Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-05-08


er on the official denial of the state-
ment that Mr.. Chamberlain had sent
grave warning to the Transvaal. Tin
It's were 49ss, Anaconda were dull at
127-16.
Americans opened about an eighth
over parity and kept steady, put there
was no inclination to operate on tneih'
Silver was very steady on indian
bazaar buying. Thirty thousand pounus
gold arrived from Australia. LIS
counts were firm. A good amount OF
American bills are offering. Money
was easy. Board of Trade returns
show imports decreased 20, exports
increased 11.2. including half million,
shipping not included, in the 1855 hs-
ures.
New York. May 6.-The New York
Financier says this week:
Two factors-the enormous over
subscription to the shares OF the Anal
gamated Copper Company and the pre-
liminary operations incident to the nrsI
payment of the Philippine indemnify
contributed toward making sufpIls-
ing bank statement for the week emu
ing May 6. The increase of $l6,o64,-
400 in loans was far above what mas
been expected, as was the expansion OF
$4,000 ,00o in deposits. 1t is 10 pe
noted that these items almost balance
each other. The changes in the actuai
cash reserve were not so important
the loss of funds in bank being $500
200 OF the s6172,725 decrease III re-
serve. over four millions represents
added requirements owing to the rise
in deposits. The average system OF
computing totals is responsible 1or an
evident discrepancy in several respects,
for the statement includes little, II any
of the $5,000000 drawn from the SUD
treasury as the first payment OF the
Philippine fund The banks lost some
thing like one million dollars TO the
treasury on routine operations, put
gained as much from the interior, al
though the statement does not snow
it. The only inference is that the redi
cash reserve is about as large as r.
ported for the previous week. VI tne
changes in deposits the Natlonal Clly
Bank is accountable for ten mllliohs
and over on each item. just what part
the copper subscriptions played IN TINS
matter cannot be figured, but 1t Is
noticeable fact that the banks total
cash varies less than three-quarters
of one million from the previous week.
AS the S75,000,000 stock of the Amalga-
mated Copper Company was supscrleeu
more than four times over, ana as
each subscription was accompanied py
a five per cent. check, 1t is eVldent thaC
the bank received about twenty MIL
lions from this source, although, OF
course, much of it may not have peer
included in the averages. Regarded III
every light, it cannot be said that the
statement is as unfavorable as first
thought might make it. The banks,
as already noted, are stronger In cash
that is reflected in the current exhibit,
and as they will be further aided next
week through treasury operations, the
loss in reserves now reported are not
as important as otherwise. Inc
changes in the leading items imply
shifting of funds, more than anything
else, and while the banks may snow
some surprising changes during the
coming few weeks, it cannot be SAID
that their influence will be other than
transitory in nature.
Stocks-The weakness which per-
vaded the stock market to-day was ac-
centuated by bank statement much
more unfavorable than expected. Inc
surplus reserve fell over $6,000,00O ana
the loan account showed the largest
expansion this year, increasing over
$16,O00,0O0. Speculation was very
feverish with no important news In
tiuences save some agitation over the
possibility of European complication
over transvaal affairs. London figured
very slightly in the days transactions.
The expressed opinion of certain rail-
way officials that some decreases in
gross earnings for May might be ex-
pected induced selling of the grangers
for western account and they showed
average declines of over a point. The
coalers were weak, the maximum de-
cline being that of Reading preferred
212. The iron and steel shares were
also weak, Federal Steel and American
Steel and Wire being Oft about 112
each. Manhattan, Brooklyn TRANSIT
and Metropolitan declined about a
point. The decline OF over points in
Anaconda was sympathetic with the
weakness of when issued certitl-
Gates of the Amalgamated Copper
Company on the 'curb." Consolidated
Gas, which gained 10 points, being
about the only feature of strength in
The hist, was bought because OF ru-
mored withdrawal OF the reduction in
price by another company, but it was
asserted positively that the reduced
rates would be maintained and that no
change in the gas situation had been
effected. The feebleness of rallies and
the seeming absence of Inside support
discouraged many holders who threw
over long stock and the market closed.
The outcome of the weeks speculative
contest was decidedly in favor of the
reactionists. While the general situ-
alton remained practically unchanged
with interior mercantile prosperity,
the frequent recurrence OF unfavorable
incidents dampened SPECTATORS opti-
mlstlc views. Perhaps the more i'm
portant bear features were the possible
lty of the Ford Franchise tax bill, the
rise in Sterling Exchange, the jump in
money, the local gas war, and finally
the bank statement. Stocks affected
by the Ford bill showed much weak
ness but in some cases became STEADY
on covering of shorts. A reduction on
the price of gas of from 45 to 80 Genus
/. Il