The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-30
FINANCE AND TRADE


= q D.. / ~ b. l. - %
Tho Features OF tho Money and Stock
Markets. 2 q i. 4 =!
NEW YORK, May 2s.-The fac. that
to-day was O holiday in London and
that Monday would be a holiday both in
New York and London had the effect OF
curtailing speculative operations in
stocks. There were two conflicting re-
ports in circulation both coming by DIFF
ferent routes from the same point In the
West indies. one alleging that the
United States fleet had been sunk and
the admiral killed and another that
Commodore Schley had penetrated the
harbor at Santiago and sunk the Span
ish fleet. The market sold OFF on the
first and recovered on the second. But
the dealings were not large nor the
movement wide in any case.
Prices were sluggish outside special
stocks and final changes were small.
Rock Island and Peoples Gas were
pushed up again, after a preliminary re-
action apparently 10 shake of some
week following. Their price sustained
with some difficulty at the close and was
manipulated with the evident purpose
of making the last prices the bsst. The
same thing was manifest in other stocks.
Great Northern continued its upward
course and added nearly 5 points to Its
recent remarkable advance. Illinois
Steel rose points additional but reacted
2 points New York Air Brake rose 2
points but lost nearly! all OF II. There
was a reaction after the recovery coincl-
dent with the publication of the bank
statement. which was on its face, favor
able. But the expansion of over sS000,-
900 in loans. while suggesting activity in
business, goes with the knowledge that
supplies OF commercial papers have not
| been large in the markets nor has the
demand for time loans been eager. The
Inference Is that the loan .expansion,o out
side of the demand for speculative uses.
| In the stock market, is to be accounted
| for largely by loans made on sterling
exchange as collateral, an operation In
volved in lending abroad money which
Is due on exchange bills but not drawn.
| The close for stocks was however near
| top prices, under the manipulation and
! generally q fraction above last night
| closing price.
Prices OF stocks show some substantial
| gains over those of a week ago. though
the latter part OF the week had seen
| falling off In activity and somewhat set
tied the. tendency. The advance early
| in the week was largely based on the
| unfounded report that the Spanish fleet
in West Indian waters had already been
annihlated, and the later tendency Is
not surprising.
The later resistance to decline has
been encouraging to the bull element
and the belief Is general in. Wall street
that the powerlessness Of Cervera's fleet
to do mischief has been demonstrated
and Its ultimate defeat by the United
States forces Is confidently expected.
The financial world looks forward to
this defeat to bring into play many fac
tors of strength in the speculative out
look. Most potent OF these Is the condi-
ton OF the money market which may
now be fairly described as ple.hore. Al
though the volume of back clearings all
| over the country indicates larger use
OF money than even In 1892. funds. con-
tinue 10 flow to New York from other
domestic centres. The United States
treasury continues to feed out money
into the market. New York banks
gained over s3,0eo.000 from that source
| this week. In spite$of the large loan ex-
tension Of over 100000, the surplus
reserves continue, therefore, to pile up.
Under ordinary conditions. the resulting
| chcapness Of money would start an eI-
post movement OF gold. But the con-
| tinued heavy excess uf merchandise ex-
ports and an active foreign demand this
week for our securities keeps the inter
national exchange heavily In our favor.
The country.s net gold imports for the
fiscal year viii exceed 500 000, 900 which
has never before been approached eK-
cept in 1851, when It was over S97 100000.
There has been at the same time a
largely increased output OF gold by the
| homo Mines the product for the present
(, year being estimated at s600Oo.O0O. The
| idea that the government REQUIREMENTS
for Carrying on the war would result in
my stringency In money rates has been
| entirely discarded by financial author-
| ties. With tho heavy expansion OF the
gold currency and a continuing favor
able trade balance, which Is added 10 by
| the falling on in foreign travel and in
| expenditure by travellers. abroad in con-
sequence of the war. 1t Is natural that
| an era OF higher prices and OF Industrial
and speculative activity should develop.
The frmuess OF prices OF stocks is un-
| doubleday largely based on The expecta-
tinn Of such development.
! The bond market has broadened dur
fng the week and has given evidence OF
Investment buying at home points
Prices are considerably higher oil
around.
United States old As have advanced X
MM "A