Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-05-15

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New York, May Is. The New York
Financier says this week:
AS was to have been expected the
bank statement for the current week
shows some heavy changes over pre-
vious totals, but in the aggregate they
were not as heavy as the operations OF
the week had led the financial world to
expect. 1t had been anticipated that
the excess reserve would rise almost, II
not quite fifteen million dollars, for in
addition to the heavy liquidation due
to stock exchange business, the banks
had gained something like million
and a half from the interior, and the
treasury operations, involving as they
did the payment of the Spanish indem-
nifty, had made the banks a creditor
to the extent of ten millions, or almost
15,000,000, counting that portion OF the
initial payment not included in the
statement of May 9th. The gain in
cash, however, as reported Saturday,
was only about eight and quarter
millions, and the increase in deposits
less than two millions. There was a
shortage in loans of 1885, 700, and the
effect of the changes noted was to in
crease the surplus reserve '$7,7S5,675
Thus the statement seems far out or
balance, even from an average stand
point. But when it is taken UP in de-
tail some interesting facts are dis
closed. The National City Bank, as the
agent through which SPANS payment
was made, gained almost 1914 millions
in deposits, its cash increase was al
most as great, and its loan expansion
about two and a half millions. This
seems logical in view of the known
facts, and it is also apparent that in
the totals of the remaining banks must
be sought the changes that make the
statement confusing. The result is not
satisfactory, for the real operations of
the week don't coincide with the show
ing thus made The system of aver
ages employed is doubtless responsible
Tor the discrepancy, and it is also re-
sponsible for another fact which gives
an unfavorable tinge to the exhibit.
The reserve carried by all the banks
for the week ending May IL, equals 20
per cent OF their deposits, as against
I'll for the previous week. If the
National City Bank totals, including
the heavy gains, are separated, it be-
comes apparent that the other banks in
the clearing house are carrying a re-
serve Of less than "a per cent, 1ndicat-
ing more restricted loaning power.
AS matter of fact, the real condition
OF the banks does not warrant this
conclusion. The outlook is rather to-
ward easier money.
Stocks-Speculation opened in a high
~ demoralized condition to-day owing
TO the announcement of the sudden
death OF former Governor Flower. Cen
eral news was scant, but many rumors
connected with the properties identified
with the late financier were circulated.
The flood OF liquidation orders and bear
activity after the initial break carried
all of the Flower specialties down at a
terrific rate. The extreme breaks in
these properties as compared with yes
terday were New York Air Brake so
points, Brooklyn Transit 1891. Peoples
Gas Is, international Paper 141s, Fed
eral Steel IN, Rock Island 49, and
Atchlson preferred T. In the general
railway list the extreme declines ranged
IN the active shares up to 45s, in Bur-
Iington. In the speculative specialties
American Steel dropped 117s, Sugar S1s
Colorado Fuel IN. Manhattan and Met
ropolitan GA each, American Shelters
6 and National Steel. Continental To-
bacco and Anaconda Mining over
points each. The appearance of sup
porting orders and the absorption OF a
large amount in the aggregate by bar
gain hunters, together with large COW
erlng OF short lines brought about a
very material rally which was empha-
sized in the properties which had suf-
fered most earlier. Part of the extreme
decline was due to the uncovering of
innumerable stop loss orders as well
as the wiping out of many marginal
accounts. During the early violence
the facilities of brokers handling large
business were severely taxed and few
orders could be accepted for execution
except "at the market The lowest
point reached by stocks to-day was in
many instances above the low point on
Tuesday last. The Flower specialties,
however, were exceptions and touched
the lowest in some time. The announce
ment by member of the firm of Flow
er & Co., that Mr.. Flower had no stocks
on hand that were not paid for, that
tASs WOuiu uOI CCilie Oh lulS uldFk6l,
had a reassuring effect. That firm,
moreover, was purchaser for clients
OF large line Of stock on the decline
London sold some 10000 shares at the
opening and later was a small pur-
chaser. Two large firms collectively
purchased about 10000 shares and many
other large concerns absorbed stocks,
the principal sufferers seemingly being
those who held stocks on margin. The
bank statement was not fully up to the
expectations of some and realizing and
the putting out of fresh short lines
again depressed prices after the rally,
but still left quotations much above the
lowest. The net loss was generally less
than half of the extreme declines. In
the Flower snecialties net losses are
New York Air Brake 81, Brooklyn
Transit IN, Peoples Gas 61a, Fed
eral Steel 67s, International Paper 311s,
and Atchison preferred and Rock ISL
and about 212 each. The dealings for
the day aggregated about three-quarters
of million shares during two hours
trading and the lightning changes of
quotations as tremendous blocks of
stocks changed ownership was bewil-
dering to the ordinary traders The
opinions of many old operators were
widely divergent and the quotations
quickly proved the uselessness of at