The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-04-23
FINANCIAL AND COMMERCIAL.
April %.

T0-uhye DOnd BJdJement snoWeu u lurther
strengthening In the position Of the Associated
Banks. This result was accomplished by a
further substantial curtailmsnt OF their liabili-
ties. while their actual cash holdings increased
1884. 700. Deposits decreased S4.o7S.0O0.
and with the lessened cash requirements on
this account surplus reserves rose S4.7O4.37o.
and the banks now hold S24, 175.000 In ex-
cess Of the lawful requirements. The ratio
Of cash to deposits Is now 27.7 v cent,
Q rise OF over / Y cent. in tho past
fortnight. The gain In actual cash holdings
shown in the statement reflects the receipts
Of funds from various interior points. New
England and Southern cities having been the
largest contributors. The usual April settle
ments In New England having been concluded.
further receipts from that quarter may be
counted upon, particularly as New York money
rates are still higher than those obtaining in
Boston. The shrinkage in the loan account Of
e7.730.00o was owing to the settlement OF both
Wall street and commercial obligations. There
10 practically no demand for money from the
mercantile community. and the completion OF
the financing OF several OF the larger industrial
enterprises has doubtless also contributed to
the PRODUCTION In loans shown in the bond state-
ment.
The dealings IN the weeks stock market
we're the smallest in some months. The re-
ported crop damage has diverted speculative
interest from the usually active Granger shares.
though. on the other hand, there has been no
apparent excess OF liquidation induced on that
account. After a protracted period In which
they received little speculative attention the
shares OF the Southern roads which were con-
spiouous In to-day's market forged to the
front and have made substantial advances
on the considerations noted. A a rule the
weeks transactions in the Industrial shares
have resulted in as small changes as those APP
pearing in the railway list. The rapid and
pronounced recovery that these stocks and the
so-called specialties have scored since their
severe decline Of two weeks ago shows that
with the country's trade In its present active
condition public confidence In their value and
prospects has not been seriously shaken.
To.day's bond statement foreshadows a
prolonged period OF easy money market condi-
lions. and as cities in the interior. and notably
in the Western States. are. for a number OF pat
emit and exploited reasons. better supplied with
funds than ever before. 1t is reasonable to ex-
pect that there will be little disturbance on ao-
count Of the crop movement this season. Prac-
tically all of the financial and commercial data
OF the week are OF an encouraging character.
While the bond statement was a really more
favorable exhibit than had been commonly
expected. the publication Of the figures was
nevertheless followed by general profit real
izine sales in the stock market. Up to
the last half hour OF the business ses-
sion the market had been very firm. with
pronounced strength showing in Southern
Railway preferred. Louisville and Nash
VILE, Norfolk and Western preferred and Den
YER 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 these stocks
seemed to be based wholly upon considera-
tions OF their earning power and consequent
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 restricted by the
uncertain crop outlook. Business elsewhere
in the railway list was also limited. In the
Industrial group the active features were
Sugar Refining and Continental Tobacco. Both
stocks were firm. the latter probably on a
clearer comprehension Of the reasons for tho
increase in the company's capitalization de-
cided upon at the stockholders meeting yes
terday.
As compared with the final prices OF last Sat-
urday. the majority Of stocks are lower The
more important net declines are In Brooklyn
Rapid Transit and Manhattan Railway. 81 y
cent. each: Peoples Gas. 2H: New York Gen.
trail, 2; Continental Tobacco. IL; Western
Union. TX; Kansas and Texas preferred. y;
Union Pacific and Metropolitan Street Rail-
way. Y each; Rock Island. Missouri Pacific
and Northern Pacific. \ each; Federal Steel
and Ontario and Western. "a a cent. each.
The noteworthy advances are In Colorado Fuel
and Iron. 10 y cent: Chicago Consolidated
Traction. 81: New Jersey Central and Della
ware and Hudson. 80 each: Louisville and
Nashville. 81: Wheeling and Lake Erie. az
Southern Railway preferred. 2h; Burlington
and Quincy. 2: North American. l; American
Tin Plate and Southern Railway. y a cent.
each.