Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-10-22
FINANCIAL AND COMMERCIAL.
The Situation In New York Summarized
by the "Register's" Correspondent.
spSefak TSLscyd1a 10 the Re6tsEsF.

The Situation In New YORK SummArileo
by the "Resister's" Correspondent.
Special 7tIsSrGm 70 ne RsSisssr.
NEW YORK, October 21.-There has
been no material change in the financial
situation At this centre during the past
week, although it may be said that a
more hopeful feeling prevails.
Plenty OF money in the banks, moder-
ate amounts invested on call, and less
loaned on time paper, while Mercantile
paper is practically tsbooed by any but
out of town banks is the chronicle OF
money operations of the week.
Banks, like individuals, are acting
very cautiously until some decision has
been reached in the Senate over the re-
peal bill, but the action Of that body has
been characterized during the week by
such senility that confidence cannot be
restored and q stimulus given thereby
to both foreign and domestic invest
ments.
Despite this, however, general bust
ness is improving at this point and COL
lectlens are better; in fact, as far as
mercantile interests are concerned, the
outlook is brighter Gan it has been for
many weeks past. Merchants, asa rule
find business Increasing, although by no
means at as rapid rate as it should be
for this season OF the year.
The improvement, is there, neVerthe-
less, and with a settlement OF the long
discussed and now threadbare financial
question, this Frightening up bids fair
TO blossom out into full fledged ac-
tivity.
During the past month, the Official
weekly statements OF the New York
banks have made an extraordinarily
favorable exhibit, and in this respect
the past week has been no exception to
the rule. 1t shows the banks to be In q
verp strong position; with deposits and
reserve material increasing.
A considerable increase is also shown
in loans and this is an excellent sign,
tor it indicates that bankers are more
accommodating In extending loans than
have been the case in the last four
months.
1t is very plain from the way money
Is now floating TO this centre that con-
fidence in the national banking system
is entirely restored, and as long as the
public have implicit faith in the banks
there can be no panics.
A tour OF the banks disclosed the fact
that the demands for currency from the
South are heavy and that they are be-
ing promptly met; many large ship
ments having been made during the
past week.
Just az this period many loans are
maturing, and fair percentage OF them
are being paid off, although the banks
are taking very good care OF their Gus
toners, considering the condition OF the
times.
The retiring Of Clearing House loan
certificates continues at a rapid gait,
and within the next week or ten days it
is expected that all Of them will have
been cancelled.
Out Of the total issue Of S3S, ,27o, 900,
S35, 4sO, 900 have now been retired, leav-
ing a balance OF only 81, 500, 900 at pres
ent outstanding.
The cancellation of these certificates
began in earnest just four weeks ago,
and this is very quick work In getting
rid Of such an immense amount.
On the Stock Exchange, stagnatlon
rules almost supreme.
There is no specuating, except by
professional operators, and they manip-
ulate prices 10 suit themselves. The
public have practically withdrawn from
the market, until such time as they may
know what to expect from the Senate.
Prices are down to ridiculously low fig
ures, but even at these quotations
there Is considerable risk in speculat-
ing under the existing conditions. 1t
is noteworthy to remark, however, that
very little 'long," or actual stocks are
being thrown on the market.
The investment market has shown
some improvement during the week,
and quite few sales Of municipal bonds
are reported having been consumated.
The market is by no means active, but
it is in better tone and the inquiry is
more brisk.
The week closed without any marked
change in the general situation, but
with the tendency of business improv-
proving and a feeling OF cheerfulness