The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-03-22

~ by the traders. driving the market
o Il point even lower than the Monday
market succeeding the Lee incident. The
)llching ~adininistered to the reckless
ears i'll the rebound of last Monday
made them extremely cautious about
Iutting out short lines in to-day's mar
Aet. The consequence was an almost
deteSS market. as no one * ready to
axe the long side of the market ut
rs hmc. Prices drifted aimle>sly up
JIG down over a narrow range. Only
| little over 5000 shares changed
laId> during the days short session.
The bond market was equally dull. The
)ank statement showed an expected in
.rea>e in the surplus reserve. but the
let increase i'll specie by 10 means fully
effected the receipts of imported gold
turing he week and the stock Of legal
tenders was materially reduced. Tbs
covering of he legal reserve level by
fl.S26, 12O through the reduction in the
deposits accounted for that much of the
increased surplus. The so, $50. 100 con.
traction in loans IS clear enough cyi-
ience that the heavy receipts of GOLD
from abroad are insufficient to main.
ain the balance of the money mar
kct, i'll spite of the distinctly easier
zone Of money in the last days of the
week.
HI Cuban problem has remained the
dominant factor i'll the stock market
hiring the week. Its uncertainties and
perpleXiticS are felt to be SO great that
no one in the speculative world feels
competent to form Il fixed opinion as to
the outcome. The result is Il small
and narrow market. The heavy lidul.
dation of speculative holdings of long
stocks InI1,n,f nv tho first stu ,rn Of tl.
threatening developments has beer
about concluded and probably no furth-
er heavy offerings would be Induced ex-
cept by some development threatening
Sf.nuS consequences to securities.
That there has been an extensive re
s~trlction Of credits has been obvious
from the developments in the money
market. But this restriction has appar-
entity affected nothing yet beyond spec
ulatiye enterprises and particularly trad
lng in securities.
The underlying sentiment III Wall
Street Is that a hostile attitude toward
Spain will ultimately be forced upon the
government by the deplorable condition.
Ill Cuba. whatever may be the outcome
Of the Maine inquiry. For this reason
traders persist in selling the market
short. On the other hand there is the
t'i'N - Lis VI thS LII 81
uation, the large increases in bank
~clearings all Yer the country rejecting
awakened commercial activity. Railroad
earnings show gains over previous
years. Prices for agricultural products
are mostly high, and the foreign demand
for them is active. The current Of
gold flowing toward this country is
uninterrupted at this period of the year,
when exchanges are usually going
against us owing to the turning of the
trade balance. Though our imports are
increasing the still greater increase in
exports keeps them largely in excess Of
the imports.
Prices rebound with astonishing rcsil-
liency on any provOcation and force the
iShOrts to scramble to cover. lit is largely
the covering of shorts that has raised
the level of prices substantially above
last Saturdays extreme depression.
The bond market has been dull dur.
ing the week but prices are somewhat
better. The United States As advanced
y. the old As coupe and the ends de
clincd y. and the old As registered de-
iclined II in thc bid price.
The total sales of stocks were 113,3OO
shares. including c. 3. 4 O.. $500;
Manhattan H.. 7.lOU: Northern Pacific,
preferred. 6.974: st. Paul. 1920; Union
Pacific. Clio: Sugar. "a, 40.