The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-03-08

cial points Of weakness. lie granger
were relatively firm and the coalers also
showed resistance to the iecin@. Deal
ings i'll Sugar We're large and there
seemed to be GOOD support for this
stock.
As measure Of the uneasineSs felt BY
the financial community over the status
Of the %country's relations with Spain,
today's statement of New York Clearing
House banks makes a strikiEg exhibit,
There is in it evidence of :, great draw
ing of credits and fixing Of reserves. 1he
statement was 4 surprise. IL mas Dctl
known that the demands Of the country
for money for active Use nave fallen OH
considerable this week, but the state
ment nevertheless shows 4 decrease III
cash reserve of nearly SS,OOO.U0O. That
| this reflects the withdra wal of deposits
in NV York banks by interior i%nstitu-
tons as II precautionary measure to
strengthen their reserves Ii, beyond doubt.
The enormous contraction III loans Of
$13,G22.OOO represents the precautionary
measure of the New York banks and eX-
plains why money for purely speculative
purposes has become scarce. why liqui
dation on h Stock Exchange has been
forced and why prices We're acutely dc
pressed. 1t iS possible that some part Of
the loan contraction is due to liquidation
on Sterling Exchange collateral which
has been withdrawn from use in in-
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 Securi-
ties which We're heavy last week and
against grain shipments from here. The
net result to the Clearing House banks
is n decrease in deposits of S23, 1900.
Gold in transit for New York or re-
ceiycd today amounts in the aggregate
to 50, 500. 600. which will serve as IN
offset III part to the banks losses Of
cash. The situation in the stock mar
ket is closely analogous to that which
followed the elimination of the rise in
prices last September. The movement
Of money then to the interior TO move
the crops cauSed a stiffening of money
rates and liquidation of speculative
| stock holdings.
Bonds have not been as active as
| stocks but nave moved III sympathy with
them within Il narrower range.
United States old IS and the ends are
y lower and the new Is Il lower BID.
The total sales of stocks today were
80 600 shares. including c. +. 4 g.
l.O23: Manhattan l.. u .OG2: New York
| Central b,.}DD. Northern racine PREFER
| eel 11.4OI: Rock Island 1O.4S4; st. Pau
1880: Peoples Gas 5000; Sugar 81
$40; Western Union o.G69.
New York. March 5.-The Evening
Posts London financial cablegram:
| The stock market here was quiet and
dull to-day. the only signs OF life being
in industrial shares. the activity in which
is stimulated by fresh issues of concerns
such as Lipton'S Tea Company with 4
capital of 2,oO0.0OO pounds sterling.
There is quite Il boom in such company
promotions. which are being o%verdonc.
however.
Americans were Il tritle above the
New York level. but We're fiat and dis
heartened. Grand Trunk was also lower
Oh cables about the ratc war.
Gold is in strong demand for New
York at rs 9$4d ans 1Od. but gold ar
rived to-day from the Cape. which was
not actually bought but was held over
until Monday. \. large amount of Japa-
ness ven has been bought by bullion
dealers ut a. ID. on the belief that Amer
lean gold importers will take it. More
gold is going from Paris. There is !;
slight increase in the amount OF Amcri-
cam bills offering.
The Chinese loan negotiations vii,
probably end ncX week.