Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-03-21

OF ll,l4UUpU peSetaS (9Z,loV,0U0J.
I s. new As registered ......122
l. 5 new As coupons ..................12 2
T. S IS registered .1O92s
l. 5. IS coupons ........................11 III
L s. 3 registered Observation-Disclosures. IS
/ $ IS registered .............11 Ill
{. 5. IS coupons ........................1l1
Stocks-The action or lack of action
Of to-day's stock market can only be
interpreted as the accurate reflection
of the oyershadowing uncertainty of
the Cuban question. Last Saturday
the threatening aspect of the situation.
coupled with the recollection of the
developments of the preceding Sunday
in the suggestion for the recall of Gen.
Lee led to reckless short selling by
the traders, driving the market to a
point even lower than the Monday
market succeeding the Lee incident.
The pinehing administered to the reck-
less bears in the rebound of last Mon
day made them extremely cautious
about putting out short lines in to-
days market. Even the shorts who
were driven to cover in yesterdays
late furry over unwarranted rumors
Of compromise with Spain did not ven
ture to renew their selling The con-
sequence was an almost lifeless mar
ket. as no one is ready to take the
long side of the market at this time.
Prices drifted aimlessly up and down
over a narrow range. Only a little
over 100 900 shares changed hands
during the days short session. The
bond market was equally dull. The
bank statement showed an unexpected
increase in the surplus reserve, but
the net increase in specie by no means
fully reflected the receipts of imported
gold during the week, and the stock of
legal tenders was materially reduced.
The lowering Of the legal reserve level
by S1.S26, 120 through the reduction in
deposits accounted for that much of
the increased surplus. The S10,5S5, 100
contraction in loans is clear enough
evidence that the heavy receipts of
gold from abroad are insufficient to
maintain the balance of the money
market, in spite of the distinctly easier
tone Of money in the last days of the
week
The Cuban problem has remained
the dominent factor in the stock mar
ket during the week. Its uncertainties
and perpleXities are felt to be so great
that no one in the speculative world
feels competent to for a fixed opinion
as to the outcom1. The result is a
small and narrow market. The heavy
liquidation of speculative holdings Of
long stocks induced by the first stage
OF the threatening developments has
about been concluded, and probably no
further heavy offerings will be induc-
ed except by some development threat
enlng serious consequences to secur-
ity values. That there has been an
extensive restriction of credits has
been obvious from the developments in
the money market. But this restriction
mas apparently affected nothing yet
beyond speculative enterprises, and
particularly trading in securities. The
completion of the first liquidation, and
the passing of the securities to strong
er hands leaves the floating supply Of
stocks much reduced. Prices move
easily and quickly with only the light
Volume Of business which is wholly in
Ihe hands Of professional room trad
eis. Ihls makes the market sensitive
ahd extreme caution Is requisite on the
pdFt OF the bears, as they have learned
u tnelr cost at least twice during the
week Nevertheless the bear side of
the market is the favorite side for the
Underlying sentiment in Wall street is
lhat hostile attitude towards Spain
VIII ultimately be forced upon the gov
eminent by the deplorble condition in
cuba, whatever may be the outcome of
the Maine inquiry. For this reason
traders persist in selling the market
snort IN tba n4h hand +boro ic ba
underlying strength of the business
situation, the large increases in bank
cearings all over the country reflect
ing awakened commercial activity.
Rauroad earnings show gains over pre-
Flous years. Prices for agricultural
products are mostly high, and the for
elgn demand for them is active. The
current of gold flowing towards this
country is uninterrupted at this per-
lod OF the year when exchanges are
usually going against us owing to the
turning of the trade balance. Though
our imports are increasing, the still
greater increase in exports keeps them
largely in excess of the imports. All
these favorable business and financial
conditions make the speculative mar
Ret extremely sensitive. Prices re-
bound with astonishing resilliency on
any provocation and force the shorts
Ia scramble to cover. 1t is largely the
covering of shorts that has raised the
level of prices substantially above last
saturdays extreme depression.
The bond market has been dull dur
ing the week, but prices are somewhat
better.
United States new As advanced II,
the old tours coupon and the Is de-
cilned r, and the old As registered de-
cined Il in the bid price.
Total sales of stocks to-day 113,300
shares.
Quotations closed bid:
,..Nttlic oS OIL 80 ACKNOWLEDGEMENTS. ~.
't4aol observation-disclosures. Ia
T, ~ preferred .9i4
1s4itlmore and Ohio ...................-. !.
CCtfH1iaI Pacllc Y
TI,hhieago, Burlington and Quincy. e07s
Dei&Ware and Hudson ..,..-............l03
DSlaware, Lackawanna and Western.l50
't1io1S central OBSERVATION-DISCLOSURES 9514
my ouore ..--......-: .-...-....-..-...- 1oo
louisville and Nashville .............. 1914
AZ indltan L.-... .!Vt
NNIIicIlsan Central ....-.....-..---....-...l 04
Missouri parifn o5aS