The times., 1899-04-23
BETTER CONDITIONS
SURROUND STOCKS
Transactions Cool Down to
Practical Business.
Wild Ventures Yield TO Substantial
Trade Considerations.
Tone of the General Market Firm
Southern Railway shares Come
Prominently to the Front.

New York, April 22-Today's bank state
ment showed further strengthening in
the position of the associated banks. This
was accomplished by further substantial
curtailment of their liabilities. while their
actual cash holdings increased sS,6s4, 200.
Deposits decreased S4,07S, GOO, and with the
lessened cash requirements on this ac-
count surplus reserves rose 81, 10i,3lo and
the banks now hold s24, 600 in excess
of the lawful requirements. The ratio of
cash TO deposits is now "a per cent, a
rise of over per cent in the past fortnight.
The gain in the actual cash holdings shown
in the statement reflects the receipts OF
funds from interior points. New England
and Southern cities have been the largest
contributors The shrinkage in the loan
account of 81, 330, 600 was owing TO the set
tlement of both Wall Street and CONNER
cial obligations. There is practically no
demand for money from the mercantile
community, and the completion Of the
financing of several of the larger indus
trial enterprises has, doubtless, also con-
tributed TO the reduction of loans shown
in the bank statement.
The dealings in the weeks stock market
were the smallest in some months. The
reported crop damage has diverted specu-
latiye interest from the usually active
granger shares, though on the other hand
there has been no apparent excess OF iqui-
dation induced on that account. After a
protracted period, in which they resolved
little speculative attention, the shares of
the Southern roads which were con-
spicuous in today's market forged 10
the front, and have made substantial ad-
vances on the considerations Noted. AS a
rule the weeks transactions in the indus
trial shares have resulted in as small
changes as those appearing in the railway
list. Today's bank statement foreshadows
a prolonged period of easy money market
conditions. and cities in the interior,
and notably in the Western States are, for
a number of patent and exploited reasons,
better supplied with funds than ever be-
fore il is reasonable to expect that there
will be little disturbance on account OF tn
crop movement this season. Practically,
all OF the financial and commercial data of
the week are of an encouraging character.
While the bank statement was a really
more favorable exhibit than had been ex-
pected the publication of the figures was
nevertheless followed by general profit
realizing sales in the stock market. Up 10
the last half-hour of the business session
the market had been very firm, with pro-
nounced strength in Southern Railway pre-
ferred, Louisville and Nashville. Norfolk
and Western preferred. and Denver and
Rio Grande. The shares of the Southern
roads practically, indeed. led the market
in the earlier dealings. These stocks all
closed at material advances on the days
dealings. but at fractional recessions from
their best prices. The dealings in those
stocks seemed TO be based wholly upon con-
siderations of their earning power and con-
sequent dividend prospects. Trading in the
granger shares was In small volume, and
the price changes were very limited, the
dealings in this quarter being still re-
stricted by the uncertain crop outlook
Business elsewhere in the railway list was
also limited.
In the industrial group the active fea-
lures were Sugar Refining and Continental
Tobacco. Both stocks were firm, the lattel
probably on clearer comprehension of tht
reasons for the increase in the company
capitalization decided upon at the stock
holders meeting.