Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-07

do. IS 6bid) Observation-Disclosures. .12G12
Southern Pacific As Observation-Disclosures. 81
Southern Railway 5S....................ll6
Stand. Rope and Irvine 6s (offeredD... 65
Texas and Pacific lists. .11624
uo: |dS 90
Union racine As ........................l0 1905
Wabash lists ............................ lisa
Go. IDS ACKNOWLEDGEMENTS.
West Shore As old ....................14
Wisconsin Central lists ................
Virginia Centuries OBSERVATION-DISCLOSURES. 96
Government bonds steady.
State bonds inactive.
Railroad bonds strong.
The trading in stocks and bonds to-
day showed extraordinary volume and
variety, the aggregate sales OF all
stocks reaching 1,964,200 shares,
which is only beaten by the record
day when over 100000 shares were
sold. The days business in bonds
was also very large, but it did not
reach the point attained in the bull
market in the spring of 1899. 1t must
he borne in mind also that dealings
in bonds are estimated according to
the par value of the securities trans
ferred, and the bonds which were
most prominent in the days transac-
tions were low grade speculative
bonds, in many cases selling at less
than half their par value. The de
mand for railroad bonds is neverthe-
less very notable feature in the cur
rent market. and the pressure of in
Vestment funds into these semi spec
ulat1ve securities had a great infin-
ence on speculative sentiment in the
stock market. The days market di-
vided itself quite distinctly into three
periods. The first was comprised in
the opening bulge in which violent
competitive bidding due to the conges-
tlon OF urgent buying orders over
night caused some sensational adj
yances. Prices promptly ran off on
profit taking attracted by this high
level and the market yielded so east
ly that the bear traders made a Wig
orous attack, causing some rather Sc
rious breaks in prices. This compris-
ed the second period Of the market.
When the selling mood had exhaust
ed itself, traders began to be impress
ed with the character of some of the
buying at the decline. When the
Semi-annual dividend on Reading first
preferred was announced showing an
increase from ~, the previous rate
to 2 per cent, the buying again be-
CAME furiously active and a consider
able short interest was driven precipi-
lately to cover. This comprised the
final period in the market The final
recovery was broken up by frequent
periods of realizing which continued
in some cases to the close, making the
tone slightly irregular at the last,
Though tna uDdcrtOpa u-os
The billion dollar consolidation" is
so stupendous in its proportions, and
offers such vast possibilities for fiota-
ton of new securities, as to dazzle the
most fertile speculative Imagination
The belief in its accomplishment real
ly underlay the whole speculative
movement of the day, although there
were other considerations which SUD-
plemented it. The most conspicuous
movements in the steel stocks and the
largest transactions were in Federal
Steel and Steel & Wire Federal Steel
rose SIS and the preferred Az. Steel
& Wire rose and preferred 2. Ma
tional Tube was up 35s and Republic
Steel preferred "A. There were con-
siderable reactions in this group as
"Cil anu III IuS WuOle group dlleT the
opening bulge.
The selling to take profits showed
signs of urgency at many points in the
railroad list and some of the leading
stocks got from l to points under last
night. Those which have recently ad-
vanced most strongly Were weakest on
the decline, Pennsylvania and the coal
ers, the grangers, the Southwesterns
Gncluding Atchison and Southern Pa
cific), and Louisville were all conspic-
uously heavy, although the late violent
recovery in the Readings and ST. Paul
affected the members of their respect
i've groups. The belief mas been rather
fostered that the dividend on Reading
list pfd. would be maintained on a
three per cent. basis and its increase
to q 4 per cent. basis caught large
short interest both in that stock ana
in the Fries The hope is encouraged
of a commensurate dividend ON Erie
first preferred. The late movement
carried Reading 1st pfd. 31s over last
night and Erie 1st pfd. 2. Union Pa
cfic yielded under the early profit TAX
ing but took a very prominent part
In the recovery, reaching a level of
Az over yesterday. Denver & Rio
Grande made sensational advance of
5l5 and the preferred of 21k, while
other Colorado stocks were affected to