The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-21
FINANCE AND TRADE


Markets. d
NEW YORK, April 2o,-Money on cal!
steady at 9as per cent; last loan per
cent. Prime paper Not, per cent. ster-
ling exchange steady, with actual bust
ness in bankers bills at 81 Ss4 a ssHts
for demand and at 81 .79&94 50 for
sixty days. Posted rates 81 so,sG4 81
and>si s4ls. Commercial bills s. $50
4 70. Silver certificates 56d5siAc. Bar
silver sc. Mexican dollars 45Hc.
The New York stock exchange mar
ket offered a firm resistance all dag 10
the depression which was reflected up
omit from every other exchange in, the
world, it's declines at no time reaching
more than fraction over n point for
the active stocks. In the final hour after
trading on the foreign bourses had been
suspended for the day, there was n
lively movement to buy developed on
the New York exchange which wiped
out practically all the earlier losses and
lifted the level of prices sharply above
that OF last night. The final recovery
was brought about by the dissemina-
ton Of a rumor5 tina. the period allowed
Spain for a reply to the ultima tum had
been extended to Monday. With chance
that a settlement would be effected be-
fore that time. There were some evi-N
denccs ofmanipulatior for the purpose OF
making last prices show striking gains.
For instance. Burlington sold at s05t and
on the mex: and last sale jumped to
BIZ. \ broad view OF the financial
world shows that New York was less
affected by the crisis than any other
financial centre. At no. time we're prices
depressed to the London parity. As a
consequence there was large arbitrage
selling here OF international stocks. New
York prices showing fair profit over
London quotations. The depression In
London and on continental bour,es was
moro due 10 the panic In Spanish As
than to any otherone cause. These secur-
tiles fell IL per cent In London and 81
per cent In Paris on forced liquidation.
due to financial. difficulties In France
and Spain. Whatever depression here
was on the New York exchange seemed
to be due to sympathy with the dLorea-
sion In foreign markets. New York alb
sorbed the offerings OF It's own securit-
les fo- foreign account at prices shove
those prevailing abroad and there WAS
no heavy liquidation for local account.
II Is to be observed that American Sc
curitIes have held fairly steady as COM
parde with the marked weakness OF
Spanish securities. It Is also TO be OBJ
served that weakness In foreign mar
kets Is due In part to the dearness OF
money and this In turn Is caused by The
pressure for gold to reinforce the Amer
lean money market. The United States
Is still a heavy creditor to the world
and the continued drawing In OF these
credits, while serving to iortifyS the
financial fabric at home, is a factor In
the weakness Of foreign markets.
Doubtless n part OF the selling In New
York for foreign account Is due to an
effort 10 cqualize exchange conditions.
That these offerings should be absorbed
Is a demonstration OF the sound tinan-
clal conditions existing in this country.
Evidence to the same effect Is given IN
the case OF moneyon call, which loan
cd to-day at . per cent. although time
money continues to be firmly held at
per cent, 1t Is still further Significant
OF the same condition that the strlp-
cency OF money abroad ohauld have
resulted In declines In the British and
French government bonds, While; United
States IS OF 1926 showed Il gain to-day
OF TX per cent for the registered and
IL per cent for the coupons. Consider
inE the contrast In money market con-
ditlons between New York and Euro
poem cities II Is not strange that the en-
casementa OF gold were very small.
Further Importa.ions OF gold only walt
on the needs OF the local money market
Is, however, evident. il5
The bond market was Slightly more
active and after early weakness showed
some recoverics. Total sales, sl,0e5,000.
& United States new As coupon advanced
N, and do registered TX per cent IN the
bid price. Others were unchanged.
Tho total sales OF stocks to-day, were
2Gi,500 shares. ~
Evening Posts London financial "a.
blegrom: Z. it
The features OF the stock market here
to-day were the Bhatness / In foreign
stocks, the Paris bourse being utterly
dcmornlizcd by the continued fall In
Spanish As. which closed at the lowest,
a. The weakness In consols caused the
notion OF airIse In the Bank OF England
rate tomorrow and on this belief dis.
count houses declined to work and all
such business was done at the bank It.
self. which had the effect of making
loan rates easier. 50.
Americans were almost unstable, but
there was no great pressure to sell aud
bear position atslcast In ST. Paul and,
Louisville now undoubtedly exists. The
manner In which }Ncw5t York 5absorbs
stocks Is much mnrvcllcd at. The mar
kets here arc now thoroughly closc-
rc8fed and prepared for war but the
Paris bourse will feel the blow scvere-,
w.. Aninstancing how,the market here