Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-05-02
FINANCE and TRADE.
New York. April SO

sales clipped something from the days
the railroad lise mostly fractional In
some of the specialties, notably Sugar,
there remained over point of net
gain. The bull leaders this morning
had to face the sentimental effect of
early declines for Americans in Lon
don extending to nearly a point in
some cases. This meant that any ad-
vance in prices here would have to
carry the burden OF arbitrage sales.
Prices were, however, bid up lat every
appearance of confidence and the offer
ings of the arbitrage brokers were
quickly absorbed. Sugar mounted
nearly four points and the other leading
speculative stocks poin Or over. The
safe arrival Of the steamship Paris was
adduced as bull argument. and there
were vague rumors circulated that
private information had been received
in the street that the United States
squadron had already fought success
full engagement off the Philippines.
The aggressive leadership Of the big
bulls, coupled with these rumors,
kindled the enthusiasm of buyers and
the small traders followed the lead of
the big ones. Quite a fair amount of
commission house buying was also
done But while business was still act
i've and on a large scale. stocks began
to be supplied The offerings were
sufficient to feed the demand and prices
ceased to advance and before long COM
menced retrograde movement. Before
the reaction had proceeded far the sup
ply ceased. Meantime a handsome total
OF stocks had been marketed at the ad-
vance, and sellers felt the comfortable
assurance that their paper profits had
been turned into cash in the event OF
any unfavorable events over Sunday.
There was some renewal of the buying
demand in the second hour, but it did
not reach large proportions, and the re-
covery in prices after the reaction were
not important.
The market for stocks and bonds in
the early days of the week was the
dullest and narrowest that has been
seen for years. On Wednesday the
aggregate sales of all stocks fell to less
than $4,000 shares In so dull a mar
ket there is naturally a tendency CT
prices TO sag. But there was a marked
disposition in the market to resist any
downward tendency due to the condi-
tional orders in brokers offices to buy
stocks on any sharp decline The hard
ness OF prices encouraged a powerful
coterie of professional operators to en-
ter the market for bull turn. They
commended operations on Thursday
The arguments they offered to Justify
the advance were that a naval victory
by the United States squadron off the
Philippines was reasonably certain and
the Smelling of the Spanish works at
Matanzas had conclusively demon
strated the skill and superiority of
united States arms. There were other
and deeper lying considerations to in
Vlte an advance in prices, but the gen.
eral public showed no signs of pur-
pose to put their money into the stock
market under the aggressive leadership
developed by the bull coterie. Some
following was induced by this leader
ship both among room traders and
among commission house customers
Whether to-day's profit taking marks
the termination of the campaign by the
big bulls does not appear on the sur
face. Undoubtedly the underlying
cause of the recovery in prices is the
more assured condition in the money
market and the improved business stu
alton. The future of the money mar
ket has hinged for some time on the
needs of the government for war
loan. The consultation of the Secre-
tary of the Treasury with a number
of leading financiers served to clear the
situation. The success of the proposed
loan at 3 per cent was felt to be as
sured, and the plans for disbursement
seemed to be sufficient to guard against
sudden contractions and stringency.
This was felt to give promise of easier
conditions in the money market, where
reserves have been closely held and ac-
commodations much restricted for some
time past in anticipation of the demand
for the government loan The actual
conditions in the money market have
in fact become appreciably easier dur
ing the week and the rate for time
loans was shaded from to 51a per
cent. The continued demand from the
interior for money is attributed to the
desire of interior banks to be prepared
to meet the requirements of their de-
DOSltOrS VINO SuDSCIiUSG W the DOnu
issue Foreign exchange rose sharply
early in the week, but has lost a great
part of the gain, and engagements of
gold for import were made yesterday
and to-day. The strength in exchange
early in the week is said to have been
due to some unexpected payments
abroad by the government and to delay
in the receipts of commercial bills
against grain shipments. These bills
are coming forward all the time and
the demand for exchange from import
ers is. at this time. small. Another
feature has largely curtailed the pros
pective travelling abroad by Americans
this year. whose annual expenditures
are estimated as high as 100000, 900.
4 feature of the week has been the
strength of silver on demand from
India and from France The takings
by France are believed by some au-
thorities to be on account of Spain.
The downward tendency OF railroad
bonds has been arrested and prices
have improved during the latter part OF
the week on an increased business
United States new As have advanced Ia
and the IS coupon a, while the old As
registered have declined II per cent IN