Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-04-02
FINANCE. AND TRADE
Stock Market Again Feverish and IT.
regular Over War News.
BY STRONG INTERESTS
Arguments Regarding the Cuban
Situation the Motives.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star
NEW YORK, April Another UNIQUE
stock market was added to the weeks rec
ord during today's short session. Prices at
the opening were moderately steady, but
almost Immediately yielded to tie influence
OF liquidation and aggressive short selling.
AT the decline the market assumed an as
poet which seemed destined to overthrow
the efforts to prevent a serious setback in
Ir;ces. Commission houses heretofore in
trusted with the difficult task Of forcing a
rally in the face of adverse conditions came
in with buying orders and forced a snarp
covering movement. The nervousness of
the short interest had led to an extensive
placing of stop-loss orders. the uncovering
of which forced substantial net gains.
The entire market sold up for recoveries
varying from 2 to per cent from the low
level of the first hour. Final figures while
rot at the highest, were well above the
opening level.
The weeks developments have been re-
plete with surprises of this character and
the accepted inference is that the market
has the support of large capital combined
to provide against the worst possible out
come of the Spanish crisis.
The closing was feverish. but in the main
confident. Rumors of a delay in sending
a presidential message to Congress aided
the advance, did also those predicting
recognition Of independence without inter-
vention.
All sorts of peace arguments were in
force, some extending to the proposition
that Congress would do nothing more radi-
cal than to indorse the administrators
course and leave the controversy still in
the hands of the President. Without being
able to definitely base reason for the be-
lief, there are many conservative judges of
recognized financial ability who believe
that war will be averted The failure to
force declaration of war from Spain, 1t is
argued, will n AXE the American Congress
cautious in taking the initiative.
Congie ss is expected to, grant a further
postporement of action, and every delay
In increasing Spain's advantage makes for
peace. These arguments, whether we'll
founded CT not. are the prevailing ones in
Wall street at the close of the week.
Money put into the stock market at this
Juncture is about equivalent to the laying
OF wager that Congress will retreat from
its position. The wisdom of this action is
yet TO be determined. Should actual hos
Titles break our, however, there are
r,any who believe that the financial situa-
ton viii be only molnentarily disturbed.
A few days should suffice to relieve the
situation of much of its present uncer-
tainty.
The bank statement reflects a further de-
crease of S4,31I, 200 in the loans and an in
crease of trif1e over 100000 in lawful
money holdings, ell in specie. The deposits
have decreased s.. Alb, 100. which requires
smaller reserve the latter item being in
creased sl,s69, 325. The sharp advance in
oney rates at the end of the weak is
merely another reflection of the many
complex features of a situation which fluc-
tuateS uneaSily about a war crisis.