The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-02-27

was also the fear that the cutting 81
grain rates on the trunk lines would
spread to other classitications. and some
rather striking declines in the volume OF
bank clearings with the corresponding
period OF last year were noted
Reports by telegraph to the Financial
Chronicle, for i've days. show a large
shrinkage. hot only at New York. Boe-
ton anal Philadelphia. but At Baltimore
amounting 10 over 63 per cent. and at
st. Louis TO nearly i per cent. New
Orleans. however. expanded its clearings
over IL per cent. Chicago 10 per cent.
and other cities outside the seven leading
cities % per cent. Railroad earnings
continue To show large increases. sixty
one roads which have already reported
for the second week IN February show
ing an increase OF 3D.IJ per cent. over
the corresponding period OF last year.
Strong returns Were made during the day
for the third week in February by st.
Paul. Hooking Valley and Rio Grande
and Western.
There was good buying Of some Of the
Coal carrying stocks arl a rallymg ten
dency in the market which was checked
somewhat by the renewed weakness III
Third Avenue and the New York utili-
I4t III ut HiliI NttlIlueS. i Ic LtSItI>t
in cash shown by the bank statement
was very near to the estimates. But the
suppoSition that the large rate of loan
expansion had been checked proved er-
roneous. Chiefly 10y reason of the addi-
tional loans Of Sill .035. 800. the surplus
rescrveS are further depleted 10 the eN-
tent of S4.33I. 125. There can be No
doubt that bankers are influenced in
their Gberality in extending credits by
the possibility Of currency initiation au-
thorized by the pending Financial Bill.
Sufficient attention has been called TO the
fact that the bill authorizes an extension
OF bank note circulation TO the amount
of the par value Of bonds at present de-
posted to secure circulation which would
be a 10 per cent. increase. But not 50
much attention has been given to the
fact that bonds at present deposited 10
secure circulation amount to only 500
$50, 1l0, while the national bank capital
amounts to S6O6, 600, 900, which fixes the
limits of the bank note circulation per-
mitted. The refunding plan provides for
the issue of new bonds to the amount
Of he present premium Oh outstanding
bonds which will be available for deposit
to secure additional circulation. The ad-
ditional profit afforded on circulation by
the Aaw provisions. it is believed. Will in
vite bank note expansion to the limit au-
thoriZed. unless the premium on the
new bonds becomes excessive.
Business in bonds has been on a some
what diminishing scale in an irregular
market. The market for Government
bonds has been unusually active at rising
prices, on account of the tendency of the
refunding measure.
United States IS advanced e. the rs
u, the As q and the old As and 5s Is
per cent. in the bid price.
The total sales of stock We're 223, 1OO
shares, including: Atchison preferred
S.21O; Burlington 6.O70; Norfolk and
Western $500; Philadelphia and Read
ing first preferred 25,95O; American
Steel and Wire 1854; American Tobac-
co S,S45; Brooklyn Rapid Transit 1920,
Peoples Gas 7,777: Tennessa Coal and
Iron $500; United States Leather CLIO.