The news & observer., 1898-03-20

ing by the traders driving the market
to a point even lower than the Monday
market succeeding the Lee incident. Inc
pinching administered to the reckless
bears i'm the rebound of last Monday
made them extremely cautious about
putting out short lines in to-day mar
kct. The consequence was an almost
lifcleSs market, as no one is ready 10
take the long SIDE of the market at
this time. Prices drifted aimlesSly III,
and down over Il marrow range. Only
n little over 100000 shares changed
hands during the days short session.
The Ennd market WAS equally dull. The
hank statement showed an expected in
crease in the surplus reserve, but tine
net increase in specie by no means fully
, reflected the receipts of imported gold
during the week and the stock of legal
tenders was materially reduced. This
lowering Of the legal reserve level by
81. .S26. 120 through the reduction in the
,lC3oSitS accounted for that much Of the
increased surplus The $40, $50. 100 con
traction in loans is clear enough cyi-
dence that the heavy receipts Of gold
from abroad are insufficient to main
tain the balance of the money mar
kct in spite of the distinctly easier
tome of money in the last days Of the
week
The Cuban problem has remained the
dominant factor in the stock market
during the week. Its uncertainties and
perplCXit:cS are felt to he so great that
no one in the speculative world feels
competent to form fixed opinion as to
the outcome. The result is Il small
and marrow market. The heavy liqm.
dation of speculative holdings of long
stocks induced by the first stage of the
threatening developments has been
about concluded and probably no furth-
er heavy offerings would be induced eN-
ccpt by some development threatening
.r.0us consequences to securities.
That there has been an extensive re
striCtion of credits has been obvious
| from the developments in the money
market. But this restriction has appar-
/ emily affected nothing yet beyond spec
ulative enterprises and particularly trad
| ing in securities.
| The underlying sentiment in Wall
| Street is that a hostile attitude toward
Spain will ultimately he forced upon the
government by the deplorable condition.
/ in Cuba. whatever may be the outcome
of the Maine inquiry For this reason
| traders persist in selling the market
short On the other hand there is the
underlying strength of the business sit
uation. the large Increases in bank
! clearings all over the country rejecting
awakened commercial activity. Railroad
earnings show gains over previous
years. Prices for agricultural products
are mostly high, and the foreign demand
! for them IS active. The current OF
gold flowing toward this country is
uninterrupted at this period of the year,
when exchanges are usually going
against us owing TO the turning Of the
trade balance Though our imports are
| increasing the still greater increase in
exports keeps them largely in excess OF
the imports.
! Prices rebound with astonishing rcsil-
liency on any prOyocation and force the
shorts to scramble to cover. lit is largely
| the covering of shorts that has raised
the level of prices substantially above
last Saturdays extreme depression.
The bond market has been dull dur
4 ing the week but prices are somewhat
better. The United States As advanced
u, the old As coupon and the ends de-
clined y and the old As registered de-
clined II in the bid price
| The total sales of stocks were 113.3O0
shares. including C.. +. X O., 5000;
Manhattan L.. 7.lJU: Northern Pacific.
lprefcrred. G.974: ST.. Paul. 13.020: onion
| Pacific Clio; Sugar, "a, 140.