The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-09

resources and the demorallzed condition
OF Spanish financial and governmental
conditions at home which have followed,
make an carly termination Of the con-
1lct to be counted on. But II Is In the
favorable conditions at home which will
be given full play by the ending OF the
warythat the stock market has found its
greatest ground for confidence In the
future. The week'B Developments In
the wheat market alone give the bright
est promise for future growth OF pros
pcrity In this country.
Theweek's developments In the money
market show that the long process OF
preparation to meet the country's war
needs has been completed. Tho state
inent OF the New York clearing house
banks shows IN expansion in the loans
and an Increase In. deposits for the first
time since the week following the blow
Ing up OF the Maine In Havana harbor.
The period OF contraction and timId
niling up OF reserves is over and condi-
lions made In lending money nrc more
liberal. Time loans which were firmly
held at 6 per cent for MI periods are
offered now at Az per cent for sixty and
. per cent for ninety days to six months.
Choice grades OF commercial paper also
are taken at 5k per cent instead OF Q
per cent. and there Is Increased demand
for 1t. 1t Ia highly significant that the
gold which continues to come from
abroad no longer goes TO the liquidation
OF loans, indicating that the imports OF
Egold are made or current a~ccumulat!ons
or exchange. The stocks Of sterling On
which money has been borrowed Is In
fact about exhausted. The continued
movement OF grain abroad promises a
continued advantage to this country In
the exchange market. Exchange bank
ers also report that there Ia scarcely any
demand for travellers credits. which Is
usually heavy ut this season when the
movement Of tourists begins. Business
already feels the benefits OF the easier
money conditions. The confidence that
the progress towards prosperity Is about
to be resumed Is the real ground OF tho
buoyancy In the stock market.
The bond market has fully shared in
the activity and strength Of the stock
market and prlces,arc higher all around.
United States new As have advanced az,
old As registered *. IS coupon ~, old
As coupon l and the Is registered 4 In
the bid price.
The New York FinancIcr says:
For the first time since the dcstruc-
tion OF the battleship Maine the loans
OF the New York clearing house banks
show an increase. It became evident as
the week progressed that dealings In
mercantile paper were on a more liberal
scale, but the increase In the loan item
probably represents for the most part
borrowings incident to the revival on
the stock exchange. While the increase
was less than one million 1t must be in
terpreted as q favorable sign. At this
time, when the turning point seems to
have been reached, II Is interesting to
note that the falling off in the loans OF
the New York banks since February 10
last have been no less than SIS, 900, 900.
A considerable part OF this sum, how
ever, represents the liquidation OF &C.
cumulated sterling bills incident to the
heavy gold Imports. In keeping with
the loan item, deposits have been stop
ped in their downward tendency and
show an expansion for the week OF ST.
1850, after a continuous shrlnkage
running over twelve weeks and amount
ing to 5000. 900. The changes In cash
were not heavy. but the result has been
q decrease Of S309, 500.
New York lost heavily to the Interior.
and as the shipments were largely In the
form OF gold. the banks do not report
AiC uoudI gam AL llllS lttIIl.H lie lOSSeS
In legals are still in evidence. and the
clearing house institutions now hold Is
per cent of their cash In the form OF spe-
Gle. The statement does not seem to
cover the full operations OF the week.
The gains from the sub-treasury con-
tlnue, owing to heavy disbursements by
the government. and It was thought
that the receipts OF gold from abroad
would more than counterbalance ship
ments to interior banks. 1t is quite
probable That the position of the vari-
Gus institutions Is stronger than Is in
dictated by the aggregate showing. Not
the least interesting pnrt of the state
ment Is the expanding tendency OF cir
culatlon, the gain for the week having
been $344,400. Despite small decrease in
the reserve the banks have an ample
amounto Of cash on hand. and nothing but
circumstances Of an. untoward charac-
ter can operate toward maintaining the
market on even the present basis.
Evening Posts London financial ca
blegram:
The stock markets here were Idle and
dull to-day. The only feature was the
payment of the Chinese indemnity to
Japan OF IL, 000, 900 pounds, 1000, 900
pounds in Berlin and II, OOS. 1858 pounds at
tHe BANK OIL E1HE!aHu, TINS DelnS the
largest check ever drawn. The money
market was less affected than had been
expected.
A%rgentines were good on the fall OF 5
points In the gold premium which is
connected with the rise in wheat. Amer
leans were llfeless. Spanish tours were
fiat, although exchange was %steadier.
New York bought about 200. 900 pounds
In gold, which arrived to-day from the
cape, at IT'S 9Ad.