New-York tribune., 1896-12-07

and business grow into prosperous proportions.
Da,timore and Ohio is dark spot in the rail-
way neid, but Its troubles are not such that fut-
ure good management cannot remedy. The
company like many others. fell from question
aDie ana unsound financial management. but it
VIII rise again and find favor under wise and
better board Of managers and officers than that
responsible for the state Of affairs declared
ny tne expert accountants report Southern
naiIWay management exhibits model Of care
iul and Intelligent railway conduct. and the dec
iaratlon of l per cent dividend on the pre-
Ierred stock last week reflected the excellent
financial condition Of the property, while bring
ing the securities Of the road more in favor with
investors.
Money sales at the centre show the effect of
the accumulating bank reserves. and the cond-
uon or the money market here and in London
continues TO account for a strong sterling ex
change market. Although there was an easier
tendency in the London money market in the
week. there is no reason to expect an entirely
easy market until after The holidays at least.
ana as result materially lower sterling rates
cannot be expected here. The monetary situa-
ton in London is reflected in decreases in the
week in reserve and specie holdings of the Bank
or England, and ii should be noted that the I'm
perial Bank of Germany and the Bank of France
also exhibited decreases in their weekly state
ments. With falling bank reserves in European
financial centres and with increasing reserves
mere, continued strength in the foreign exchange
market despite the favorable condition of inter-
national commerce, is lot surprising Higher
money rates in London profitable induce
ments for local lenders. and the discounting of
slerllng bllls in this market continues, although
not on as large scale as week ago This op-
GRAFTON was reflected in the loan item of the
weekly bank statement. which showed an in
crease OF SS,623.60O. good part of which was
money lent on sterling collateral. the demand
from mercantile sources in the week not being
large In addition to the expansion of loans
the statement Of the associated banks showed
iurther increases in cash. reserve and deposit
holdings. Deposits increased S11, All 100 max
ing an increase since the election of $li, Sos 400
nearly all of which may be considered as repre-
schtlng ante-election boarded funds Only two
or three banks belonging to the Clearing House
ASSOCIATION are now below the limit required by
law, while In the week prior to election twenty
TWO institutions wer. below the legal reserve
total deposits at that time being S446 40 900
and surplus reserve S11 463 22J The increase in
bank holdings in this city has been larger than
expected. but the demand for funds from mer-
camille borrowers has not shown an increase ap-
preaching the estimates made before the sound
money victory. for it may be remembered that
at that time many bankers were of the opinion
that money rates would be kept up by n rapd
increase in the inquiry from mercantile sources
In connection with the revival of business enter
prise. The supply Of available funds is greater
than the demand. and no further reason is need
ed for the present almost unhealthfu condition
of money rates. Business revival has begun on
a slower, hut perhaps safer. way than gener-
ally expected. and indications multiply daily
that the foundation for future business pros
perity is now being carefully, conservatively and
irtelligently built.
The following tables give the movements of
the chief active stocks and bonds in the week:
STOCKS.