Evening star., 1898-04-30
FINANCE AND TRADE
No Panic in Stocks Has Resulted
From the War.
SLIGHT GAIN In LAST TWO DAYS
Due Mainly to Short Covering and
Manipulation.
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

SI"ciai Dispatch TO The Evening star
NEW YORK. April 3o.-Advances vary
ing from 3 10 80 per cent in commodities
and adra ices varying from TO 10 per
cent in investment securities are significant
developments of tie business week ending
today Tie panic OF actual war has failed
10 materialize aid fear has been displaced
by confidence
The Spanish war has dwindled in signiH-
canoe and banking circles have already be-
gun 20 discount ultimate victory. The sue
cessful plan for financing the war loan
has done much toward encouraging the op-
timism OF the last half of the week
Prompt subscriptions are assured and ar
ransemeLts are being made for the with
drawal of funds in manner least distarl-
ing to business. The funds not being i'm
mediately needed may be called in install
ments, and with proper notice. so as TO pre-
vent radical disturbances in the money
market. furry in the interest rate is
likely, but such condition is an incident To
government loans. and in the present in
stance is likely TO be only temporary. What
ever the conditions may he AT the time OF
the issue there is every assurance that un-
usual care viii be taken In negotiating the
sale.
stock market has departed from the usual
course of discounting a loan of this char
acter by a gradual decline. Later on.
should some unforeseen development over
throw the present plan. fears of tight
money may become a factor
A decrease in loans during the week Is
another evidence of the conservatism OF
both borrower and lender. The banks are
not likely to extend loans to any consider
able amount until the demands of The bond
issue become a more definite quantity TIE
legal rate for time accommoda tiofs con-
tinues to prevail. The weakness of cN-
change at the end of the week gives rise
to the belief that gold importations may be
continued for lime. but the onward move
ment is not likely to assume large propor-
TONS
A small increase in the specie holdings
of the associated banks. an Increase In
reserve and a decrease OF S2.113.9Oe in de-
poSits were among the other notable feat
ures Of the weekly statement
Railroad traffic is fully un to prediction
and the prosperity Of western roads par
ticularly was never more encouraging. The
question Of merit must sooner or later give
way to the mere whim of the larger finan-
cial interests In the street
1t would be misleading, perhaps, TO attrib-
ute the net results in this weeks market 10
Sors.dcrationS of intrinsic worth. The mar
ket, active only during the last two DAYS
has made its advance largely at the aN-
pense Of the short interest through the me-
dunn OF expert manipulation. The public
has not come in, except moderately, and a
good speculative turn has been engineered
without its cooper alton.
The result is chiefly valuable as demon-
strating the ease with which the market
responds to buying of any sort and The
extreme scarcity of stocks seeking a
market. That the market is most danger
Gus on the short side may be seen even
though the delay in profits on the other
side is worthy of consideration.