The New York herald., 1870-04-04
FINANCIAL and COMMERCIAL.

FINANCIAL AND COMMERCIAL.
WALL eTREEr. /
SUNDAY. April Q, 1901
The week In Wall street mas been ialrly sctiye ~
the stock market ana moderately SO In the Co!a
Room The feature OF interest toward tho close
was In
THE MONEY MARKET.
wnicn became suddenly active. with IN advance In
the rate on call loans to seven per cent The
change, however, attended by certain features
which give rise to the suspicion that the activity
which has been thus inaugurated Is not wholly
natural. 1t will We remembered that as early
40 the middle OF March an active money
market was looked for as the consequence
Of preparations for the April settlements
IN the rural districts; but the time passed
by, and 1t was not until April was fairly upon us
that there was any material change III the money
market. The activity thus sprung up.n the street
seems rother to be ARTIFICIAL in Its character. The
banks have not contracted their resources nor have
they been shippers OF money. On tho contrary the
banks are still freely Lending, while the rates OF do.
mestic exchange aIe In favor OF this city.
The deferment or absence OF the demand
on account OF the April settlements is attributed to
tne low prices of wheas and grain. whlcf>are such
a. 70 check anything like enthusiastic agricultural
menced about the 18th OF March and lasted until the
18th OF April, when the excess OF the banks over
their legal reserve had fallen to $6,O00oDo. The
banks now hold about $20,00o.0o0 to meet what
must be an inferior demand should It be true, as
some claim that there Is only delerment OF the ap
plicati0Ds from the country districts. 1t Is
held, however. that the professional operators for
decline IN STOCKS have been disappointed at the
failure OF the money market TO becoiue active at the
appropriate time this year, aud hence ia thcr des-
perati0R have resorted to artificial Influences The
clearances OF several oil the banks on Saturday
morning showed them creditor for unusually large
sums state Of facts which heightens the suspicion
OF stock gambling manipulation. The banking move.
ment OF the ensuing week will be watched with
much interest," TO detect further evidence OF these
Influences.
THE STOCK MARKET.
The stock market during the week was strong and
Tor some Of the list active aud advanced particularly
for such shares as were regarded oversod on the
anticipation Of stringent money marked. Last year
the cilques were harmonious on the bull sIde and
advanced prices when rates as high as quarter and
three eghtbs per cent day paid for .carry-
Ing" Inis year there less unanimty. ana one set
OF operators are known 70 be on the bear slde in
which position they are supported by a large out
side interest Under these circumstances the course
OF the market durng the immediate future Is likely
to present attractive features.
THE GOLD MARKET.
The speculation in the Colo Room he's been tame
and In favor OF lower prices. The heayness, decline
and inactivity IN exchange have frustrated the ex-
pectatton OF based upon the reported certainty
defeat OF the Funding b;.l now before Congress.
The extreme range oi the price from ll24 to
lllH.
THE GOVERNMENT MARKET
was strong In earlier transactions, the Improvements
being due to the prospective defeat OF the Funding
bill but later declined with the lower ruling of the
gold quotation.
THE BANK STATEMENT.
The figures Of the bank statement submitted
Saturday afternoon are irreconcilahlc, except on
the hypothesis that money has been artlh.
.cialiy rendered scarce. Some Of the pauks
were creditors for unusual amounts at the Clear.
aug House Saturday morning and there are other
Indications that certain chronic "Dear clique In
the street can account tue withdrawal OF funds
so suggested. There Is reason to believe tina. the
banks during the week actually gamers
I'm legal tenders, the rates OF domestic
exchange favored and still favor, this city as
against the West and South. The loss in deposits
ts the decrease specie the loss in legal tenders
loss in reserve IL over i've Millions bat the banks
still hold nearly twentg millions OF reserve In ex-
cess OF the amount required BY law, so that they
are III good position T. meet an artificial tightening
In money should 1t DO superadded to the expected
ectivty during TIA ensuing SIX weeks. The last TWO
.utQtemeutS compare as foOWS:-