The herald., 1898-04-03
ON CHANGE
Conditions as Shown by Transactions
on Wall Street

NEW YORK, April News having an
important bearing on the all-absorbng
question of this countrys relations with
Spain was exceedingly scarce today, as
congress was not in session. The absence
of developments left the situation much
as. it was when trading ceased yesterday
afternoon and when all classes of owners
were offering stocks for sale on the pre-
sumption that war with Spain was inev-
table. Yet prices show net gains today
extending to over point in many cases,
and the extreme recOverieS from the lowest
show variations which compare favorably
with the violent changes of last Monday
and Wednesday. The market was exceed
ingly feverish and erratic during all of the
two hours session, in spite Of the varying
news.
Most of the activity was based on the
supposition 1.-The absence Of all symptoms
might itself be symptom" This uncer-
tain state of affairs would naturally beget
an inclination to leave contract obliga-
tons outstanding. Most of the existing
contracts on the exchange are based on
short sales of stocks, the uncertainty
found expression in buying to cover. The
timidity of the shorts was founded on their
very severe experience last Monday. They
downward tendency at the opening the
analogy was so close to the course of things
last Saturday that 1t had an unsettling
effect Important commission business
with washington connections were the
instruments used for much buying This
gave the appearance, whether we'll found
ed or only designed to seem so, of orders
to buy stocks possibly on information OBJ
tanned in Washingtn on some favorable
turn In the prospect of affairs This devel-
opment of the maneuver was not lost on the
bears. IT Is not improbable. also. that
some of the buying was due to that class
of investors who come into the market to
buy stocks at low range of prices for the
actual return in yearly income.
London was buyer to some extent here.
in spite of the significant weakness of
Spanish fours on the foreign exchanges.
1t is evident that foreign exchanges look
to New York for an initiative for the pres
ent. Broadly stated, it seems remarkable
that there should be a sharp net advance
In the prices of securities on the stock ex-
change in the week which witnessed the
publication of the report of the board of
the Maine inquiry. and the apparent aban-
donment Of diplomatic negotiations looking
to the conservation Of peace with Spain
The fact is that prices are from 1 to
points higher In all of the points that make
up the bulk of the business on the stock
exchange. This was due in part to tech
meal conditions in the market When the
bears attempted to take their profits on
Monday by buying stocks at the low level
induced by the presentation Of the Maine
board of inquiry's report, they found
themselves forestalled by a powerful bull
clique who had secured a large part of the
available floating supply of stocks. Not
for years has there been so sudden an adj
vance in prices as in Mondays bear panic.
The bulge in prices seemed to have been
ueSi6Heu originally Dy some OF the large
bear operators themselves, with the pur-
pose of shaking off some of their undesira-
pie following by forcing them to cover
their contracts. and thus leave the way
open for further decline. The big bear
were supposed to have been caught in their
own trap. Later developments, especially
on Wednesday. showed that there was
large outstanding short interest, and the
peier prevailed at the end of the week
that this short interest was still large.
me sensitiveness of the market to the
raintest suggestion of a peaceful settle-
ment or the Cuban question goes to con-
firm the belief. The demands on New Yorl,
from other domestic centers for money
showed marked increase, and the losses
IN currency In the latter part of the week
are PROBABLY not adequately reflected in
the bank returns. These losses are shown
to be more than Offset by receipts of I'M
ported specie But the calling Of loans
Yesterday and the marking up Of call loans
to per cent indicate that the banks are
disposed to take measures to STRENGTHEN
themselves. Estimates and opinions varv
widely as to how far the imports Of gold
which now amount to over SIC, 900 900 from
Europe, have been drawn against C,uban
grain and cotton bills, and how much Of the
accumulated exchange against Europa still
remains in New York as collateral for
loans. That there is still liberal sunpiy