The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-29
STOCKS AND RONNs.

New York, April 2S-Wall street was
inclined to read the signs of the day as
meaning "a little set back in our pros
perity." The market had an undertone
of depression which did nor reach TO posi-
tive weakness. A waiting attitude would
be the proper description.
The reports of the commercial agencies
for the week, which make their appear
anCe on Saturday morning. caused a feel
ing that industrial and trade activity ana
business prosperity were not being fully
maintained for the time beng. There are
suggestions in various fields that ruling
prices are serving to diminish consumption
to an extent that may necessitate cur
tailment of production and lowering Of
prices.
The report for March of the Lehigh
Valley finished the exhibit of unfavora
bic results in the anthracite field. The
bank statement, while a strong one ac-
cording to the ordinary rules of interpre-
tation created an unfavOrable impression.
Preliminary reports of the large inflow
of currency from the interior were fully
confirmed by the statement. This move
nient, in view of the ease of money at
this center, gives force to the suggestion
that there is a falling off in trade activi-
ty. This view at all events, was the key
note of the dropping tendency of prices,
to which there were not sufficient eXcep-
tons to affect the general tone. The steel
nlQuStTlat5 were special SullSIGIS, Gal re-
ports of intended competition by the Car
nogie Company in the field of the steel
and wire companies, products, and the
shutting down for repairs" of q plant
of the National Steel Company.
The weeks increase of loans is I'M
doubtedly largely due to borrowing on
sterling collateral. Owing 10 the cheap
ness of money here, and the relative dear
ness abroad, this opera ton is more profit
able than drawing the exchange. This
Operation as well as the export of gold,
represents the lending of money to for
eign borrowers, as the country's foreign
trade continues to accumulate credits in
our favor Reports of bank clearings do
not warrant the assumption that the re-
turn flow of currency is due to diminished
trade activity. New York and Boston
are the only important centers in the
country to show a decrease in clearings
for the week compared with last year.
The five other leading reserve cities, AS
well as the total for all other cities, shows
increases running from 40 over Is per
cent The true explanation must be that
the extension of bank note circulation and
the disbursement of cash by the United
States treasury has overrun the needs
of the circulation, and is forcing funds
back into the idle reserves of banks.
Further export of gold from the same
cause unless its operation is checked or
contracted, is considered certain.
Activity in bonds has been mostly con-
fined to special cases where individual
causes affected prices.
The market generally was quiet. United
States refunding 2s. when issued the 3s,
old AS and SIS declined a, and the new as
advanced n In the bid price.
The total sales of stocks to-day were
214 800 shares, including: Atchison pre-
ferred, 5000; Chicago, Burlington and
Quincy, 600; Missouri Pacific, 1910; Nor
fork and Western 1900; Northern Pacific,
$500; Pennsylvania 1854; Wabash prefer
red 1926 American Steel and Wire, 15,-
$50; Federal Steel, 1880; Brooklyn Rapid
Transit. COPS; Sugar, 1880; United States
Leather, 1880.
~, vo-t, c.ooix re-.