The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-21
FINANCE AND TRADE
Tn. Features OF the Money and Stock

~
NEW YORK, March 19.-Thc action
or lack Of action of to-day's stock mar
kc. can only be Interpreted as the accu-
rate reflection OF the overshadowing I'M
certainty of the Cuban question. Last
Saturday the threatening aspect OF the
situation. coupled with The recollection
OF the developments OF the preceding
Sunday in the suggestion for the recall
OF General Lee. led to reckless short SELL
ing by the traders, driving the market to
a point even lower than the Monday
market succeeding The Lee incident The
ipnchinG administered to the reckless
bears in the rebound OF last Monday
made them extremely cautious about
putting out short lines in to-day's mar
ket- Even the shorts who were driven
to cover in yesterdays late furry over
,inwarranted rumors Of IS compromise
with Spain did not venture to renew
theic selling. The consequence was an
almost llfeless market as no one Is ready
: to take the long side of the market at
this time. Prices drifted aimlessly up
and downsover a narrow range. Only 4
little over 100000 shares. changed hands
during the days short session.
The bond market was very dull. The
bank statement showed an unexpected
increase in the surplus reserve. but the
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. The
lowering OF the legal reserve level by
s1,S26, 100 through the reduction in de-,
posits accounted for that much OF the In
creased surplus. The SIC, 5S5, 100 contrac-
Ftlon In loans is clear enough evidence
that the heavy receipts of gold from
abroad are insufficient to maintain rhe
balance OF the money marke.,in spite of
the distinctly easier tone 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>uncertalntIes are
felt to be so great that no one in the
speculative verdi feels competent to
form a fixed opinion. as TO the outcome
The result Is q small and narrow mar
ket. The heavy liquidation of!speculn-
tive holdings of long stocks induced by
the first stage OF the threatening devel-!
opments has about been concluded and
probably no further heavy offerings Will
be Induced except by some development
threatening serious consequences to Sc
curlty values. That there has been an
extensive restriction Of credits has been
obvious from the developments in the
money market. But this restriction has
apparently affected nothing yet beyond
speculative enterprises and particularly
trading in securities The completion OF
the first liquidation, and the passing OF
the securities to stronger hands leaves
the floating supply OF stocks much re-
duced. 3iis u
Prices move easily and quickly with
only the light volume OF business which
z Is wholly in the hands of professional
room traders. This makes the market
sensitive and extreme caution is requi-
site on the part OF the bears. as they
have learned 10 their cost at least twice
side OF the market Is the favorite side
street Is that n hostile attitude towards
Spain will ultimately be forced upon the
government. by the deplorable condition
in Cuba. whatever may. be't 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 clear
! ings all over the country rejecting
awakened commercial activity. Rail-
road earnings show gains over previous
years. Prices for agricultural products
are mostly high, and the foreign demand
for them Is active.
q The current of gold flowing towards
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, tho still
greater increase In exports keepe them
largely in excess OF the imports. All
these favorable business and financial
conditions make. the speculative market
extremely sensitive. Prices rebound
witt, astonishing resiliencyi on any prov.
,ocatlon and force the shorts to scramble
TO cover. It Is largely the covering OF
shorts that has raised the level OF prices
substantially nboyc last Saturdays eS-
IRENE depression. +. l@5.S 4;
The bond market mas been dull during
the week, but prices are somewhat bet
ter & q y RI i{{ ;
37sUnited States As advanced X per
cent, the Old rs coupon md the Is de-
ycllned " per cent and the old As regis
tered declined Y per cent in the bid
price. N
The Flnancer says:
& Judging from The statement OF tho As.a
sociated Banks OF New York city, for
the week ending March 10, 1t will require
a larger war scare than has, yet appearl
cd to put money ut higher rates than
have ruled fol, o few weeks past. Even