The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-02
FINANCE AND TRADE
Ths Features OF tho Money and Stock

Ths Features OF tho Money and Stock
NEW YORK, April so.-There was
quite an extensive taking OF pro profits
to-day after the three days advance In
prices. The realizing sales clipped
something from the days extreme ad-
vance. leaving the net gains in the
railroad list mostly fractional. In some
Of the %specIalties, notably Sugar, there
remained over q point Of net gain.
Tho bull leaders this morning had to
face the sentimental effect OF early de-
clincs for Americans In London. ex-
tending to nearly a point in some cases.
This meant that any advance in prices
here would have to carry the burden
OF arbltrage sales. Prices were, how
ever, bid up at every appearance Of con-
dence, and the offerings of the arbi-
TRACE brokers were quickly absorbed.
Sugar mounted nearly four points, and
the other leading speculative stocks a
point or over. The safe arrival OF the
steamship Paris was adduced as a bull
argument, and there wero vague ru-
NOR circulated that private Informal
ton had been received In the street that
the United States squadron had already
fought a successful engagement of the
Philippines. The aggressive leadership
Of the big bulls. coupled with these ru-
mors. klndled the enthusiasm OF buy
ers. and the small Traders followed the
lead OF the big ones. Quite a fair
amount OF commission house buying
was also done But while business was
still active, and on q large scale, stocks
began to DO supplied The offerings
were sufficient to feed the demand. and
prices ceased to advance, and before
long commenced q retrogade move
ment. Before the reaction had proceed
ed far the supply ceased. Meantime q
handsome total Of stocks had been
marketed at the advance, and sellers
felt the comfortable assurance that
their paper profits had been turned
into cash in the event OF any unfa-
vorable events over Sunday. There
was some renewal OF the buying de-
mand In the second hour, but It did not
reach large proportions, and the re-
covery in prices after the reaction was
not important.
The market for stocks and bonds in
the early days OF the week was the dull
est and .uarrowest that has been seen
for years. On Wednesday the aggre-
gate sale OF all stocks fell to less than
$4,000 shares. In so dull a market there
Is naturally a tendency Of prices to
sag. But there va O marked DISPOSE
ton In the market to resist any down.
ward tendency. due to the conditional
orders In brokers' Offices to buy stocks
on any sharp decline. The hardness OF
prices encouraged a powerful coterie
of professional operators to enter the
market for a bull turn. The commence
ed operations on Thursday. The argu-
ments they offered to justify the ad-
vanced were that q naval victory by the
United States squadron of the Philip
pines was reasonably certain, and the
Smelling OF the Spanish works at Ma
tanzas had conclusIvely demonstrated
the skill and superiority OF United
States gunners and guns. Both OF
these factors, It was argued, gave po-
tent promise OF early success for the
United States arms. There were other
and deeper lying considerations to in
vite an advance in prices, but the gen.
eral public showed no sign OF a purpose
to put their money into the stock mar
ket under the aggressive leadership de-
veloped by the bull coterie. Some fol-
lowing was induced by this leadership,
both among traders and among
commission house customers. Whether
to-day's proft-taking marks the ter
mination Of the campaign by the big
bulls does not appear on the surface.
Undoubtedly the underlying cause Of
the recovery In prices Is the more as
sured condition In the money market
and the improved business situation.
The future OF the money market has
hinged for some time on the needs OF
the government for q war loan. The
consultation of the secretary OF the
taeasury with a number OF leading
financiers served to clear the situation.
The success OF the proposed, loan at 3
per cent was felt to be assured, and the
plans for disbursement ceased to be
sufficient to guard against sudden con-
fractions and stringency. This was
felt to give promise OF easier conditions
in the money market, where reserves
have been closely held, and accommo-
dations much restricted for some time
past in. anticipation OF the demand for
the government loan. The actual condi-
lions OF the money market have in fact
become ~apprcclably easier during the
week. and the rate fo- time loans was
shaded from 6 to 5k per cent. The con-
tlnued demand from the interior for
money Is attributed to the desire Of
interior banks to be prepared to meet
the requlremnts of their deposltors
who subscribed to the bond Issue. For
elgn exchange rose sharply early in the
week. but has lost 4 great part OF the
gain. and engagements OF gold for i'm
port were made yesterday and to-day.
The strength In exchange early in the
week Is said to have been due to some
unexpected payments abroad by the
government and TO delay In the re-
ceIpts OF commercial bills against grain
shipments. These bills are; coming for
ward all the time. and the demand for
exchange from importers IS, at this
time, small. Another feature OF the ex-
change situation Is worthy Of consider
alton. The al has largely curtailed
the prospective travelling abroad by