The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-04-30
FINANCE AND TRADE.
The Features of the Money and Stock
Markets.

Markets.
NEW YORK, April 2S.-wall- street
was inclined to read the signs of the
day as meaning "a little setback In our
prosperity" The market had an under
tone Of depression which did not reach
to positive weakness. A waiting attl-
tude would be the proper description.
The reports of the commercial egencles
for the week. which make their app
pearance on Saturday mornings. caused
a feeling that Industrial and trade &c.
tivlty and business prosperity were NOT
being fully maintained for the time be-
ing. There are suggestions In various
fields that ruling prices are serving 70
diminish consumption to an extent that
may necessltate curtallment of produce
tlon and lowering Of prices. The re-
port for March Of the Lehigh Valley
furnished the exhibit of unfayorab!e
results in the anthracite field.
The bank statement, while strong
one, according to the ordinary rules Of
Interpretation, created an unfavorable
impression.
Preliminary reports OF the large In
flow of currency from the interior were
fully confirmed by the statement. This
movement, in view of the ease Of money
at this center, gives force to the sugges-
ton that there Is falling of In trade
activity. This view. at all events, was
the keynote of the dropping tendency Of
prices, to which there were not sutil-
Client exceptions to AFFECT the general
tone. The. steel industrIals were spc
cial sufferers on reports Of Intended
competition by the Carnegie company IN
the field Of the steel and wire COM
pany's products and the shutting down
"Ror repairs OF plant OF the National
Steel Company.
The weeks increase of loans Is un-
dOubtedly largely due to borrowing on
sterling collateral. Owing TO the chsap-
ness Of money here and the relative
dearness abroad, this operation Is more
profitable than drawing The exchange.
This operation, as well as the export Of
gold. represents the lending Of money to
foreign borrowers, as the country's
foreign trade continues to accumulate
cerdits in our favor. Reports Of bank
cfearings do not warrant the asSump-
tion that the return flow OF currency
Is due to diminished trade activity.
New York and Boston are the only Inn
portant centers in the country to show
a decrease in clearIngs for the week
compared with last year. The Ave
other leading reserve cities, as well as
the total for all other cities, show In
creases running from 8 to over Is per
| cent. The true explanation must be
that the extension Of bank note circu-
lation and the disbursement OF cash
by the United States treasury has over
run the needs OF the circulation. and Is
forcing funds back into the idle re-
serves Of banks. Further outgo Of gold
from the same causes, unless its opera
ton is checked or counteracted, is con-
Sldered certain.
Prices Of stocks are rather higher at
the end of this week than they were
at the end Of the last, after having
been considerably lower. The amount
Of support accorded to prices and the
extent OF the demand at any reaction in
prices has been something of q sur
prise to observers. 1t was feared that
the break in prices in the iron trade
would cause widespread liquidation IN
securities. Wall street, by tradition,
looks upon the Iron trade as an infalli-
BILE index OF prospects for business con-
ditions. Once established that iron
and steel production has Overrun the
demand. and that prices have reached
n level to efIectually discourage and
ourtail consumption, or that needs for
the future havo been so far met as to
lead to depression in iron and steel, and
Wall street is prepared to accept the
evidence us conclusive OF q elimination
Of prosperous cycle, with the certain
| ty OF period to follow business re-
action and comparative depression. ON
last Saturday the cut In prices by the
| American Steel e. Wire Company seem.
| ed to establish the fact Of such q conhi-
ton in the iron and steel trade. and the
| week opened In consequences, with Rvi-
| dehces Of general liquidation Of stocks.
! The first check to the decline came
| from the powerful support by Inside
interests IN various stocks. It became
| quickly evident also that In the steel
| stocks themselves the heaviest liquid
alton had already been affected by hold
prs who knew what was coming, and
who had not only sold their holdings
OF stocks. but had gone short Of ssa
market at the higher level. Thus 1t
| happencd that the opening sales on
| Monday morning marked the lowest
prices for some OF the steel industriafs
on the movement.
Activity In bonds has been mostly
confined to special cases. where lndivid-
uni causes affected prices, The mar
kpt generally was quiet, United states
reflndlng 2s. when issued, the Ss, old
\ as and SIS declined Y per cant and th2
new a. advanced 4 per cent IN the
o. 8. Bonds.
y when 4; Issued issued. ley q s. old g reg.lltk