The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-25

was also the fear that the cutting Of
grain rates ON the trunk lines would
spread to other classiicatlons, and Some
rather striking declines in the volume OF
bank clearings with the corresponding
period of last year We're noted
Reports by telegraph TO the FnancraI
Chronicle, for FIVE days, show large
shrinkage. not only at New York. Bos-
ton and Philadelphia. but at Baltimore
amounting to- over So per cent, and at
ST. Louis to nearly 4 per cent. New
Orleans, however, expanded its clearlngs
over AZ per cent, Chicago 10 per cent,
and other cities outside the seven. Leading
cities 81 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 30.45 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 and rallyins ten
dcncy in the market which was checked
Somewhat by the renewed weakness in
Third Avenue and the New York utili-
ties in the final dealings. The decrease
i'm 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 en-
roneouS. Chiefly by reason of the addi-
tional loans of 81 ,035. 900. the surplus
reserves are further depleted to the ex-
tent of $4,337 .125. There can be no
doubt that bankers are influenced in
their liberality in extending credits by
the possibility of currency imitation au-
thorzed by the pending Financial Bill.
Sufficient attention has been called to the
fact that the bid 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 so
much attention has been given to the
fact that bonds at present deposited to
secure circulation amount TO only 500
$50, 40, while the national bank capital
amounts to S606, 100000, 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 the present premium on outstanding
bonds which will be available for deposit
TO secure additional circulation. The adj
dtional profit afforded on circulation by
the new provisions, it is believed, will in-
vite bank mote 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 pendency of the
refunding measure.
United States 3's advanced y, the 2's
y, the As 81 and the old as and IS Is
per cent. in the bid price.
The total sales of stock We're 223, 100
shares, including: Atchison preferred
S.210; Burlington 6,070; Norfolk and
Western 5000; Philadelphia and Read
ing first preferred 25.950; American
Steel and Wire 5,GS4 American Tobac
co S,S45; Brooklyn Rapid Transit 16,245,
Peoples Gas 7,777; Tennessee Coal and
Iron $500; United States Leather GAO