The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-04-10

ers does not figure in the statement. Al
though the reserve requirement has beeh
reduced over S3,000.000 by the heavy de-
crease Of S12.399 900, in the deposits,
the surplus reserve is decreased by only
S6S4.325. The net loss III cash IS So,-
7S4 200 and loans have been contracted
-. O67. 900. In spite of the inactivity 81
tbn markets. further gold to the amount
If $4,000 was engaged for import to-
day.
Prices of securities are generally
b;oher than they were II week ago. The
high prices of the week were made on
Wednesday afternoon when the an
nouncement came that President Me
I<inley's message to Congress would be
DELAYED until Monday. The first inter
.nretation of this action was that ii
BODIED further negotiations looking to
a peaceful solution. Although the fur
thcr negotiations have not developed
a part Of Wednesdays gains has been
held. There has been much puzzled ef-
fort to account for the firTnnesS OF the
market in face of the weeks threatening
developments and there has been q dis
position to ascrihe some secret motlVe 10
the buying, popularity supposed to be ON
inside information from high hnancldl
sources in Europe that Spain would We
forced to recedc at the eleventh hour'
But ii must he said that the prevalllhG
conviction in Wall street has come 10 De
that war with Spain is now lneVltaMe
and still prices do not 90 materially low
or Commission houses are authority
for the statement that they have orders
TO buy on a descending scale. inns con
1ition stops the professional bears from
opprations on the short side.
On the other hand. Wednesday : bulge
demonstrated that there is supply OF
stocks ready to offer on any notahe
advance. The market is thus held III
sort of stable equilibrium by orders 10
bnv below the present level and orders
to sell above ii. Meantime, the amount
eff trading which is invited Is very small.
The conviction is unavoidable that prices
are near the level of values for exist
ING conditions. since those who hold
stocks are not anxious to sell and those
who seek them are not willing to offer
more for them than prevailing prices
Prices fell continually previous TO the
Maine report in the effort to lind the
true level and to discount that event
and its probable result. 1t is the ,nva-
r;able rule that prolonged price move
ment oyer-shOots the mark, resulting IN
reaction. There can be no more con-
yincing demonstration of a true leVcl
of values than stagnation i'll the mar
ket. There are varying opinions regard
ing the effect of the actual presentation
of the Presidents message to Congress
on Monday both as to the amount OF IL
ouidation which will be brought out ana
the volume of short contracts which VIII
be covered. The prevailing belief in war
has been accurately reflected III the
money markets. The continued stiffness
of time money rates and the disincllna-
ton TO make time loans is called senti-
mental as there is no lack of money IN
supply, Notwithstanding the large de-
mands of interior institutions for the
purpose of strengthening their reserves.
Money for loans on call is comparatively
easy to secure. Meantime the move
ment of gold from Europe is undated.
a large part of the incoming supply find
ing it's way into the United States Treas
ury. in spite of the current excess OF
payments over receipts by that instit1l-
ton. 1t is not improbable that the con
tinuing withdrawal of gold from loans
made abroad has to do with the posi-
bility of government war loan.
The bond market has ben dull all week
and has moved in sympathy with stocks.
nUited States old As registered have ad-
vanced TX. the new As registered 1. the
new As coupon 3t and the old As coupon
and the IS y per cent. and the ends
have declined 1 per cent. in the bid price.
Total sales of stocks to-day We're 90
300 shares including G.. b. & @. 1000;
St Paul 12.375: Union Pacific 12,111
and Sugar 24,225.