The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-29
AN UNDERGONE
OF DEPRESSION
Not Amounting TO Positive Weakness
in Stock Exchange.
THE STRONG BANK STATEMENT
Did Not Create Favorable Impress
ion. and the Tendency of Stock
Prices Was Downward.
Local Markets.
The STRONG BANK STATEMENT

NEW YORK, April 2s.-Wall Street was
inclined to read the signs OF the day as
meaning "a little setback in our pros
perity. The market had an nndertone
of Oppressive. which did not reach To
positive weakness. a waiting atttude
would be the proper description The re-
ports from the commercial agents for thf
week. which make their appearance on
Saturday morning, caused feeling that
industrial aIG trade activity and pros.
per!ty were not being fully maintained.
that ruling prices serving to diminish
consumption 10 an extent that may neces-
state cUrtailment of production.
The report for March of the JehlSh val
ley furnished the exhibit of unfaVorabie
results In the anthracite field
The bank statement. while a strong one
according to the ordinary rules, created
an unfavorable impression preliminary
reports of q large inflow of currency from
the interior were fully confirmed by the
statement. This movement, in view OF the
-ese of money at this centre. gives force
TO the suggestion that there is a falling
Oft in trade activity
This view. at all events, was the Key
note of the dropping tendency OF prices,
The steel industrialS were special suiIers
ers on reports OF intended competition
by the Carnegie Company in the field or
the Steel and Wire Company's products
and the shutting down FOR repairs OF
plant of the National Steel Company.
The weeks increase of loans is undoubt-
eddy largely due to borrowing on sterling
collateral OWING 10 Inc CH6d3titS5 u
money hero and the relative dearness
abroad. this operation is more profitable
than drawing the exchange This opera
ton as well as the export of gold. repre-
sents the lending of money to foreign Dor
Towsrs. as the countryS foreign trade
continues to accumulate credits IN our
favor.
Reports of bank clearings do not war
rant the assumption that the return flow
of currency IS due to diminished trade
activity. New York and Boston are the
only important centres in the country TO
show decrease in clearings for the
week compared with last year. The i've
other leading reserve cities. as well as
the total for all other large cities shows
increases running from 9 to is per cent
The explanation must be the extension
of the bank-note currency and the dis
bursement of cash by the United states
Treasury overrUn the needs of circula-
ton and is forcing funds back into the
idle reserves of banks. Further exports
OF gold from this cause. unless its opera
ton is checked or contracted. is conslo-
cred certain
Activity in bonds has been mostly con-
fined TO special cases United States re-
funding 2's, the SIS, old As and IS de-
ciined Il and the new As advanced u in
The total sales of stocks to-day were
1900 shares.
MONEY AND ExCHANGE.-Money on
call steady at = per cent; prime mercan-
tile paper, 4l1415 per cent. Sterling ex-
change, actual business in bankers bills
at S4.SSi4@4. $50 for demand and 4.S432g
a.s4a. for sixty days; posted rates, $4-S9O
s.saIs and S4.S944. S9!a; commercial bills.
SssSY4 a. S4i4. Silver certificates, 5972Y
coz; bar silver, 59$4; Mexican dollars.
47a! State bonds inactive; railroad bonds
steady: Government bonds steady.
WEEKLY BANK STATEMENT.-The
weekly bank statement shows the follow
ing changes:
Surplus reserve, increase -$2,1l9,92o
Loans. Increase " ,OI5, 800
Specle. increase ~ ], 629, 300
Legal tenders increase . 2,90S 800
Depost,s. increase - 9, 433 100
Circulation. decrease - 261, 500
The banks now hold SlT,014,215 in excess
OF the requirements OF the p per cent
rule. -
STOCK QUOTATIONS.