pa
cites, Trunk lines and more promi-
nent stocks generally from / to 2
points. The same traders were &C
tive in Sugar all day, making the ex-
IRENE advance 21B. On the other
hand the sensational movement In
Missouri Pacific was brought to a
sudden stop after & 3 points jump at
the opening and the Wabash socks
also fell back. The extreme decline
in Missouri Pacific was tx and it
closed at net loss of 31s. This act
ion of the stock naturally caused
some incredulity regarding the many
rdmors afioat yesterday of a coming
consolidation of the Southwestern
railway systems and of buying by a
prominent capitalist for control.
The other members of the South
western group were, however. we'll sus-
tanned and the absorption of Wabash
debenture bonds continued on an enor-
nous scale and at a price level above
that of yesterday. Missouri Pacific was
in urgent demand in the loan crowd
and commanded as high as u per
cent premium for use by the shorts.
This gave color to the belief which
was avowed by some of the traders
that the buying of the stock had re-
suited in a corner. leaving a very heavy
short interest with their requirements
unprovided for. Amalgamated Copper
again moved widely, jumping nearly
three points at the opening and then
falling back 3a4. The steel stocks
were comparatively neglected but the
undertone was weak in spite of the
less threatening utterances authorized
by trade magnates. Federal Steel fell
away 29s and other members of the
group from l to " after small OPEN
ing advances. The late notable rise
was not well maintained. especially
in the stocks which were bid I'D most
aggressively and the closing was active
and rather easy below the best. The
level of prices at the close was, how
ever, substantially higher than yester-
day and the undertone of the market
during the day was steady The an
nouncement of further gold exports
had little effect on the market as mon
ey continues notably easy. Sales were
less than a million for the first time
since New Years. The Wabash de-
bentures IBIS" led the bond market in
point Of activity. Texas & Pacific sec
onds rose 2 per cent on light transac-
tions. Otherwise the market was
rather dull but firm. Total sales par
value s4,032, 000
/ U. S. refunding IS declined Il per
cent and the IS coupon advanced Il
per cent on the last call
Atchison. 4ile Mobile & Ohio 4ss.
do. pref ;. :. ;. S4a1 M X e. n 1s1s
b. q 0. =. Sals do. pref ;. -. 473s
dc. pref :. I. S44 IN. j. Central $50