Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-04-18

a, S4S3A@48315 for demand and
al S479A@4S0 for sixty days. Posted
rates S4.S0l8 04.S1 and $4.S4M4.S4ib.
commercial bills $4.79047915.
Silver certificates 55M05615c.
Bar silver 55sc.
Mexican dollars 45Ac.
I. j. rev IS registered. .1iSik
E S. new Is coupons. ........... 1l9
IT, S As registered. .......... I0SIl
D. $. IS coupons. ...-..................10 1881
, -Gs. -;-.-....-.---..-....... -
r.. 5. Us registered. ...............1O 92t
Pacific 6s Of OBSERVATION-DISCLOSURES. 1913
state bonds dull.
Government bonds weak.
S,0cks.-The tone of to-day's stock
dealings while dull and depressed, gave
30 very active indications of apprehen-
sion. 1t was rather a waiting market.
rs for some time past The transac-
lions outside Of operations by profess
i0nas. were insignificant. Selling by
traders found few seekers and prices
consequently yielded very readily. On
lhe other hand, when the professionals
Armed buyers they found few stocks
offering and prices, consequently, east
y recovered. Naturally, the net results
Df this kind Of juggling from one hand
DO the other and then back again were
not large, though the days price move
menl was pretty wide. The opening de-
Rhine was due TO sympathy with Lon
l0n where Americans all showed
heavy tone and where Spanish As re-
apsed after yesterdays recovery, clos
ing within IS of the lowest price made
last Wednesday in the bear raid. Eu-
I0pean operators had apparently lost
their confidence in the efficacy of the
reported project for concerted media
lion by the powers. The active pre-
partitions being made by the United
States admOnished observers that the
Congressional differences over the tech
nicalities of the Cuban resolutions were
rot expected 10 interfere with the sub
stance Of their action involving army
intervention Some slight recoveries
in the second hour We're due to covering
hy the shorts, but they were not held,
and the list showed net declines in near
iy aIl cases. for the most part confined
10 fractions. Tobacco absorbed a large
part Of the dealings and suffered a loss
OF 94s net on very heavy offerings,
brought out by the recent jump in
~ lllc- DuSdl+ llAE XII AilE6iS anu tll4QlI
Pacific preferred were the other most
active features, but the market was
very narrow.
The weekly bank statement disclosed
a stronger position for the banks than
las, week. The increase in surplus Of
$500 500 is, however, attained mostly
by decrease OF S1.579, 400 in the reserve
requirements by the continued drawing
down Of deposits. which were S6,317,-
6tj less than last week The actual in
crease in cash holdings is only $3.50, 200.
The condition OF the New York clear
ing house banks now compared with
The period just previous TO the Maine
explosion throws interesting light on
the processes that have been going on
IN the mouey market during that peri
cd. The immense strength Of reserves
doubtless accounts for the hardy resist
2ace to the fall in values, in face of the
growing apprehension of war. The
cash reserves in the New York banks
themselves are now over 30 per cent Of
deposits against about 90 per cent on
February IL, the last statement before
The Maine disaster. But this improve
ment in their own condition is of small
significance compared with the evil
dence Of what has been done for inter-
ior banks. According TO the statement
Of the New York banks on February IL
deposits We're then S73S, $50, 500. BY to-
days statement they were S63, 519, 300.
q decrease of $73,164, 500. This repre-
sents pretty accurately the extent of
demand from interior banks for pur-
poses of strengthening their reserves,
which has been met in that time. The
New York banks have met the demand
BY a contraction OF loans during the
period named Of nearly $66 600 600, and
have suffered a net loss in cash Of near
~ $14000,000 If the cash items are
examined separately it is found that
legal tenders have decreased $46,445.
80 while the specie has Increased
}25.562.7 700. the gold from Europe COM
Ing in while legal tenders TO the inter
lor were going out. AS q result OF the
heavy receipts of gold from Europe, the
specie holdings of New York banks
now constitute about S14 000,0 600. Clear
ing house balances in New York and
most Of the payments at the New York
custom house have been made in gold
Tor several weeks, and New York banks
have this week commenced TO ship gold
t. interior banks, which still continue
10 fortify their reserves, the available
supply Of legal tenders having become
about exhausted.
The drain of gold from London has
raised the discount rate there and stiff
tened exchange on London and contin-
entail centers, but the gold movement 70
New York continues without signs of
abatement. The conditions thus dis
closed, combined with the large liquida-
ton Of Indebtedness known to have oc-
Cured in the country give confidence IN
the ability of the financial fabric 10
withstand the shock of war. The pre-
y2iliug high rate for time money C
Per cent for all periods is considered
70 0e largely sentimental, though It IS
BASED on the expectation that rates will
Use in case of war. The disinclination
to borrow money on time at existing
rates is, however. almost as marked as
lnat Of lenders. Transactions aside from
call loans wait on the clearings of the
situation and party, also, on the expect
alion Of a government loan. But APP
nfehensiCn of the effect of war on mo-
hey and business is appreciably less
IMAM three weeks ago. Therefore,
While prices are between / and points
lever than a week ago, they are very
substantially above the low point
touched Just previous TO the presenta-
Ton 10 Congress Of the Maine board OF
inquiry.
Ihe market for railroad bonds has
been intensely dif4I and nricps lower