The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-04
FINANCE N TRADE
The Features OF the Money md Stock
Markets..

Markets.
NEW YORK, fApril News hav-
Ing an important bearing on the all
absorbing question of this country's re-
latlons with Spain was exceedingly
scarce to-day, as Congress Ia not In
session. The absence OF developments
left the situation much as 1t was when
trading ceased yesterday afternoon and
when all Glasses OF owners were Of
fering stocks Cor sale on the presump-
ton that war with Spain was inevita-
BILE. Yet prices show net gains to-day
extending to owe a point In many cas-
es, and the extreme %recoveries from
the lowest show variations which COM
pare favorably with the violent changes
of last Monday and Wednesday. The
market was exceedingly feverlsh and
erratic during all of the two hours ses-
sion. in spite Of the paucity Of news.
varying sentiments being fed by SIR
misses rather news. Most of the activ-
ity was based on the supposit!on that
the absence of symptoms might ITSELF
be a symptom b.
The uncertain state OF mird would
naturally beset n disinciinat!on 60 leave
contract obligations outstanding. AS
most OF the existing contracts on the
exchange are based or short sales OF
stocks, the uncertainty found express
lon In buying to cover. The timidltf OF
the shorts was founded or their very
| severe experience last Monday. They
saw powerful support offered to stem
the downward tendency at the opening.
The analogy, vas so close to the course
of things last Saturday that 1t had an
unsettling effect. Important commission
houses with Washington connections
were the instruments used for much OF
the buying. This gave the appearance.
whether well founded or only designed
to seem so, OF orders TO buy stocks pos
sibly on informated obtained in Wash
ington OF some favorable turn In the
prospect OF affairs.
This development or m~anoeuvre was
not lost upon the bears. 1t Is not i'm
probable. also. that some OF tho buying
was due to that class OF investors who
| come into the market to buy stocks OF
n low range OF prices for the actual re-
turn In yearly income. London further
more was a buyer TO some extent here.
In spite OF the significant weakness OF
| Spanish Tours on foreign exchanges. 1t
IS evident that foreign exchanges look
to New York for an initiative for tho
resent. as the arbitrament for peace or
war is to come from Washington.
Badly stated. II seems remarkable
that there should be a sharp net ad-
| vance in the prices OF securltles on the
stock exchange In the weak which Wit
messed the publication of the report OF
the Maine board OF inquiry and the ap-
| parent abandonment OF diplomatic ne
| gotlations looking 10 the conservation
OF peace with Spain. The fact Is that
| prices are from one to four points high
er In all OF the principal stocks that
make up the bulk OF the business on
the stock exchange. This was due In
| part to technical conditions In the mar
ket. 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 in
quiry report, thev found themselves
forestallcd by a powerful bull clique
who had,sccured n large part OF The
available floating supply OF stocks. Not
for years has there been seen so violent
mr. advance In prices rs In Mondays
bear panic. The bulge In prices seemed
to have been designed originally by
some oil the large pear operations tncm-
selves with the purpose Of shaking of
some OF their undesirable following by
forcing them to cover their contracts
and thus leave the way open for n fur
Their decline. The big bears were sup
posed 10 have been caught In their own
trap and It was generally believed Nom
day night that the short interest had
been practically eliminated from the
market. Later developments. especial
iy on Wednesday, showed that there
was q large outstanding short Interest
and the belief prevailed ut the end OF
the week that this short interest was
still large. The persistent sensitive
ness OF the market to the falntest suG-
gcstion of a peaceful adjustment Of the
Cuban question goes to confirm the
belief. Aside from this question, the
business conditions are felt 20 be stron-
ger than for many years. It Is begin
ming to be questioned how far an actual
state OF war with Spain would coun-
tcract the growth OF commercial and
industrial activity. There is some cf-
feet already noticeable In diminished
bank clearings and especially this week,
In the Increased demands and added
cxactions in the money market.
The demands. on New York from 9TH