The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-16
FINANCE AND TRADE
Tbs Features of the Money and Stool
Markets

NEW YORK, May rH.-There was a
very obvious disposition to-day in spec
ulatlve circles to leave the stock mar
ket alone, pending the development OF
The next moves Of the Spanish and
American squadrons. The outside In
terest In the market was small. Com
Ing In such q market the depression on
the London stock exchange and the
selling here for foreign account which
resulted were very effective in depresss
Ing prices. London's quiet feeling was
due to the plain speaking OF the British
secretary Of state for the colonies, MI.
Chamberlain. as to the likelihood OF q
European coalition against Great Brit
ain. Apparently no account was taken
by dealers In securities OF the speakers
assurances that Intervention In, favor Of
Spain would not be assented to by
Great Britain. In fact all considerations
turned on the expected news from Ad-
mlral Sampson, and the depression in
London would probably not have been
effective here In a purely sympathetic
way. but American securities offer a
particularly good market Just now, so
that foreign holders were glad to rea-
lie on them.
The consequent losses In the inter
national stocks decided the tone OF the
market. The offerings for Londcn ac-'
count were well absorbed in spite Of
the prevailing dizziness, aud prices were
strength Of Sugar on the advance OF
prices of the product and the favorable
bank statement hardened prices in the
second houd and wrought q few net
gains. Fractional net losses were the
rule at the close.
The latter part Of the week has seen a
reaction In the stock market, but last
prices are still substantially above those
OF last Saturday. except In some OF the
specialtles. Net gains range from a
fraction up to four points. The action OF
the market on the eve OF the engage
ment with the Cape Verde squadron Is
In contrast to the advance in prices on
the three days before. news was heard
from Commodore Dewey. But to JUS
tify estimate the action OF the market
In the last three days. it Is necessary to
consider the motive OF the great actiV-
ity and the large advance In the early
part of the week.. =
There was in the first place the vio-
lent advance in wheat which brought q
large amount Of speculative profits In
to the stock market for a'turn. For the
same reason the collapse In wheat af-
.fected stocks quite acutely, because the
liquidation OF profits was induced by
the efforts to cover margins In wheat.
There was, In the second place, the
apparently reliable and generally &C.
cepted report that the Spanish Cape
Verde fleet had returned to Cadfz. This
seemed to argue IN entire abandon
ment Of SpaIn's West Indian possess
ions. This was accompanied by the re-
port in explanation Of the rally In Span
ish Is that the money to pay, the July
upo had been furnished by French
and Belgian bankers on the condition
that Spain should sue for peace. When
the Spanish fleet was definitely located
at Martinique and the Spanish govern
ment showed a disposition to, make a
further aggressive move, even then the
game seemed q desperate one. It was
natural that the upward course Of
prices due to those considerations
should halt and speculation pause to
await a more definite development OF
the new conditions.
The market has had to absorb con-
tInued offerings OF American securities
for foreign account, due to the nor
stringent money conditions abroad and
to the effort to mitigate the demand for
gold to settle exchange balances. These
offerings were well absorbed early In
the week, but in the duller market since
Wednesday they hive had more mark
effect A more reliable indication Of the
financial outlook Is found In the money
market.
The weekly statement Of the New
York banks supplies the key. Last week
the demand for funds from the interior
had so far decreased rs to make the
money market easier, and there was an
expansion OF loans, the first since the
Maine destruction. This week the de-
mand for money from the interior has
practically ceased, and gomc bankers re-
port that they hnvo received shipments
OF currency from their out-of-town cor
respondents. Deposits have Increased
over $1,000. 900, aud loans and cash re-
serve have expanded so as to more than
keep pace. Rates for time money COL
'lapsed to 3 to 4 per cent for periods as
long as six months. call loans are made
at 1k per cent, and there Is active bid
ding for commercial paper at s to 6h
per cent. It is evident that financial In
stitutlons all over the country feel
themselves amply provided for to meet
the demand for customers in subscrib-
Ing to the new government bonds-lf is,
sued.
Naturally gold has ceased to come
from abroad. Exchange has risen to
81 SOY per pound sterling, and Is be-
Ing held instead OF drawn rs the no.
ney commands a higher rate abroad.
The country's money supply has been
vastly expanded, and with tho return
OF confidence and extension of credits
there is the likelihood OF great increase
OF Industrial and speculative activity.
The bond market has moved in SYM,
pathy with stocks tho latter part OF the