The age-herald., 1898-04-24
Tn w all Street.

Tn Wall Street.
 New York, April 2S.-The stock market was "discounting peace in the language of the brokers. This was done by lifting prices a notch higher. The advance hesl- tated at the opening owing to reactonary tendency in the London market, following the receipt of the report that the Paris had been captured by the Spanish and the cruiser Topeka sunk in collision. Wall street was incredulous as to these reports which later proved untrue and the market was relieved from that cause of depres- sion.
 On the other hand much was made of the capture of another Spanish prize by the cruiser New York. There was report ed some selling of securities in London but the buying here was for London account as prices here ruled above London parity. There were periods of reaction, but the publication of the bank statement caused renwede buying and lifted prices to the highest They were headed off by renewed apprehension as to the safety of the Paris, the closing being easy below the best, but at net gains throughout, reaching a point in some cases Tue volume of the dealings WIS not large, the industrial spec ialties being favorites in the trading, es- pecially sugar and tobacco.
 The spirits stocks were also quite prom inent. Only some unexpected accident or disaster could affect the conviction that Spain must speedily succumb to superior resources. feature of the day was the hardening of exchange, demand sterling bills rising to $4.S4. This rate it is calcu- lated, precludes further gold imports under present conditions Last Saturday the be- lief was held in Wall street that a dead lock in congress over the Cuban interven- tion resolutions was likely to cause delay in the continuation of the crisis, and in the meantime the mediation by the pope with Spain was likely to induce peaceable set clement. The stock market has had to con- tend during the week with the dissipation of that belief through the adoption by con- gress of the joint resolution, the dismissal of General Woodford, the United States minister, by Spain, before delivering the presidents ultimatum the blockade-of Cuba by the fleet and the practical outbreak of the war. It has felt the reflected effect or the panic on Spanish As on European bourses and the resulting forced lquidation of American securities; yet the week closes with a great part of the extreme losses in prices recovered, net declines not exceed ing 2 points in any of the prominent lead ing stocks.
 The ground for the confidence and im- provement in the market will be found Tn the money condition. Today's bank state ment shows the surplus reserve to nave been increased 100 and for the first time since war threatened, the weeks in crease is due to an actual incrase In casn rather than to the lessened reserve re- uuirements through drawing down deposit :. That is to say that the demand Tor casn from the interior has almost ceased. ln- terior banks in fact find themselves so well supplied with idle money that they are buying commercial paper in the New Yorf market though their bidding has not yet reduced rates below per cent. Tor the hest names. New York banks have re- nlenished their reserves with importd go d to meet the interior drain and its cessation promises easier money conditions. Call loans on the stock exchange have in fact fallen to 1h per cent. during the week.
 Of the total of nearly s6O,OOo0OO of gold or dered from Europe on this movement over sI7 .0OO .OO0 remains to be accounted for in the bank statement, being transit or re- ceived after today's statement was com pleted In view of these conditions 1t is not strange that the movement of gold to