The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-09
FINANCE n TRADE
The Features OF tho Money and Stock
Markets..

The Features or tho Money and Stock
Markets..
NEW YORK, May 7.-Stock brokers
had a busy two hours during the short
session of the exchange to-day and
there were no intervals Of idleness. The
market was furiously active through
out and the keenness for the stocks
gathered force as the session progressed
until 1t had become very like q scramble
towards the close. Occasional offerings
by operators content to take their very
substantial profits were swallowed up
with almost no effect in prices. The ele-
ments OF apprehension which had caus-
ed the reaction at the close yesterday
were cleared up. The release OF the
Lafayette eliminated the fear Of a
complication with France over her
seizure. The reported announcement
OF the arrival OF the McCul-
loch at Hong Kong with dispatches
from Commodore Dewey, relieved the
natural uneaslncss that vas beginning
to be felt ove the prolonged delay in
receiving official advices from him.
There was some esitancy in the trading
until an official confirmation had been
received from Washington of the good
NEWS llOIll |.luIiiius 10 lC SOLiilJIGlClleSS
OF the victory and the. almost entire
exemption from damage Of the United
| Statcs forces emphasized anew the i'm
portant bearing Of the event upon the
prospects for n speedy termination OF
the war. The depression OF some Amer
lean securities In London before the
opening here was ignored and the ad-
vance In prices was inaugurated from
the opening. The strong intimations
coming from official circles In Washing
ton that important news Is expected
from Admiral Sampson by Sunday and
reports that the Spanish fleet had been
sighted off the French West Indies
aroused an expectation that the first
step towards the destruction Of Spain's
naval force In the Atlantic was near at
hand and could safely be discounted in
the market. The continual excitement
and advancing prices In wheat added
strength to the stocks of railroads rum
ming through the wheat belt. The bank
statement was also interpreted as dis
tinctly favorable. The dccreasc in sur
plus reserve was due in large part to
the increase In reserve requirements
through the additions to deposits and
only partlyIto decrease In cash. The
| net decrease In cash for the week
amounted to only s309, 500. The force of
| the upward tendency of prices was re-
markable in the second hour and the
days net gains ranged between 1 and 8
points for most OF the leading stocks.
The animation and strength of the
stock market during the week has been
in strong contrast to the lethargy OF the
early part OF last week. Professional
operators laid In q large supply OF lend
ing speculative stocks on Friday and
Saturday OF last week, in anticipation
OF good news from Commodore Dewey
in the early part of this week. 1t Is not
unusual to gee prices OF stocks react
upon the actual occurrence of an event
which has thus been discounted, due to
the selling TO realize profits. But the
professional operators who took their
profits on Monday and Tuesday on the
news OF Dewey's victory failed entirely
to estimate the force and far. rcnchIng
result OF the event. Their heavy, realIz-
Ing sales were easily absorbed by the
large outside demand for stocks and In
stead of reaction following the upward
rush OF prices the week hRs closed with
the Juror to buy at the boiling point and
with prices nj the top level OF the week
with from 2 to II points Of net gain In
the active railroad stocks. Some of. the
spcclnltiea exceed even that.
II Is an old established maxim OF mar
kets that a. naval or military or military
victory will result In n rise. Commodore
Dcwey's victory In Its completeness and
tho thoroughness with which the, work
was done would naturally be particular
~ forceful. The demonstration 1t gives