The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-12
FINANCE AND COMMERCE
AE CLOSING QUOTATIONS. or
MOHEr.
o~..s.A .a Sales at the Richmond To
S.eco EscbanEs-internal Revenue
collsctlons-Foreign Advances.

rerday-s relapse In prices. lhere
1910 hear pressure against prices az tne
ocsntnr. Manhattan being driven GOWN
III and sugar yielding point after snaa
AN But this lead failed 20 inducc hily
Erge following and became apparent
49, vcsferday's nnutdatiOn had run JUS
oourse for the present. The bull cohtlh-
Ssot was prepared TO offer vigorous sup
port 20 weak spots. and large buying Ct
ders for their account turned the tloe.
sugar was the centre or the marx,
strength. and the firm resistance OF prices
,lrnvo the hears 20 cover. There was a
noticeable sluggisb1css OF price move
ment In some Of the most prominent
stocks In the market on the rise sugar
was quite buoyani. and rose 10 WITHIN
about two points Of the highest OF the
week. and closed with net gam OF ia
Its range for the day WAS three points.
Manhattan showed good recuperatiVe
power. and rallied within a fraction OF
last nights close. Beside the technical
causes for the rise the market was aided
~ the recurring possibility that decision
may be handed down by the supreme
court on Monday In the Maximum frelgh',
rate case. Wall-strcct traders In railroad
securities maintain an abiding faith that
when this decision does come II VIII DE
in favor OF the railroads. Northern "a
cifc preferred enjoyed the beneht OF the
first dividend declared yesterday by the
directors since the reorganization OF the
company. and Of the favorable statement
OF earnings given out az the same Time
The slight recessions from the best OF the
close were probably induced by the bank
statement. The large shrlnkage In the
surplus is due not alone 10 the raising
Of the legal reserve limit by the heaVy
increase IN deposits. but by an actual de-
cline IN cash of 81 ,0i27oO The price oi
tho United states new As was bid up -
por cent. and Of the old as. registered. y
The weeks net gains have been reduced
as was the care last week. by the proht-
taking Of professional operators on Fri
day. The manipulation OF the market by
the large interest which have embarked
upon "a bpil campaign was very obvious
during the week. and strenuous efforts
were made 60 keep the course or prices
upwards by vigorous support at weak
points, and by melting sharp rises indi-
viduai stocks 20 sustain the general list
The weeks returns ~ railroad earnings
have made remarkably favorable show
ing The November statement OF the New
York Central was a notable exception
Roads IN the South and Southwest have
shown especially heavy Increases, and
their stocks have shown the largest gains
In price. Money has continued cheap ana
easily obtainable. and there have been
offerings Of Chicago money on time loans
in this market Notwithstanding the ease
OF local money rates and i'm spite OF n
sharp stiffeninc OF discount rates I'm Lon
don and Berlin. the foreign exchange mar
ket has shown Increasing weakness. Ac-
tuai rates for sterling exchange have
20 the offerings Of bills against grain and
cotton. and 10 an abatement Of the in
Nestment demand for long sterling: Cnl-
Cago credits are 10 be loaned IN Berllh
10 the amount Of several million dolials;
The strength and activity OF the bona
market during the week has been even
more remarkable than last week hlgh-
grade bonds have been thoroughly gone
over and lifted almost 20 prohioitive
,,ricce Government bonds rising with the
.~tH hn demand has chlffN0 10 MD
dle-grade bonds. which have shown mate
rial advances Speculative issues nave
showed I'm sympathy with stocks. but are
higher on the week United states new
Us have been bid up during the week -
Che old As. registered Is. and the os
a. and old As. coupon. u.
The total sales ~ stocks were f26W0
ehares. including Chicago, burlington ana
Journey. 5Joi Manhattan Elevated. bi4G;
missouri Pacific. 5l6s. Northern Paclhc'
q 2CJ: do. nreforred. iOlcO, ST. Paul o,'O;
Sugar 5G2J
MONEY AND EXCHANGE Money on
tall nominally at 1n62 per cent: prime
mercantile paper 81 ~ per cent; sterling
exchange steady. with actual business IN
bankers hills Ut 4S52.f4S5ih for demand
md at 4S2Id4S2H for sixty days; posted
rates, 4s3lh6i4S4 and 4SGi664S1; CONNER
clal bills. 4Sia, Silver certificates. for TO-.
no ounces. ASK bar oliver 5sh Mexican
rollars., 4GI. state bonds dull railroad
bonds strong: Government bonds strong:
United states new AZ. REGISTERED and cou-
pon, 12gs.
BANK STATEMENT weekly band
statement shows the following changes:
Surplus reserve, decrease. 80 90
Loans. Increase ...... .....s...s. "'Hol' ~
Specie, decrease -. ..'''..''.... $1,000
Legal tender, decrease ......s,.s 4Jz, Nv
Deposits. increase .-........'s.'' oogi -, ~
'Tf be hanks now hold sis sS7 i25 in excess
Of the requirements OF the % per cent
Sule.
Reorganization Committee last week made
an additional payment Of SS,5OO,OOO on ac-
count, and this sum, passing into deposit
tory banks has Increased the averages
OF the clearinghouse institutions no less
than nine millions In deposits Inc IN
crease in loans is connected with the Same
transaction. but ~ has sweiled thf to s
loan item 20 GOtfO22 200; which IS by Ia, r
the largest ever carried by the New YORK
banks. The effect OF the transfer on tne
Northern Pacific TO. the new purchasers
banks during the past five weeks. on No
Vemhcr 18th last loans stood at Slo,-
10000 as compared with S6O1 ZOO De-
cember 1lth The loan increase, there
fore. has been over thirty-two millions
in tho same time deposits have increased
forty millions an dcash reserves eight
mercantile demand for accommodation has
had some place I'm this change, the main
cause contributing 10 the enormous in
crease has been the operation I'm connec-
zion with the Union Pacific syndicate. The
deposits az the hanks most prominent in
the financing OF this deal have grown
nearly TWENTY-FIVE millions In four weeks.
and It's loans twelve millions. The banks
have been gaining cash from the interior
sor a number of weeks past but the ef-
feet OF the reasons lust set forth has been
arativ minimized. The rapid expansion in
deposits requires each week "A heavier re-
serve and the operations OF the past sixty
dave have resulted in a decrease IN the
surplue cash I'm banks OF S3.2S5.a2o bring
sng the excess reserve 90 SIS SSI 425. the
lowest since October 10th last That the
changes noted are Of a special character
g. also shown in the item Of cash, the
loss for the week having been Sl.0l27oo
This ehrinkage can be traced 20 several
large institutions. one OF which has pro-
hablv decreased it's cash through the paw
Tert OF the Sugar dividend. There viii
he more or less shifting Of funds az the
fret of the year approaches. in anticipa-
zion Of the heavy dividend payments and
another instailment of the Union Pacific
money. due az about that time. The ef-
Yect will be 10 make material changes in
Forthcoming bank statements. hut with
the supply Of available funds in sight and
she credits held abroad. there does not
seeu, 20 be much chance for anything like
"a permanently higher level Tor money
rates. The Governments payment Of ma
Surfing bonds the first OF the year VIII re-
iease "A great deal Of money now locked
io hank vaults as special deposits.