Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-05-09
New York. May I.

New ok, May 1.
p. : new As registered. l2la4
r : new As coupons ..-.............--..l2 l,4
:, : Is registered. .....................lU Una
h. As coupons. ACKNOWLEDGEMENTS oJ
T. < ads........-..-..-..... 70
T. : - registered. ACKNOWLEDGEMENTS. ll9l4
l. s is coupons ACKNOWLEDGEMENTS. IL IL
Pacific is of 'S9.......-. .lu5
stocks-Stoek brokers had busy
two hours during the short session Of
the exchange to-day, and there We're
no intervals of idleness. The market
v9s furiously active throughout, and
+he l,eanness for the stocks gathered
f,rce as the session progressed until ii
had become very like a scramble to-
Yards the close Occasional offerings
by operators content to take their very
Substantial profits were swallowed up
With almost no effect in prices. The
element Of apprehension which had
laused the reaction at the close yester-
iav were cleared up. The release of
t5e I.afavtte eliminated the fear of
eomDlicati0n with France over btr
seizure. The reported announcement
of the arrival of the McCulloch at Hong
Kong with dispatches from Admiral
Dewey relieved the natural uneasiness
that was beginning to be felt over the
prolonged delay in receiving official adj
,.iccs from him. There was some hest
5ancv in the trading until an Official
confirmation had been received from
Washington OF the good news from
Manila. The completeness of the vie
tory and the almost entire exemption
from damage of the United States
forces emphasized anew the import
ant bearing OF the event upon the pros
pects for a speedy termination of the
war. The depression of some Amer
can securities in London before he
opening here was ignored, and the adj
vance in prices was inaugurated from
tine opening. The strong limitations
coming from official circles in Wash
ington that important news is expect
ed from Admiral Sampson by Sunday
and reports that the Spanish feet had
54n sighted off the French West In
dies aroused an expectation that the
fls. step towards the destruction of
Spain naval force in the Atlantic was
near at hand. and could safely be dis
counted in the market The continued
excitement and advancing prices in
wheat gave added strength to the
stocks Of railroads running through
The wheat belt The bank statement
vas also interpreted as distinctly favor
aa.c. The decrease in surplus reserve
was due in large part to the increase
in reserve requirements through the
addition to deposits and only partly to
decrease in cash. The net decrease in
cash for the week amounted in fact
TO only 5000, SEQ. The force of the
upward tendency of prices was remark
able in the second hour, and the DAYS
net gains ranged between | and 3
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. Profess
s!onal operators laid in a large supply
81 leading speculative stocks on Friday
and Saturday Of last week in anticipa-
ton OF good news from Commodore
Dewey in the early part of this week.
III Is not unusual to see prices of stocks
react upon the actual occurrence of an
event which has thus been discounted,
due to the selling TO realize on profits.
BaJ the professional operators who
TOOK their profits on Monday and Tues
uay on news OF Dewey's victory. failed
eAlHeIy TO estimate the force and far
ieacalng result of that event. Their
Aea|F realizing sales were easily alb
E"9ea by the large outside demand
ior stocks, and instead of reaction fol-
lowing the upward rush of prices. the
week mas closed with the furore to buy
d. me boiling point and with prices
d. lhe Top level of the week with from
10 II points Of net gain in the active
Iaafodd stocks. Some of the special
ues exceed even that
y Is an old established maxim of
markets that a naval or military vic
WV Will result in a rise. Commodore
De"ey victory, in its condolences
e-0 me thorougbness with which the
"04N was done, would naturally be
p1Ftlcuiarly forceful. The demonstra-
ION II gives Of the incapacity of the
np'Ai5h naval resources and the de-
;l o,Lalzed conditions of Spanish finan-
o ana governmental conditions at
.''ie which have followed make an
o@lF leimlnation of the conflict to be
o4i..Ju on. But it is III the favorable
~, IONS at home which will be given
tF 49, p'dE Dy the ending of the war, that
e-( syoch market has found its greatest
S.3VHu Tor confidence in the future.
~, SIe week developments in the wheat
t.,' hsI alone give the brightest promise
% IutuTe growth of prosperity in this
sne weeks developments in the mo-
% market show that the long process
VI preparation to meet the countries
e,-.. needs had been completed. The
~ ,'gut CT the New York clearing
- banks shows an expansion in
H.. ,''s ana an increase in deposits for
Sl time since the week following
b.., Living Up of the Maine in Havana
,ir,,, he period of contraction and
'-W pIllng up of reserves is over and
NJ IONS IONS made in lending money are
g.. lioefal.. Time loans. which were
a. ~, Nelq at per cent for all periods,
" teU now at Az per cent for six
to si,. dnd per cent for ninety days
rnsTae.l li'ohlns. Choice grades of COM
cs, .NioI paper are also taken at '515 per
ir,'1. instead OF 6 per cent, and there is
;rrgSSsd demand for it. II is highly
9HllcaRt that the gold which CON
pos. ~ come from abroad no longer
ino ~ " 'He liquidation of loans. indicat-
on o ,n4l me imports of gold are made
m, a,'ent accumulations of exchange.
h. 9'ocAs OF sterling on which money
Zen borrowed is in fact about ex-
a'0U' he continued movement Of
vsrt "proad promises a continued adj
mort5. 10 ihis country in the exchange
hat N ~ exchange bankers are report
f,s r, mere is scarcely any demand for
heayr credits, which is usually
rer. 90 g. 'his season when the move