The herald., 1897-08-05
OFFICE OF THE HERALD,


August 4, 1897.
The board of bank commissioners has
called upon the state banks to make sworn
. statements showing their financial con-
dition at the close of business July 81 1897.
The call of the comptroller of the currency
requires reports from all national banks
as and for the 23d of July. AS the bank
commissioners must have been aware of
this date having been fixed by the comp
troller, it seems a pity that they did not
make their call correspond in date, in
which event it would be possible to ar
rive at knowledge of the condition OF
all the banks in the state as of the same
date. The attention of the bank commits
sioners has been called to this fact more
than once, and while no doubt they recog-
nze the importance of getting banking
statistics that will be of value, yet for
some reason or other they choose to show
their independence by fixing the date of
their call about a week apart from that of
the comptroller. 1t has been asserted that
this variation of dates affords an oppor
tunity, if such were desired of juggling
accounts and whether this be true or not
it would certainly seem a reasonable thing
that all the banks in the state should be
required to report as OF the same day
The state banks are under the control of
the bank commissioners, who have nothing
to do with the national banks and who
have no power to call upon them for state
ments. The national banks, on the other
hand are under the supervision of the
comptroller of the currency, who on his
part does not interfere with the state
banks. 1t would be the easiest thing in
the world to arrange SO that banking sta
tistics of the state could be compiled from
a common date but this convenience, for
some occult reason, seems to be denied by
the state board of banking commissioners.
+ = +
Henry Clews, in his weekly review, just
received from New York, says in part:
The tariff bill has become law, congress
has dispersed and many important oper-
ators have responded by a week of real
izing To the initiated this result was
not unexpected. They had discounted both
events in advance, and the moment of
consummation was for them the time for
selling. The consequence has been that,
during the past week a large amount of
stocks has changed from large speculative
holders to investment buyers hands. Lon
don also has been a seller, for reasons
which here had not been expected to have
any influence. We have had many intima-
tions that the London exchange and Brit
ish investors attach more Importance than
ourselves to currency legislation as an ele-
ment affecting the value of our securi-
ties, and because the senate deferred i'm
mediate action on the presidents request
for authority to appoint currency COM
mission mainly because the members were
anxious to go home for their summer vaca-
tion, London has thrown considerable
amount of stocks upon this market, as an
evidence Of disappointment in reference
thereto.
Many of those who have sold out during
the last few days may be expected to ap-
pear as an element in the bear contin-
gent until they are able to get back their
stocks at lower range of prices. For
brief period, therefore, we are likely to
have belligerent market, with some ir-
regularity in prices; which though it may
be unwelcome to sanguine operators, will
act as a wholesome test and conduce to
there are influences calculated to encour-
age those who are desirous of buying at
a concession in prices. The effect of the
adverse turn in the weather upon harvest
prospects and on the corn and cotton crops
naturally produces some hesitation, the
more so because the outs find it to their
interest to exaggerate the Importance of
those adverse conditions. Under all the cir,
cumstances, therefore, the influences of
the moment seem to incline towards
temporary halt in the upward movement
of prices.
This, however, is to be regarded as only
a passing cloud. All the conditions that
have been for several weeks contributing
towards permanent rise in prices are
still in full force and must inevitably re-
assert themselves after this brief halt AS
to crop prospects, two things become more
certain as the season develops: First, that
our wheat crop is likely to prove one of
the largest ever raised; and next, that the
foreign deficiencies of wheat supply are
extraordinarily important. These factors
now seem to be established beyond any
possibility of change by later reports The
prospects as to corn are less developed than
those relating to wheat At the moment
either large crop or deficient one may
be considered possible; but there is hope
full probability that the present disturbed
atmospheric conditions may be followed by
run of weather favorable to the maturing
of the crop.
+
A dispatch from New York, dated today,
says: 1.-The Peoples Electric Light and
Power company and the Newark Gas COM
pany, each having a capital of $50 600,
and controlling most of the lighting facili-
ties in six counties, have perfected plan
of consolidation, with a capital of $15,OO0,
600. The United Gas Improvement COM
pany of Philadelphia, which controls most
of the gas and electric light and power
companies of South New Jersey, is inter-
ested in the deal. Some of the promoters
admit that the connection of the latter
means the ultimate consolidation of all
the gas and electric power companies of the
state, with an aggregate capitalization of
900. The new combination will be the
largest aggregation of capital in the state"
r + =
According to a dispatch from London,
I'd inst, the court of appeal, the highest
judicial tribunal in the country save the
house of lords, has rendered a. final decis-