The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-14
FINANCE AND TRADE
This Fentures Of the Money and Stock
tf IfYa Markets. l-AsE

ms Fentnres Of the Money anu STOCK
Fti5 ainrhrt,. tNF
NEW YORK, March 12-The profes.
slonal traders were somewhat nstonish-
ed at the effects they achieved In prices
to-day. The bears, who attacked tho
market at the opening had buying or
ders at the prices 10 which they desired
to drive stocks. The market showed It.
self so weak when these prices were.
reached that the buying orders were
quickly withdrawn. This covering
movement accounted for the sharp rail-
ly In the first hour and there were some
recoveries ut the close. Otherwise there
was nothing to relieve the UNMARRIED de-
preston. which prevailed through the
whole list OF stocks and bonds. The
closely held standard stocks suffered
with the purely speculative issues. and
In some cases more severely. Lake
Shore Is an example. 1t sold at 1856,
decline OF three points, and closed with
the bidding at only $50. Pennsylvania
dropped three full points. st. Paul suf-
fered very acutelv, probably on the I'M
covering Of margins on recent specula-
tive buying and was or at one time 4Hs
per cent. Northwest dropped ~ and
Burlington. 3 points. The local traction
stocks were equally weak. Tho number
OF prominent stocks, which show net
losses Of between two and three points
Is very large. The total sales In the two
hours OF trading, 323S was well up to
the average of full days business for
the week. exclusive OF Monday, and
blocks OF several thousand shares were
frequently recorded. Part OF these Offer
ings were speculative holdings dislodg-
ed by exhausted margins, but there can
be no doubt that GALES OF Investment
holdings, such as are not usually in
fuenced at all by the speculative move
ment OF prices. are beginning to absorb
an increasing proportion OF the business
on the stock exchange. There was no
specific item OF the days news that ca
be pointed to to account for the dcmor-
alization OF the market. 1t was caused
rather by the general conviction that
the reports OF the Maine board ,of in
quiry and a statement OF the further
policy OF the government towards Cuba
are imminent and the ,unwillingness OF
operators to carry open contracts over
Sunday. The weekly bank statement
shows that the gold imports received for
the week have not been sufficient to off,
set the continued Withdrawals 10 the in
terror, so that the cash holdings show a
net decrease of s7S6.70o. But rs the
heavy drawing down OF deposits has re-
duced the % per cent requirements by
1854, 625. the surplus reserve is enlarG-
ed by Sl.S97,925.
The stock market ended the week as
It began It, In demoralized condition.
The partial recovery OF Tuesday and
Wednesday and the diminished activity
between Monday and Saturday prob
ably represented nothing but natural
reaction, which always follows a sud
den decline. the recovery being In pro-
portion 10 the violence OF the fall.
The New York stock exchange on
Monday shared the depression existing
on every exchange for securities in the
world. On the London and the Euro
pcan exchanges, the new demands OF
Russia upon China, and the tension be-
tween France and Great Britain over
the West African situation were al
most as much causes OF alarm rs the
relations between the United States and
Spain.
So acute was the resulting depression
that so important al incident as the
supreme court decision In the Nebraska
maximum rate case in favor OF the
railroads was almost entirely disre-
garded, although Il has been eagerly
looked for each Monday since last year.
Spain's prompt disavowal OF any In
tsnt!on TO demand or even request Cen
eral Lees recall, the satisfactory ad-
justment Of the difficulty over sending
provisions TO Cuba In war-ships. and
the voting by Congress OF the $50, 000, 900
defense fund, were all cited as evidence
OF improved conditions in OUT relations
with Spain. But that none of these had
any dcep-seated effect was shown by
the course Of prices later In the week.
The course Of the exchange market
and the continued influx of gold must
be accepted also as additional evidence
OF preparations for emergencies. Last
week the heavy demand for money
from the interior, due TO the desire of.
Interior institutions to strengthen their
reserves. led to q rise In the money rate
which naturally started an import
movement OF gold. This week the mo.
ney market was decidedly easier and
the level Of call money rates Is dis
tinctly below that In London, so that
there should be profit In leaving
credits abroad at interest. But there has
been no interruption to the engage
ments of gold for import, which have
now reached total OF considerably
over si6.0O0.00O
Railroad bonds have shown full SYM
pathy with the weakness OF stocks, but
dealings have been mostly In the spec
ulatlve issues and the liquidation was
not large
United States new fours have declIn-
ed 3H per cent bid, the fives and the
old fours per cent bid. and the old
tours coupon and tho seconds - per
cent bid. .r
The Financier says:
So IA: as relative strength Is concern
ed the New York clearing house banks
are In stronger position now than at
the close Of business one week ago. The
policy OF rctrcnchmcnt seems to have
been rather generally followed by the
larger institutions and tho loss OF s10.-
1902 400 IN loans. as shown by the state
ment of March II. corresponds closely
with the reduction OF sl0.53S,500 In de-
poslts. Early In the week the llquidn-
ton In loans was marked feature, as
number of the banks were below their
reserve requirements desired. natur-
ally to Increase their cash holdings The
unScttleo StOck cEcHnHRc CONDITIONS
have also contributed toward the falling
of show In the averages. The banks
| appear TO have lost A.i65.400 In legal
tenders. but the receipts OF the first
gold imports swGlled the specie item
$685.. 700, SO that tho actual loss IN
cash for the week was only S736. 700. The
reserve requirements, owing 10 the de-
crease in deposits. were reduced $685.
COX ami tnttIpr fran fhtc Tho orft1nt 1nac
in cash. the result shows t;int the banks
hn 10 aIIInl Il S0l aok 70 ilo nXcnua rn.