The herald., 1898-04-10
ON CHANGE
Conditions as Shown by Transactions
on Wall Street

NEW YORK, April 9.-Operators in
stocks maintained Il strictly waiting atti-
tude today The extreme variation in
prices reached a point or over in n good
many stocks, and the market took on some
show of animation in the first hour on the
upward movement, but the purely nct-
tious character of this advance was dem
onstrated by the relapse in the second
hour. The days net changes are hardly
perceptible in many cases, and show an
indiscriuiihate mixture of gains and losses.
The market was without any more signifi,
cance than yesterday. Total sales of all
stocks were less than 100000 shares. The
fact that the London exchange was closed
left New York without any initiative from
that quarter. London operators were ap-
parently not eager to avail themselves of
the opportunity of trading on the New
York stock exchange, and orders by cable
were of small amount, though they were
sufficient to aid the first hours advance.
The bank statement was regarded as un-
favorable, the movement of currency to
the interior having apparently been heav-
Ter than expected. 1t was expected that
the imports of gold would offset the move
ment to the interior. Apparently some of
the gold has also been absorbed to meet
indirectly the demands of interior banks,
that is to say, it has been deposited at the
sub-treasury in exchange for currency
transferred from Washington.
Prices of securities are generally higher
than they were week ago. The high
prices of the week were made on Wednes-
came that President Mckinley's message
to congress would be delayed until Mon
day. The first Interpretation of this action
was that 1t boded further negotiations
the further negotiations have not devel-
oped, a part of Wednesdays gains has
been held. There has been much puzzled
effort to account for the firmness of the
market in face of the weeks threatening
developments. and there has been 6lspo-
sition to ascribe some secret motive to the
buying, popularity supposed to be on in
side information from high financial
sources in Europe, that Spain would be
forced to recede at the eleventh hour.
But it must be said that the prevailing
conviction in Wall street has become that
war with Spain is now inevitable, and still
prices do not go materially lower. Com
mission houses are authority for the state
ment that they have orders to buy on de-
scending scale. This condition stops. the
professional bears operations on the short
side On the other hand, Wednesdays
bulge demonstrated that there is supply
of stocks ready to offer on any notable
advance. The market is thus held In a
sort of stable equilibrium by orders to buy
below the present level and orders to sell
above it. Meantime, the amount of trading
which is invited Is very small. The con-
viction is unavoidable that prices are near
the level of the value for existing condi-
tions, since those who hold stocks are not
anxious to sell, and those who seek them
are not willing to offer more for them than
preValllnS prices. GTlceS Iell OH continue
ously previous to the Maine report in the
effort to find the true level, and to dis
count that event and its probable result.
1t Is the invariable rule that a prolonged
price movement overshoots the mark, re-
sulting in reaction. There can be no more
convincing demonstration of a true level
of value than stagnation in the market
There are varying opinions regarding the
effect Of the actual presentation of the
presidents message to congress on Mon
day, both as to the amount of liquida-
tion which will be brought out, and the
volume of short contracts which will be
covered. The prevailing belief in war has
been accurately reflected in the money
markets. The continued stiffness of time
money rates and the disinclination to make
time money loans is called sentimental, as
there is no lack of money in supply, not
withstanding the large demands of inte-
rior institutions for the purpose of
strengthening their reserves.
The bond market has been dull all week
and has moved in sympathy with stocks
United States old fours regular, had ad-
vanced IN, the new fives, registered, l, the
new fours, coupon, ", and the old fours.
coupon, and the flves " per cent, and the
seconds have declined per cent in the bid
price.