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

Mexican dollars. 45c.
State bonds dull.
= S new Is registered. ................i20
/ s As coupons. ACKNOWLEDGEMENTS. l20ss
I s. As registered. ACKNOWLEDGEMENTS los
L S As coupons..-...........-
T. s. IS registered. -....................l1 III
L. s. - coupons. ........,............-..1l iii
Pacific SIS of Observation-Disclosures. luz
Railroad bonds weak
StOcks-News having an important
bearing on the all-absorbing question
of this country's relations with Spain
was exceedingly scarce to-day, as
Congress was not in session. The alb
sence of developments left the situa
ton much as it was when trading
ceased yesterday afternoon and when
all classes of owners were offering
stocks for sale on the presumption that
war with Spain was inevitable. Yet
prices show net gains to-day extend
ing to over a point in many cases and
the extreme recoveries from the lowest
show variations which compare favor
ably with the violent changes of last
Monday and Wednesday, The market
was exceeding feverish and cratic
during all Of the two hours session,
in spite of the paucity of news, vary
ing sentiments being fed by surmises
rather than news. Most OF the activ-
ity was based on the supposition that
the absence of symptoms might itself
be a symptom.
This uncertain state of mind would
naturally beget a Discrimination to
leave contract obligations outstand-
ing, As most Of the existing contracts
on the exchange are based on short
sales Of stocks. the uncertainty found
expression in buying to cover. The
tlmidity of the shorts was founded on
their very severe experience last Mon
day They saw powerful support Of
Tered 10 stem the downward tendency
the opening. The analogy was so
close to the course of things last Sat-
urday that it had an unsettllng effect.
important commission houses with
Washington connections were the in
struments used for much of the buy
ing This gave the appearance, wheth-
er we'll founded or only designed to
seem so, Of orders to buy stocks posi-
ply on information obtained in Wash
ington Of some favorable turn in the
PoopetI Oh d1Idlrs.
MS development or manoeuvre was
not lost upon the bears 1t is not i'm
probable also that some of the buying
was due to that class of investors who
come into the market to buy stocks
81 low range of prices for the actual
return in yearly income. London
furthermore was a buyer to some ex-
tent here, in spite of the significant
Weakness of Spanish tours on foreign
exchanges. 1t is evident that foreign
exchanges look to New York for an
initiative for the resent, as the arblt-
Iament for peace or war is to come
rom Washington.
BADLY stated, it seems remarkable
mat there would be sharp net ad-
vance in the prices of securities on
Inc stock exchange in the week which
witnessed the publication of the re-
port of the Maine board of inquiry
ana the apparent abandonment OF dip
iomatlc negotiations looking to the
conservation of peace with Spain. The
Iact is that prices are from l to 4
points higher in all of the principal
STOCKS that make up the bulk of the
business on the stock exchange. This
was due in part to technical condi-
Niohs III the market. When the bears
attempted to take their profits on
Monday by buying stocks at the low
level induced by the presentation of the
Name board of inquiry report, they
found themselves forestalled by a pow
eflul bull clique who had secured a
large part of the available floating sup
piF OF stocks. Not for years has there
oeen seen so violent an advance in
prices as in Mondays bear panic. The
bulge in prices seemed to have been
designed originally by some of the
IaFge bear operators themselves with
lne purpose of shaking off some OF
Inelr undesirable following by forcing
mem to cover their contracts and thus
leaVe the way open for a further de-
rlne The big bears were supposed TO
nave been caught in their own trap
and 1t was generally believed Monday
ulght that the short interest had been
practically eliminated from the mar
Net. Later developments. especially
IN Wednesday, showed that there was
large outstanding short interest and
The belief prevailed at the end of the
week that this short interest was still
large. The persistent adjustment OF
Inc Cuban question goes to confirm
the belief. Aside from this question,
The business conditions are felt TO be
stronger than for many years. 1t is
beginning to bs questioned how far
I'm actual state of war with Spain
would counterad the growth of COM
mercial and industrial activity. There
Is some effect already noticeable in
q'minished banl clearings and espec-
silly this week. in the increased de-