The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-23
YIHAHcE AND TRap.
This F.atares or tie Money ana stock

IN Markets.
NEW YORK, May 2l.--DeallnEs were
not large nor important on the stock
exchange to-day. Operators, almost
without exception. maintain their at,i-
tude Of waiting for the ,situation In
West l indian waters to cleae itself.
The report that the Spanish fleet had
come Into Santiago and succeeded In
getting away again was not generally
credited, coming as 1t did, from Span.
ish sources. But It exercised some de-
pressing effect, nevertheless. II was
probably the cause OF the decline I'm
prices after the opening rise. The rise
IN spanish As In London and Paris
showed that It was not without Its eff
feet also In foreign markets,
There was selling for London. which
kept up a depressed tone In some OF tho
In%ternationals, New York Central and
Louisville being conspicuous sufferers,
ROCK Island also showed the absence of
inside support. but was bid up quickly
on the Una sales to o level above last
nights close.
The rally In the market was due to
the strong bank statement. Prices rose
q fraction above last nights. close, and
some cases q point or more.
h Wheeling & Lake Erie and the
no Grande western stocks were quite
consplcuously active. and all moved
strongly upward. Tobacco. Sugar and
Leather preferred among the Indus
trials were all In demand. The closing
was strong at top prlces. Pittsburgh,
| ClnnInnntt T. Thtro no e. Dc o"l. 49,
conspicuous for q break Of nearly two
points on light transactions.
The stock market has not moved
widely during the week, and It has be-
come evident that operators regard the
present level OF prices as fixing a fair
equilibrium between the conflicting fac
tors In the outlook. On the one side is
the chance OF O naval reverse. This Is
considered remote. But 1t must be CON-
ceded that In Wall street more weight
attaches to this possibility than was the
case q week ago. AS It is prices are
substantially higher, the Changers lead
Ing, owing to the extraordinary move
ment OF grain.
There were numerous indications Of
a strong Industrial and financial out-
look which are coming to have more
Influence, In spite OF the Incubus OF the
war. Railroad earnings show striking
Increases, not only over last year,
but over previous years. and In some
cases all records are broken for this
season OF the year.
There is an increase, also, in the bank
c%learings Of the country, which showed
a notable contraction after the sinking
OF the Maine In Havana harbor, but
which have again risen over the aver
age Of 1892, the previous high level. The
wholly unprecedented condition OF our
foreign trade balance has also received
renwed attention, the more go as the
heavy excess Of exports over imports
still continues now, which Is the season
when the balance generally turns
against us.
With a favorable trade balance OF
s5l4, 900, 900 for ten months OF the fiscal
year. against the best previous record
OF less than 5000, 000, 900 for a full year,
there is no room left for timid appre-
henslon about the country's future none
resources. The recent Withholding OF
accommodations in the money market
has given place to extreme liberality in
making loans. and there Is something
like q plethora OF money offering. The
low rates for money are encouraging as
indicating a cessation OF stringency.
But a little more active demand for
money would be satisfactory as indlcat-
ing the resumption of many projects
which were interrupted by the rise OF
money after var became inevitable.
The weekly bank statement does not
Indicate that money Is being very
largely diverted into active channels OF
usefulness. Deposits have piled up.
sl4, 267. 900, in spite Of large Withdrawals
from the market for government ac-
count while loans have only been ex-
banded 4 little more than half as much.
A large allowance must also be made
for loans made on sterling exchange as
collateral. which represents, in effect,
loans made in foreign markets. This
operation has been carried on to a large
extent during the week. Notwlthstand-
ing an increase in reserve requirements
OF over $500. 900. the surplus is there
fore increased by s3l7. 7ls,o25.
Increased activity early in the week
in the bond market resulted from the
large release OF money seeking employ
ment. The demand was, however,
largely confined to the more speculative
issues. Prices are quite generally high
er, and have held steady. V e through
the reactions which occurred in the
stock market.
United States new as declined Y per
cent, the old As registered Il per cent
and the SIS u per cent In the bid price.
The Financier says this week: In the
face Of the showing made by the New
York banks for the week ending May q
1t is difficult to see how the money mar
ket Is to be sustained even N. the pres
a-k 1nurnr fa,oy inv a-,. r,-t A..
The banks now hold an excess reserve
of $50 ! 1880. the highest reported In
fourteen months. and the total cash In
bank has rarely exceeded the present
volume.
The circumstances which have
brought about the remarkable changes
in the statement are not difficult to un-
derstand. The steady demand for inter-.
Tor remittances has given way to q
decided movement to this center. The
shipments to the interior have not
equaled gold imports for some time.
Added to this. the treasury Is dlsburs-
Ing large sums OF money, and until two
weeks ago high rates forced'a constant
liquidation OF loans and sales OF accu-
mulated sterling bills. The result has
been to throw q mass Of Idle money into
the banks. Fortunately the sitution
has so much improved that the banks
are finding use for part OF this money,
and the expansion Of s7,s57, 500 In loans
for the week is q cheering sign.
The expansion OF averages for the
week can be traced to several large
banks. notably those which are con-
cerned In international movements, but
on the other hand the institutions maxi
ing a speciality OF country accounts re-
port increased deposits, showing the re-
turn tide from the interior. Under no