The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-05
FINANCE AND COMMERCE.
THE CLOSING QUOTATIONS Oh
MONEr.
Offerings aud sales al the Hichmoh" 40
bscco FxebsnCe-Internnl Revenue
OBSERVATION-DISCLOSURES Advantss

NEW YORK, Dec. 4.-To-day stoN >,l.
n.srkct was icft almost entirely TO tEy
roou, traders and they seemed Gi1poatu
10 depress prices during the early pa.
OF me session by short sales. ihis E4Ve
with little response and they covered De-
fore the close, bringing prices an many
cases slightly above yesterday close
The movement OF prices was, however
trivial throughout the day, except III .
fevy enocal cases The bank statement
was without special influence to-day. Inc
increase ina cash was not suificleht 70
cover the increased requirements OF inc
legal reserve caused BY the heavy m
crease I'M profits, and the consequence -
n ALL further decline in the surplus re-
eervc There has bee nothing IN the
general requirements OF the money mat
ket during the week TO account LOT 'nS
EXPANSION Of SS47G,5O in the loans, ana
IL is probably due to borrowing on SA-
change This rs a part OF the SoH'o"hste
complicated operation. the simple ieauii
Of which Is 10 leave at interest apioau
tho money which has accumulated there
on credit. instead OF drawing on II ny
exchange bills. 10 IL estimated mat Over
$40 10000 Of foreign cNchanSe mas Dteh
allowed 10 accumulate In TINS Guy CUR
ing the week and the fact that prices
~ exchange have not been materially
lowered shows that 10 Is Withheld ana lne
money loaned abroad. There Is con-
finuauco also Of investment DuylnB on
long exchange. in anticipation OF the usual
return movement OF trade AFTER the nIht
OF the year. London adVices during the
week have reported very heaNy Rih'li
can demand in that market for high-sraoe
American railroad bonds. me same "
nnand has existed IN the New loik ltlsI,
ket with "a very limited supply. wiz"
was largely furnished Tor i1t5isn .o "a
count as well as i'm London. This Wouid
Indicate "A further heavy transfer 10 tnls
side OF the water Of the highest-prced
railroad securities in sufficient time 70
have quite an appreciate ehect on 'ho
the activity of The bona market has
been a feature Of tho stock Exchange
here an week and the total dealings IN
bonde on Thursday were Of a par Nalne
~ nearly $4,000 The activity OF the
stock market has been spasmoulc' ne
week shows net gains between 1 ana
points in many leading shares; ah9 So *
ceeding points i'm some. notably sugar
90. Pennsylvania. Great western MIS-
souri, Pacific. -,
Tho bond market has shown less hesl-
fancy than stocks. and prices have stead
gy advanced through periods OF lessoned
ectlvitv have accompanied the declines IN
prices Of stocks. The supply OF hlsn-
grade bonds has been unequal 10 me de--
rnand and the demand has oVcihoWeu
10 the low-priCed bonds, Which snow nolH-
HE gains In prices. Hotal safes. Slo,-
10000 United states bonds We're s,ionns;
me new AS are q higher bid the Is ~
higher bid. and the old as ieBiS'eIeu'
higher =. ao,, ,,,oro
The total sales Of stocks to-day were
90 500 shares. including GneaEV. b11i1 n6o.
ton and Quincy. 1921; Manhattan. ltVV'
81 Paul O55. Chicago Great Western,
II $50; Sugar, lO.3il-
MONEY AND RECOMMENDATIONS on
call nominally 40 1N02 per cent; prime
mercantile paper. 3u4 per cent steihnk
exchange easy. with actual business -.
bankers bills a. 4S54 for demand anu "a.
4e3 for sixty DAYS. posted rates; 4of'-a,,t.
+.
Nf1viDan dollars. c7l.. state bonds steady
raiiroa d bonds firm. Government bonus
firm.
pAh-rr eTATT,NfENT-The weekly bank
statement shows the following chadmges;;
Surplus reserve. decrease .''...So $500
I osns increase ...... ....-...... "'ts1' ~,
Specic Increase ...-.... ....'''' .,S',.,1
Legal tender. increase ...'''''' o. ~ foo |
DauOeits increase ..... .....sss' ii,i''tnn |
Circulation. decrease $500. ......, '''iD" |
The banks now hold 81 l--,'''V III 49,, ,
of The requirement OF the - per CONT
The Wv york Financier says this week: |
The enormous balances wnlch Ihv NV |
s, 0rlt .cicarflg- house banks nave be,h ne
for the past Few mohlhs We
sho,yn i0 tho clearinghouse statement |
Tor the week. Loans are now Wlllih |
81 10000 Of the six hundred million mars |
and deposits are Nb60, 2iovVo' Wnlch u oiV,
Inird the Dtal individual deposits reported |
hv the 3.G1O national banks IN the united !
states oct pbcr 9th last Inc iaplu III
rreases made 10y the banks since May last !
viii be- understood better when II rs stated |
mat the gain in deposits since that time |
mas been ninety millions ana IN loans |
more than $SNNo0nOp Comparative lB-
lires show that fifty millions of THESE m
creased deposits and forty millions OF |
the loans have been made by one BANK, |
which holds at tho present time over
tNt 600 OK of net deposits. me Sldtelu'hN |
of the banks for the week Is favorable. |
os.ps show "a continued increase. the cX- |
pannOn having been disiriltuted among |
IargeY number of institutions than has |
been thc case for some time past. The |
nuubA- Of banks clearing through the |
has been decreased. one |
through the absorption Of the United |
states National by the Western National. |
and the Increase of S22lS.%lO In the loans |
and S3.jl5.pD in the deposits OF the tat
ter Institution reflects this consolidation.
The increase Of deposits for the week |
is due in great part 10 special causes. !
one bank alone reporting an expansion
In this item of So $4,000. which Is larger |
than the combined changes of all the |
other banks. This was due 20 circum- |
stances connected with the Union Pa
rife settlements. Five banks gained in |
deposits nearly thirteen millions, from |
when 10 Is 10 be inferred that the deposits |
Of tho other hfty-ninc banks I'm the clear
Ing-hOuse are about S6WnWO less than |
m the end OF the previous week. The |
gain I'm cash. according 10 the statement, |
was 81 .166 200 bat this gain seems in |
volved IN special transactions. II Is /
known that the banks received from the |
Interior more than two millions in excess |
Of shipments, hut since one hank alone |
Increased it's cash 81. 500. OOo. and the gains |
made by three amounted 10 SSleOWO. II |
follows that the large majority of the |
banks have decreased tholr reserves. The |
statement taken as a whole, proves the |
banks 10 be IN strong condition. The |
large institutions are buNlng sterling bills. |
and as the Union Pacific deal has been |
financed without the first suggestion of |
tho outlook is for cheap |
money for some time 10 come.
STOCK QUOTATIONS.