Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-04-24

X b 5z 1: Z s S. & 8 "a s. s AS
ork, AprtI Al me Flnancs 81
.aye The New York banks added $S,-
6el, no to their cash holdings last
meek. making d gain Of about $4,000
900 since April 3. Within the same
period reserve requirements, owing "
q ahrinkage OF $40 sos, 700 in deposlts,
decreased about $3.50, 600, SO that dn ne
excess reserve has expanded $lo'Vuo,vov
In the comparative short space meh-
toned. This change, which, OF course,
tends to an easier condition OF the
money market, was brought ABOUT II
part through the resumption o. the IN
terror movement in this direction, ana
by the liquidation in loans, when mas
been a characteristic feature OF .no
statement for several weeks past. Ine
1oan item discloses the fact tnat SINCE
the opening of April a contraction OF
between nineteen and twenty mllliohs
Of dollars has taken place. obviously,
In the face of a showing like this, the
outlook as regards money rates pc
comes very much more settled, and as
the factors which make fer an expan-
the factors which make for an expan-
sion Of excess reserves are still prom
dnent, the future holds out a promise
of still easier conditions. The current
statement, however, when studied in
detail, presents some anomalous fea-
lures. Thus, one institution, which
has strong foreign connections, has de-
creased its loans no less than nine mil
lion dollars and its deposit and specie
accounts show corresponding changes,
This may have occurred in the usual
course of business, but the sterling
loans made in this center a fortnight
since and the imminency of the settle
ment of the Philippine indemnity may
not have been without influence. The
financing of industrial combinations
and the settlement of heavy railroad
deals are responsible for some of the
unlocked for changes in the individual
institutions from week to week, but as
these are now generally provided for
the weekly exhibit of totals may be
more easy of Interpretation. Taking
the statement in broad sense, 1t
means, if anything, that the banks are
recuperating the losses sustained dur
ing the crop movement early in the
spring, and also, since they have con-
cluded the operations incident to the
financing of various large deals, that
from this time on they will have loan
able funds in excess of the demand.
This may tend to revive sagging specu-
lation, or it may inspire a resumption
OF trust formati ton checked several
weeks since, but the latter is improb-
able, owing both to exhaustion of suit
able material and the indispoSition to
encourage the trust habit. AS for spec
ulatlon, there are too many conflicting
FEATURES, from foreign money markets
70 domestic crop and other causes, to
make prediction of much value.
New York, April -Stocks-Tne
market today was almost wholly pro-
fessional and the net changes were
trivial, although in the way of i'm
proyemer't. The specialties monopo-
lized attention except for activity in
some OF the internationals. In the
early trading an expected favorable
Bank statement was discounted, and on
Its appearance general realizing fol-
lowed, the appearance of a supply of
STOCK from large holders giving encour-
agement to the bears to put out short
lines, and the market closed with a
raid In progress. he bank statement
showed large increase in loans and
deposits and consequent heavy gain
IN surplus reserve. London sold freely
OF Louisville, Southern preferred and
Denver Rio Grande, but those stocks
were very we'll taken and all closed at
good advances. Norfolk & Western
shares were the only other particularly
strong railways. Sugar was strong
throughout and gained "a. Brooklyn
Transit moved irregularly slightly
above Yesterdays figures. Among
other specialties Continental Tobacco
was pressed for sale early on the in
creased capitalization, but rallied on
supporting orders and closed with a
gain OF points. Tennessee Coal and
Iron was weak, losing point. New
Jersey Central was helped by the an
nouncement that certain high rate
bonds would be refunded by the issu-
ance of stock to be subscribed for by
present stockholders. The market
closed weak.
The level of prices for the week was
not much changed, declines only
slightly exceeding in number the ad-
vances. The dealings were of a high
~ professional character, the public
being rather indisposed to let go their
present holdings or to take on new
lines, and prices of individual stocks as
a rule rose or fell only at the will of
manipulators. The trade reports for
the week showed no marked abatement
OF prosperity in various lines of indus
trial activity. The imports for March
were the largest in nearly two years;
nevertheless the excess of exports
reached nearly S3S,OO0,O0O, largely due
to a gain in manufactured products, as
the exports of cereals, cattle and raw
material fell, off about $4,000, 900.
Sterling exchange was strong, with. an
insufficiency of commercial bills. 1t
was thought that preparations FOR the
payment of the Spanish indemnity fig
ured in the exchange market. Money
On call showed variable tendency al
ternately firm, with ease generally pre-
vailing Loanable funds were increased
by receipts of money from Baltimore
and Philadelphia. The bank clearing
OF the United States rejecting the com
parative apathy in speculation de-
creased for the week over S94. 00O. 600