The herald., 1898-03-27
Conditions as Shown by Transactions
on Wall Street

On CHANGE
Conditions as Shown by Transactions
on Wall Street
NEW YORK, March 26.-The authorita-
tive statement that the Maine board Of
| inquiry S report would be fully as grave as
preuicted brought out u full attendance
| at the stock exchange today. There were
| animated groups about all the active
STOCKS when the market opened. The fe-
verishness of the foreign markets and the
| tairy tale that Spain had declared war,
Which was circulated about the exchange,
gave momentum to the down-hil move
ment. Fairly large margins were swept
away and large concessions in values en-
sued on every considerable Offering. A
quarter of an hour after the opening the
manifest intention of large interests to
sustain the list led traders to cover enor-
nous short lines, and prices bounded up
ward, the shorts franticaly bidding
against each other. 1t seemed likely tnat
houses having vast interests at stake had
come to an agreement over the night to
buy. On the bulge here London was
large seller. After an hours trading
prices were well above yesterdays close,
which was generally at the best prices
'Hhe net improvements approximate two
points in the Changers and exceeded per
cent in the leading international favorites.
The specialtes gained from to 3A points.
The trading was on an enormous sale for
Saturday, the dealings for the short ses-
sion exceeding recent full days.
The week just ended witnessed vigorous
resumption of bear aggression. owing to
the developments of various influential
factors which were utilized to their fullest
extent by the advocates of lower values.
That their efforts were sgnally successful
can be best illustrated by resume of the
final prices of a week ago. the comparison
rejecting losses in the dividend paying
stocks of from 2ia to s points and the spe-
cialties suffered to the extent of from
l6 to II points. The latter group was the
objective point of attack. and the extreme
weakness of these properties radiated
throughout the list. with the Changers and
the principal internationals receiving
marked attention. The Cuban question
continued the overshadowing feature, and
the various phases of the situation as in
dicated by the tenor of Washington advices
furnished the lever to alternately advance
and depress prices. This condition of af-
fairs was augmented by the outcropping
of numerous other considerations, which
also exerted a marked bearing on the finan-
cial and commercial situation The mar
ket throughout was highly feverish. and
the ready response to the slightest efforts
In favor of either account afforded some
of the active an opportunity to make fur
ther turns. The speculation at times bor-
dered on the sem-panicky edge, owing to
the apparent approach of crisis in inter-
national affairs. The outpouring of long
stock on these occasions was striking evil
dence of the apathy of the leading inter-
ests. the market halting only in the down
ward plunge on the cessation of traders
offerings, and disposition to cover at any
worked gradually upward, but the return
ing level was invariably selected as new
basis of operations by the bears, and val
ues speedily scrambled to more pro-
nounced lower plane.
This process enlivened the weeks pro-
ceedings and was accompanied at times
by wild and animated dealing. The trad
ing at other periods was intensely slug
piSh DIlt fhp nfra ctiOD in hllSipaSS W. {
only discernable when the market essayed
to rise. The attitude of foreigners was
regarded with considerable interest, and
quotations from London from day to day
were eagerly scanned as indicative Of sem
timent in the leading foreign financial CEN
ters. The great bulk of the arbitrage op-
erations favored the short account. but
evidences that the foreign spectators
were disposed to accumulate moderate
lines on various levels steadied the market
and stimulated covering. The unwieldy
nature Of the short interest forced the
leading active interests to move prices up
sharply occasionally. in order to shake off
an undesirable following. The rank and
file of the street watched the operators
usually employed by Washington inter-
ests very narrowly, and We're ready to
swing from side to side as soon as they
detected the source and nature OF trans
actions. The leading commission houses
were persistent sellers. and their constant
liquidation dampened bullish enthusiasm,
which. generally speaking, was at q low
ebb. The distress among the light waisted
bulls. coupled with the marked exhaustion
of lightly margined holdings and the fre-
quent calls for additional colaterals BY
lenders, was followed by private sales
which accelerated the situation. The bears
tested the market frequently. and where
evidence of support was lacking, a stock
was vigorously assailed.
The dramatic speech-making in the SEN
ate. describing the horrors of conditions
in Cuba and the earnest appeals for inter-
vontiOu hv tha T1nftad Cfoto
with the announcement that the Spanish
torpedo fleet had left the Canary islands en-
route for Porto Rico. made the climax of
the mid-week's developments y
The unfavorable factors enumerated OUT
weighed numerous healthful influences,
consisting of railroad statemtnts. favora-
BILE monetary outlook. encouraging trade
advices and the , gold influx, which now
aggregates $35. 900 900.
The bond market suffered in common
with the stock market. but concessions
were less pronounced and business was
Government bonds also exhibited ex-
treme weakness, with the losses extending
to four points in the new fours.
Money in Bank
NEW YORK, March 26-The weekly
bank statement shows the following
changes:
Loans, decrease, s7.11O.5oo.
Surplus. increase, IS. ,425.
specie, increase, H.013,700
Legal tender, increase. 81. .S45 5OOO.
Deposits, decrease, So 526. 900.
Circlation, decrease $3400.
The banks now hold $33, ,S51, ,475 in excess
of the reqlremerits of the 25 per cent rule.
The Financier says: The statement of
the clearing house banks of New York
city for the week ended March 26 shows a
continued decrease In loans and deposits
and an increase in cash. The results of the
weeks changes was to increase the re-
serves $5,791. .425, the total idle cash in bank
now footing up $63,S51.475 The banks,
therefore,. are In stronger position In
this respect than since the beginning of
February, but 1t cannot be said that the
operations by which this increase was
brought about have been profitable to
them. Their loans have fallen off over
SAG. .000, 900 in five weeks, and their deposits
have decreased more than $50, 900 900. The
'cash.in banks at the close of the current
week, however, was just about equal to
the total reserve reported one month ago.
The heavy changes In loans and deposits
have been due In large part to continued