Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-02
FINANCE and TRADE.

- 81
NEW YORK. Marcn 31.-Commer-
cial Advertisers London financial ca
blegram:
The boat race interfered with the
markets here to-day, but the tone was
firm. Americans are quietly rising.
Atchison preferred and Wabash bonds
were most in demand.
Paris is still buying Tintos at
5Sas.
The bank bought 1880 gold in
bars.
There was a big turn over in the
money account at the end of the quar-
ter, but ample preparations had been
made. The bank did a small business
and half the mount due was renewed.
Paris checks 1920.
Stocks-Wall street was treated to
an agreeable surprise today in an un-
eXpectedly favorable bank statement.
The most sanguine preliminary esti-
mate of the gain in cash by the banks
for the week on inferior currency
movement and the sub-treasury opera
lions did not exceed So, 500, 900. The
actual return shows a gain of nearly
$4,000, 900. The explanation Of this
large increase in cash is not easily
p~erceptible. 1t may be due to the fact
that the shipments of currency to the
interior by the banks have included
p large proportion of their new note
issues, while the receipts have been
made up of legal tenders. The process
Of sorting thus involved would yield
a larger return to the banks Of cash
available for reserve than would be
of receipts over shipments on the in
terror movement. 1t will be by some
such process that the new bank notes
will displace the legal tenders in act
ual circulation and thus make them
available for reserve purposes of the
banks. Another possible explanation
of the increase in cash is that loans
have been paid off in cash. The loan
item shows that the new demand on
the banks for stock market opera
tions and for April l settlements has
more than Offset the liquidation OF
loans for holding government bonds,
designed to use Us security for note
issues. The result is a loan expan-
sion of $3.50, 900. Had it not been
for the Unexpectedly large gain in
cash, the increase in reserve require
ments thus involved would have made
iii inroad upon the surplus. 1t was
some fear of this showing that caused
yesterdays hesitation and ~uneasiness
In the stock market. The same feel
Ing was perceptible to some extent in
The early trading to-day, but it gave
way to the renewed buying demand,
especially for the iron and steel stocks,
and after the publication of the bank
statement the strength became general
and the market closed active and
strong at substantial net gains all
through the list. The bears in Sugar
were relieved from their panic of yes
terday by the assertions of officials of
the companies that the sugar war was
still on. But professional traders
handled new short contracts in sugar
in a gingerly manner. The stock
dipped four points at the opening, but
did not get within more than a point
of as low as that again, and rose at
n time a fraction above yesterdays
high level. The stock was very fever
ish and erratic all day. Peoples gas
was strong on reports of the absorp-
ton of the Ogden company and failed
to yield on denials of that report.
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