Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-04-25

Money is plentiful here because bro
kers abstain from investing freely in
hills. Discount is steady, despite the
tendency in money because even apart
from politics it is felt that an enormous
payment to Japan on Chinese indem-
nifty. due on May s, may improve the
market.
New York. April 23.-Money on call
rominally per cent. Prime mercan
tile paper 61s07 percent.
Sterling exchange, firm, with actual
business in bankers bills at S4.S4 for
demand and at $3.50 for sixty days;
posted rates s4.S1 and $4.S4l5; COM
mercial bills s4.79@4.79A.
Silver certificates, 55hG5612c.
Bar silver $3.50.
Mexican dollars 4oc.
I $. New IS registered .............. .116l4
L. S. new As coupons. .llA
/ : As registered ......................10 la4
T. S. is coupons. ....................,..l0 S
L. S. IS registered .......-..............l05 le
l.. S. Is coupons ......................l hoe
Pacific Is of 80. OBSERVATION-DISCLOSURES. .102l2
State bonds dull.
Railroad bonds irregular.
Government bonds weak.
Stocks-To-day the stock market was
"discounting peace" in the language Of
brokers' This was done by lifting
prices a notch higher The advance
hesitated at the opening, owing to
reactionary tendency in the London
market, following the receipt of the re-
port there that the Paris had been cap
tured by the Spanish and the cruiser
Topeka sunk in collision. Wall street
was incredulous as TO the capture OF
the Paris up to the time of the clos
ing on the exchange at noon, and the
identity of the foundered vessel hav-
ing been established as other than the
Topeka, the market was relieved from
that cause Of depression. On the other
hand much was made of the capture
Of another Spanish prize by the cruiser
New York. There was reported an ac-
tive demand for securities in London,
but the buying here for London account
was not large as prices here ruled
above London parity. There were per-
i0ds of reaction, but the publication of
the bank statement caused renewed
buying and lifted prices to the highest
of the day. They were shaded Off by
renewed apprehension as to the safety
of the Paris, the closing being easy be-
low the best, but at net gains through
out, reaching a point in some cases.
The volume of the dealings was not
large, the industrial specialtieE Oeing
fay0rtes in the trading, especial. SUI
gar ard Tobacco. The spirits stocks
were also quite prominent. The gen
eral feeling in financial circles is that
the war is not likely to be protracted
and only some unexpected accident or
disaster could effect the conviction that
Spain must speedily succumb to supe-
rior resources. A feature of the day
was the hardening in exchange, demand
sterling bills rising to 4S4 This rate,
1t is calculated. precludes further gold
imports under present conditions. Last
Saturday the belief was held in Wall
street that a deadlock in Congress over
the Cuban intervention resolutions was
likely TO cause delay in the culmina
ton of the crisis and in the meantime
the mediation by the pope with Spain
was likely to induce a peaceable settle
ment. The stock market has had to
contend during the week with the dis
sipati0n of that belief through the
adoption by Congress of the Joint res.
olution, the dismissal of Gen. Wood
ford, the United States minister, by
Spain. before delivering the Presidents
ultimatum. the blockade of Cuba by
the fleet and the practical outbreak of
the war. 1t has felt the reflected eff
feet Of the panic in Spanish tours on
European bourses and the resulting
forced liquidation of American securi-
ties. Yet the week closes with a great
part Of the extreme losses in prices
recovered, net declines not exceeding
points in any Of the prominent lead
ing stocks. 1t is noteworthy also that
the low prices of the week were not as
low except in a few cases as those on
March p, which marked the lowest
Point Of the decline after the blowing up
Of the Maine. The exceptions were in
telnational stocks, which are favorltes
with operators on foreign bourseS.
The grounds for the confidence and
Improvement in the stock market VIII
ne found in money condition. To-day S
dank statement shows the surplus re-
serve to have increased to $43.623, 100
and for the first time since war threat
ened the weeks increase is due to an
actual increase in cash rather than to
through drawing down deposits. That
Is to say, the demand for cash from the
interior to fortifv reserves there has
almcst ceased. Interior banks, in fact,
ina themselves as well supplied with
lQIe money that they are buying COM
HeTeial paper in the New York market
though their bidding has not yet
reached rates below per cent. for the
oeSI names. AT New York banks have
lepienlshed their reserves with import
s' gold to meet this drain from the
Interior and the cessation of the drain
promises easier money conditions. Call
.5dnS on the stock exchange have, in
Ldct fallen to IL per cent. during the
"eeA OF the total of nearly $50 000,-
WV OF gold ordered from Europe on this
movement over S17,0o0, coo remains to
4e accounted for in the bank statement
9eihg lntransit or received after to-
"a! statement was completed In
re" OF these conditions it is not STANCE
,Hat the movement of gold to New York
las come TO a stop, no engagements
nd ing been announced for two days
Ae fellef afforded to London and Eu-
.'pe by the cessation of this demand
p ms rejected in a recovery of 55-1e6 in
crush consols and 32Is confines in
'eioh rates to-day. The strain of this
NHlahd upon foreign money centers
vas Incoming severe and was a large
1eV'of in inducing the selling of for
-sH holdings of American securities