The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-18
FINANCE AND TRADE

StoIe, oulS W cents per pottie.
-- --o-- IN
FINANCE AND TRADE
This Features of the Money md Stock
Markets.
( NEW. YORK. April 1S-The tone OF
to.day's stock dealings. while dull and
depressed. gave no very active Indication
OF apprehension. 1t was rather a waiting
market, as forsometlme past. The trans
actions, outside OF operations by prufes-
SIGNALS, were insignificant. Selling by
traders found few seekers. and prices
consequently yielded very readily. On
the other hand, when the professionals
turned buyers they. found few stocks
offering. md prices, consequently. easily
recovered. Naturally, the net results OF
this kind OF juggling from one hand to
the other and then back again were not
large. though the days price movement
was pretty wide. The opening decline
was due to sympathy with Londun,
where Americans all showed a heavy
tone, and where Spanish As relapsed
after yesterdays recovery. closing with
in u per. cent to the lowest price made
last Wednesday In the bear raid. Euro
pean operators had apparently lost their
confidence In the efficiency of the re-
ported project for concerted mediation
by the powers. The active preparations
being made by, the United States adj
monished observers that the congress
slonal differences over, the technicalities
OF the Cuban resolution were not ex-
pected to interfere with the substance
OF their action involving army interview
ton. Some slight recoveries in the Sec
ond hour were due to covering by
the shorts but they were not held. and
the list showed net declines in nearly
all cases, for tho most part confined to
fractions. Tobacco absorbed large
para OF the dealings, and suffered a loss
OF 9N per cent net on very heavy Of
ferinSs, brought out by the recent jump
In prices. Sugar. the Changers and
Union Pacific preferred were the other
most active features, but the market
was very narrow
The weekly bank statement Disclosed
a stronger position for the banks than
last week. The increase In surplus of
s., 100000 Is however. attained mostly by
a decrease OF Sl,5I9,4 In the reserve
requirements by the continued drawing
down OF deposits, which were s6,3l7. 500
less than last week. The actual increase
in cash holdings Is only $780, The
condition of the New York clearing
house banks now compared with the
period just previous to the Maine explo-
sion throws interesting light on the
processes that have been going on IN
the money market during that period.
The immense strengthen reserves doubt
less accounts for the hardy resistance
to the fall In values in face of the grow
ing apprehension OF war The cash re-
serves OF the New York banks them
selves are now over 30 per cent OF the
deposits, against about 90 per cent on
February II. the last statement before
the Maine disaster. But this improve
ment IN their own condition Is OF small
significance compared with the evidence
OF what has been done for interior
banks. According 10 the statement OF
the condition OF New York banks on
February II, deposits were then 1885,
500. By to-day's statement they were
ssG3,5l9.300. a decrease Of sI5.l64.J00.'
This represents pretty accurately the
demand from Interior banks FOR the pur-
poses OF Strengthening their reserves
which mas been met in that time. The
New York banks have met the demand
by n contraction OF loans during. the
period named Of nearly sGO.0o0.0O0. and
have suffered n net loss In cash OF nearly
sl40oO,000. II the cash items are exam
ined separately Il Is found that legal
tenders have decreased s46.4+5,S 500, while
the specie has Increased SO, 563, 700. the
gold from Europe coming IN while legal
tenders 10 the interior were going out.
AS n result OF the heavy receipts OF gold
from Europe. the specie holdings OF New
York banks now constitute about e per
az ha st, No
cent on February H. The gold reserve
in the United States treasury In the
meantime has Increased about sl4.000.-
900. Clearing house balances In New
York and most OF the payments at the
New York custom house have been made
In gold for several weeks, and New
York banks have this week commenced
to ship gold to Interior banks. which
still continue to fortify their reserves
the available supply OF legal tenders
having become about exhausted.
The drain on gold from London has
raised the discount rate and stiffcned
exchange on London NJ continental CEN
tres. but the gold movement to New
York continues without signs OF abate-
ment. The conditions thus disclosed. COM
bined with the large liquidation of in
dcbtedness known to have occurred In
the country, give confidence In the abll-
Iy OF the financial fabric TO withstand
ttcshnck ofwar The prevailing highratc.
for time nioney(6ner entfOr all periods)
Is considered 10 be largely sentimental.
though It IL based on the expectation
that ra.es will rise in case OF war. The
dlslncllnation to borrow money on
time at existing rates Is, however al
most as marked az that OF lenders
Transactions, aside from call loans. walt
on the clearings OF the situation, and
partly, also. on the expectation OF n gov
eminent loan. But the apprehension OF
the effect OF war on. money and bus-
ness is aDDreciably less than three weeks
ago Therefore. while prices are between
/ and 2 points lower than a week ago,
they are very substantially. above the
low point, touched Just previous 10 the
presentation TO Congress OF the report
OF the Maine board OF inquiry. ~
The market for railroad bonds has
been intensely dull and prices lower.
Government bonds arc all lower, de-