The Washington times., 1902-04-30
Western Maryland Sale
Sends Wheeling and
Lake Erie Up.
new CLEARING HOUSE DECISION
supervision to Be Exercised
Over All Institutions
Using Its Facilities.
SOME REMARKABLE ADVANCES
hains In the West Stimulate Granger
Shares Moderately-Little Speculation
. In Anthracite Coalers-Absurd Rises in
the Outside Market.

Az AutnfdClte CCalerS--AbSurd Kisses II
the Outside Market.
NEW YORK, April 29.-Although the
dealings in stocks today were somewhat
smaller than yesterday and the lightest
on any day for something more than
TWO weeks, the market was not devoid
OF interesting features Chief among
them was the fact that ten or a dozen
stocks scld at the highest prices ever
recorded for them. In this list were Chi
cago and Northwestern issues. at net ad-
vances of 9l5 and So points fer the COM
men and preferred respectively; American
Locomotive issues. Michigan Central. and
Pullman Palace Car, none of which re-
tanned the early improvement.
Wheeling and Lake Eric first and second
preferred. which, with the common stock,
we're unusually active sold at the high
est prices ever recorded for them, and
held the greater part of their advance
at the close. The movement in them
as well az the lesser enc in Wabash is
sues was obviously due to the success
CT the financiers controlling them in Sc
curing the Western Maryland Railroad,
which insures the extension of the Wa
hash system to the Atlantic coast.
Changers stimulated.
Abundant rains not only in the winter
wheat belt, but in practically all of the
staple crop growing section of the West,
stimulated moderate buying of the shares
Of the granger and Southwestern trunk
lines and also of the transcontinental
roads In the carly dealings. The heaviest
trading was in Atchison common and in
st. Paul. and Notwithstanding the sharp
reactionary movement in prices during the
last half of the day. these two stocks
closed materially higher than last night
Other stocks that attained the same dis
tinction, as q rule on light transactions,
were Rock Island, Louisville and Nash
Vile. Chicago Great Western. which wac
unusually active, Illinois Central and
MISSOURI. Kansas and Texas preferred.
The more favorable crop conditions In the
Southwest is beginning to be reflected in
the market for the shares of all of the
railroads traversing that section of the
country.
anthracite coal carrying roads has died
out, presumably because OF uncertainty as
TO the outcome of pending negotiations
between the producers of anthracite coal
and the miners. At the same time il is
noted that stocks referred to held their
own as TO prices. although the final SELL
ing Of the remainder of the list was in
duced in part by fears that an agreement
would not be reached.
American Locomotive Up.
IN the industrial list Colorado Fuel was
again the leader in activity and the mar
ket for it was alternately strong and
weak, and hence tie final price was only
a little above that of yesterday. Ameri-
can Locomotive common was second in
respect TO activity, and. as already
noted. II sold at the highest price yet
recorded for Il. The speculation IN
Amalgams;ed Copper and in Sugar Rein
ing was less than normal The market
for the first named was heavy, while that
for Sugar Refining reflected the closing of
some OF the short contracts put out yes
terday.
Other issues that made good showings
were American Car and Foundry common,
National Lead issues, Peoples Gas, and
American Cotton Oil. One of the reasons
for the recent continuous advance in
Carolina Chemical stocks was
made plain in cable advices from Berlin.
published today, containing the informa-
ton that the president of the company is
with the owners of German
potash works with the view. presumably,
Of controlling the sources of supply OF
that chemical, which is used largely In
the manufacture of fertilizers by the
company.
The most important news today was
The decision OF the clearing house COM
mittee that no banking institution shall
be permitted to clear through a member
II that association until II sRali nave
teen in active operation for at least a
year: and that before being granted that
privilege every institution applying for
|, must be examined either by the clear
ne house committee or a committee OF
ne association appointed for that pur-
pose.
The most important of the series Of res
buttons adopted by the clearing house |
committee is one which confers upon that |
committee the power TO require non-mem-
Der banks and trust companies that en-
oy clearing privileges through mem |
,er of the association TO keep certain |
percentage Of lawful money reserve |
,gainst their deposits, that percentage 10 |
No determined by the committee and not |
n excess Of that required of members Of
he association.
To Exercise Supervision.
This action indicates plainly that the
association which it represents intends
n give 10 the financial community careful
OF institutions that are not
Members of the clearing house, and by do
NO so II will safeguard depositors and
'beek unwise extension Of accommoda-
ions to borrowers.
Tho only other development in the
,,ane,ary situation was a somewhat high
- -, .xcl,a npe market This accom- |