The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-11
FINANCE AND TRADE
Tbs Features of the Money and Stoel
$50 Markets, "a.

4.sa 5ilHi. .uhfkctb. =. fa-4F n.
NEW YORK, April s.-operators in
stocks maintained q strictly waiting at
tatude to-day. The extreme variation
In prices reached point or over In a
good many stocks and the market took
on some show OF animation In the first
hour on the upward movement, but the
purely fictitious character OF this nd
vance was demonstrated by the relapse
in the second hour. The days net
changes ore hardly precsptibleI in many
cases and show an indiscriminatc mix-
ture OF gains and losses. The market
was without any more significance than
yesterdays. Total sales OF all stocks
were less than 100000 shares. The fact
that the London exchange was closed,
left New York without initiative from
that quarter. London operators were
apparently not eager. 10 avail them
selves OF the opportunity OF trading on
the New York exchange and orders by
cable were Of small amount, though they
were sufficient to aid the first hours ad-
vance. The bank statement was re-
garded as unfavorable. the movement of
currency to the interior having appar--
entity been heavier than expected. 1t
was expected that the imports Of gold
would about Offset the movement to the
interior. Apparently some Of the gold
has also been absorbed to meet indirect
~ the demand OF interior banks, that is
to say It has been deposited at the sub
treasury in exchange for currency trans
ferred from Washington. Gold received
by to-day's steamers does not figure In
the statement. Although the reserve re-
Quirement has been reduced over $1,000
hks hoo RI no
in the deposits, the surplus reserve Is de-
creased by only s6S4,325.
The net loss In cash is $3.7S4,3 900 and
loans nave been contracted $685.. 900. In
spite OF the inactivity OF the markets
further gold to the amount OF $4,000
was engaged for import to-day.
Prices OF securities are generally
higher than they were week ago. The
high prices for the week were made on
Wednesday afternoon, when the an
nouncement came that President Nc
Kinley's message TO Congress would be
delayed until Monday. The first inter-
probation OF this action was that 4.
BODIED further negotiations looking TO
peaceful solution. Although the further
negotiations have not developed, 4 part
OF Wednesdays. gains has been held.
There has been much puzzled effort 10
account for the tirmness OF the market
In face Of the weeks threatening devel-
opments and there has been a disposi-
ton to ascribe some secret motive tn 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 come to be
that war with Spain is now Inevitable
and still prices do not SO materially low
er. Commission houses are authority
for the statement that they. have orders
to buy on descending scale. This con-
dition stops the professional bears from
operations on the short side.
On the other hand, Wednesdays bulge
demonstrated that'ther Is 4 supply OF
stocks ready to offer on any nota bic ad-
vance. The market Is thus held In
sort Of stable equilibrium with orders
to buy below the present level and or
ders to sell above It. Meantime. the
amount OF trading. which Is invited Is
very small. The conviction Is unavold-
able that prices are near the level Of
values for existing conditions. since
those who held stocks are not anxious to
sell and those who seek them are not
willing to offer more for them than pre-
vaiIIng prices. Prices fell continually
previous to the Maine report In the et-
fort to find the true level and 70 discount
that event and Its probable result. II Is
the invarlable rule that n prolonged
price movement overshoots the market,
resulting In a reaction. There can be no
more convincing demonstration OF n true
level OF values than stagnatlon In the
market. There are varying opinions re-
garding the effect OF the actual presen-
talon OF the Presidents message to
Congress on Monday both us to the
amount OF liquidation which will be
brought out and the volume of short con-
tracts which will be covered. The pre-
vaIling belief In war has been accurately
reflected In the money market. The con-
tined stiffness of time money rates and
the disincllnatlon to make time loans IL
called sentimental, as there IL no lack
OF money In supply, notwithstanding the
large demands OF Interior institutions for
the purpose OF strengthening their re-
serves. Money for loans on Gull Is conf
partlvely easy to secure. Meantime tho
movement OF gold from Europe Is un-
abated. n large part OF the Incoming
supply finding It's way Into the United
States treasury, In spite OF the current
oxcess OF paymentsover receipts by that
Institution. II Is not Improbable that
the continuing withdrawal OF gold from
loans made abroad has TO do with the
possibility OF a government var loan. !.
. r.. o.