The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-04-12

ordens by ca bles were of small amount,
though they were sufficient To aid the
hrst hours advance. The bank state
ment was regarded as unfavorable. the
movement Of currency to the interior
having apparently been heavier than OK
pected. 1t was expected that the imports
Of gold would about offset the move
inent 10 the interior. Apparently some
of the gold has also been absodbed To
meet Indirectly the demand Of interior
banks. that IS 10 say. II has been depoS-
tied AT the ~Sub-Treasury in exchange
for currency transferred from Washing
ton. Cold received by the days steam
erS does not figure in the statement. Al
though the resrve requirement has been
reduced over So. O0B, 600 by the heavy de
crease of S12.399. 900. in the deposits.
me surplus reserve i decreased by only
S,'S4.32I. The net loss in cash Is 50.
$4,000 and loans have been contracted
so,O6I.9OO. In spite Of the inactivity Of
IN" markets. further gold to the amount
OF Sl3O,00O was engaged for import to-
day.
Prices Of securities are generally
higher than they were Il week ago. Th"
hlgh prices Of the week We're made on
edneSday afternoon when the an
nouncement came that President Nc
iAilIty ; message 10 congress W0llli lie
delayed until Monday. The first inter
probation of this action was that Il
BODIED further negotiations looking 10
Il peaceful solution. Although the fur
Their negotiations have not developed.
/ a part of Wednesdays gains has been
held. There has been much puzzled eff
tort to account for the tirmnosS Of the
market in face of the weeks threatening
Developments and there has been a dis
position to ascribe some secret motive to
the buying, popularity supposed to be on
inside Information from high financial
sources in Europe that Spain would be
forced to recedc at the eleventh hour.
But it must be said that the prevailing
conviction in Wall street has come to he
that war with Spain is now inevitable
and still prices do not go materially low
er. Commission houses are authority
for the statement that they have orders
to buy on a descending scale. This con
dition stops the professional bears from
operations on the short side.
On the other hand. Wednesdays bulge
demonstrated that there is a supply Of
stocks ready to offer on any notable
advance. The market is thus held in i
sort of stable equilibrium by orders to
buy below the present level and orders
to sell above 1t. Meantime. the amount
of 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 find the
true level and to discount that event
opI 81 ,noIo1lo ror,,1+ t. - 410 ,n-o-
riable rule that a prolonged price move
ment Over-shOots the mark, resulting in
reaction. There can be no more con
vincing demonstration of a true level
OF values than stagnatiOn in 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 Ii
ouidatiOn 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 disinclina-
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 th9
purpose of strengthening their reserves
Money for loans on call is comDaratively
easy to secure. Meantime the move
ment Of gold from Europe is undated.
a large part of the incoming supply find
ing its way into the United States Treas
ury. in spite of the current excess OF
payments over receipts by that inStitu.
ton. 1t is not improbable that the con
timing withdrawal of gold from loans
made abroad has to do with the posi-
bility Of a government war loan.
The bono market has ben dull all week
and has moved in sympathy with stocks.
nUited States old As registered have ad
vanced IA. the new As registered /. the
new As coupon u and the old Is coupon
and the IS u per cent. and the ends
have declined / per cent. in the bid price.
Total sales Of stocks to-day were 90
200 shares including c.. 3. & O. II 900.
ST. Paul 12375: Union Pacific 12,1I1
and Sugar 24.22J.
GRAIN AND PROVISIONS.
Chicago. H.. April 9.-Wheat to-day
/ .1o-~ - I 49, ,-@I Goo M,