Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-03-07

with actual business in bankers bills
at S4.S41s for demand and at $4.S1k@
1914 for sixty days. Posted rates
Sf.83 S483 and $4.S5b. Commercial
bills S48014.
Silver certificates 541s@545sc.
Bar silver 545sc.
Mexican dollars 44%c
t. s new As registered.
r. :. new As coupons. .................l24
T.. 5. IS registered. ....................1fl
L. s Is coupons. ...-....................1l
l.. S. IS registered. ACKNOWLEDGEMENTS
L. 5. IS coupons.............
Pacific SIS of Observation-Disclosures. 1881
Government bonds weak.
State bonds dull.
Railroad bonds weak.
SL0ckS-Llquldatio was renewed
with energy on the stock exchange to-
day and the Saturday short session was
long enough to effect some striking de-
ciines. Large selling orders were exc
cuted for Washington account, as was
the case yesterday. There was no
news to account for this selling, be-
You'd a general feeling OF apprehen-
sion over the Spanish situation.
There were occasional rumors Of new
developments set afioat, but to a large
extent they represented the guesses Of
room traders as to the motive for the
Washington selling. A rally in the
iaJe dealings was in part the result
OF covering by the shorts, who had
sold early in the day, but the coinci-
dence Of the rally with the appearance
Of the bank statement, which was in
some respects disagreeable surprise.
The contraction in loans, the falling
off in deposits and the decrease in
cash were much larger than had been
expected. The fact that the financial
world had been going through a trying
period with so little harm resulting,
was accepted as a bull card, in view of
the underlying strength of conditions
which is thus demonstrated. Never
theless the general list shows marked
net declines, extending to over a point
in some cases. Union Pacific prefer
red, Northwest and Manhattan were
the special points of weakness. The
grangers were relatively firm and the
coalers also showed resistance to the
decline.
Dealings in sugar were large and
there seemed to be good support for
this stock.
As a measure of uneasiness felt by
the financial community over the
status of the country's relations with
Spain, to-day's statement of New York
clearing house banks makes a striking
exhibit. There is in it evidence of a
great drawing in of credits and fixing
Of reserve. The statement was a sur
prise It has been known that the de-
mands of the country for money for
active use have fallen off considerably
this week, but the statement neverthe-
less shows a decrease in cash re-
serve of nearly $4,000, 600. That this
reflects the withdrawal of deposits in
New York banks by interiar institu-
tons as a precautionary measure to
strengthen their reserves is beyond
doubt. The enormous contraction in
loans of $13,622000 represents the pre-
cautionary measure Of the New York
banks and explains why money for
purely speculative purposes has be-
come scarce, wffhy liquidation on the
stock exchange has been forced and
why prices were actually depressed
II is possible that some part OF the
loan contraction is due to liquidation
on sterling exchange collateral, which
has been withdrawn from use IN I'M
porting gold. But it is the general be-
lief that the gold imports have been
made on the sale of new bills against
London purchasers of American secur-
tiles which were heavy last week, ana
against grain shipments from mere.
The net result to the clearing house
SSnks is a decrease in deposits OF SO
193900.
Gold in transit for New York or re-
ceiyed to-day amounts in the aggre-
gate TO So, 100000, which will serve rs
an offset in part to the banks losses
OF cash. The situation in the STOCK
market is closely analogous to that
which followed the elimination OF the
rise in prices last September. The
movement of the money then to the
Interior to move the crops caused a
StlItening of money rates and liquids
zion of speculative stock holdings.
Whether the import movement OF gold
VIII result in q renewed advance IN
stocks with the easing of the money
rate remains to be seen. That the
disposition tor the moment is against
speculative outlay in securities IS evil
dent, though large capital apparently
stands ready to buy stocks at any con-
adorable declines in prices. The de-
cline of the latter part of the week has
not in all cases wiped out the early ad-
vance and net changes are mixed.
Bonds have not been as active as
stocks, but have moved in sympathy
with them within narrower range.
United States old As and the DDS
ere Z lower, and the new As 4 lower
bid.
Sales of stocks to-day 235, 600 shares
Quotations closed bid
N,Nhlson ............ ...+....+............. lbs
30 preferred Observation-Disclosures. 267s
Baltimore and Ohio Observation-Disclosures. 1Tl2
Canada Pacific ACKNOWLEDGEMENTS
Central Pacific ........... ............. 12h
Gesapeake and Ohio .................- POI.
Chicago and Alton ......................155
Gh3eago. Burlington and Quincy. 9334
Unaware and Hudson ...............-..110
iItiaware. Lackawanna and WesternE0
Tor. WAVING ........................ .169