The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-25

So ~ oTfh " NtbtU-gllVus
and for che first time since val threat
cned the weeks increase Is due 10 an
actual increase In cash rather than to
the iessened reserve requirements
through drawing down deposits. That
is TO say, the demand for cash from the
Interior 10 fortify reserves there has al
most ceased. Interior banks. In fact,
find themselves so well supplied with Idle
money that they are buying commercial
'papertin the New York market though
their bidding has not ye, reduced rates
below per cent for the best names. AT
New York banks have %replenfshed their
reserves with imported gold TO meet this
drain from the Interior and the cessation
OF the drain promises easier money con-
ditlons. Call loans on the stock ex-
change have, In fact. fallen to III per
cent during the week. OF the total OF
nearly $780, 900. 900 OF gold ordered from
Europe on this movement over s17, 00O.-
900 remains to be accounted for5in the
bank statement being in transit or re-
celved after to-day's statement was
completed. In View OF these conditions
It Is not strange that the movement OF
gold to New York has come TO a stop,
no engagements having been annunced
for two days. The relief afforded to
London and Europe by the cessation OF
this demand was reflected In a recovery
OF 5-16 per cent In British consols and
t32ia centlmes in French rates to-day.
The strain OF this demand upon foreign
money centers was becoming severe and
was a large factor in inducing the SELL
Ing Of foreign holdings of American Sc
curtties during the week. This selling
was partly with a view'of making cx-
change aglnst the United States and
partly because American securities Of
Tered the readiest market to recoup the
severe losses Of French capital by rea-
son Of the panic in Spanish tours and
the contraction In values OF all Spanish
securities. French investments In
Spain are estimated at $500. 900, 900. FL
nancfal institutions in the United States
have ceased to draw on their credits
abroad because they feel amply secured
against the money needs OF the war.
They feel prepared to meet a demand
for a government loan which It Is seen
would be speedily exepnded again. They
also feel prepared to meet the spring
needs for money for the business OF the
country, which are expected to be earlier
aAu VI ~ lIdIl USUAL. MIC mon.
ey requirements of the United States
having become satisfied and the pres
sure for gold upon London relieved, the
markets Of the world have responded
with a recovery in prices on the very
threshold OF war.
The prices OF bonds during the week
did not move so widely as stocks. either
in the early downward movement or in
the later recovery. Transactions were
small for the week. Net declines In
government bonds for the week in the
bid price are ~ per cent in the new As
registered: ~ In the new As coupon; ~
for the old As; X for the IS coupon and
Z per cent for the IS registered.
Evening Posts London financial ca
blegram:
There was a.general recovery in the
stock market here to-day. led by Span
ish IS and Americans, on further bear
closing here and from New York. The
The Paris bourse was also much better
except In Brazils and Portuguese. which
were sold heavily, Brazil exchange Is
5%.
Americans closed under the best on
the reported capture of the Paris, which
is not believed at Lloyds.
New York is said to have stopped
buying gold for the moment, but 1t Is
not believed the American demand Is
wholly over yet.
Money is plentiful here because bro
kers abstain from Investing freely in
bills. Discount is steady. despite the
easy tendency In money, because even
apart from politics. It Is felt that an
enormous payment TO Japan on Chinese
indemnity, due or May s, may impover-
ish the market.