The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-07

,,-,,. 80 pcfobcr are unsatisfactory. In
norfe decreased f63i 900 and exports
ine OF In exports 20 the United STATES
There was some natural tendency TO-
,,.e.Fs reroverv In prices at the opening
to-day. ia view OF the heavy ano Is re- ~
,rreeeiVe declines OF yesterday ana VI -.
octlve covering movement in proeIess
~ the close 81 the market yesteIu.a.s..
There had been recovery IN the ~ -
az Americans on the London ENSHaisSS g
fore the opening. The optnins -,
showed declines 20 the New YORK paSsiitS
but the level was sharply above nc -.S nS
York level by The time the aIhct ol, 49,
here. This encouraged putchhse9
and a number Of stocks openc9 oN1r /"
point higher than last night Inc Lon-
don market Tor Americans mas grown 20
narrow. and the floating supply OF s'ocNs
there Is 80 small that prices sile'e ,,nnt
easily subject 20 manipulation Tor enect
on the opening trade here. There seemed
ground Tor susuiGon that this morning
rise in London Vas due 10 some ssSn
effort from this side AT all events, the
rise which was thus stimulated here lea
10 Quick taking Of profits and 10 sone
further liquidation OF long accounts 90,
rving prices below last night leFei'
Thev hardened again. but eased OF hnaliy'
leaving factional net gains IN the ma
foritv Of cases The decrease In surplus
reserves shown by the hank statciHtlii1
probably induced some selling, though W
fnMNNn was que III tIfNN'A le.A
heavy increase in deposits ana tie tO.
sequcnt raising Of the legal reserve LINUS ny,
than to the actual decrease ~ caAh.s -
large increase IN loans ln rae "a - -
heavy speculative accounts that have peen
closed out on the Stock Exchange ohiI,lk
the week probably has 20 40 WIN wy
Union Pacific sale The week mas seen y
total loss Of confidence on the part ol
re hull onorators who have been looking
horefrlly for the turn IN the TIDE OF feao-
fion on the Stock Exchange. on ftohy
there was heavy liquidation OF long hoiu,
ings and "a sharp decline IN pflcts, az
"a FAR as appearances go, no buying sup
mort Tor stocks az any concession, now
ever violent The ostensible motive was
fears Of sar with Spain on account OF
Cuha which were intensified by the can
from tho Chamber Of Commerce for IN
creased force 90 man our coast deiences
and bv the nature OF public utterances OF
tho United States ex-Minister 10 Spaiin;
The depression took on rather an aruhclal
and fevorish tone before the day was
over and ahsurdly sensational rumois
were put IN circulation 10 Keep prices
down while shorts covered. These incl
dents. coupled with t0-day's recovery, are
significant technical indications OF a cul.
mination ~ n marked movement OF heaVy
buving by the circulation OF roSttto
views sharp rise IN prices, ana lhs SUI, lid
rinr un Of dead stocks are the technlcal
conconitants Of the elimination OF a sns-
famed rise The declines Tor the week
however. reached 10 points IN sugar, o5s
81
over = m through the active list or rallroau
and Industrial stocks. Sugars special
weakness has been due TO the serious IL
ness OF the president OF the company. ne
decline Of prices has continued now prac-
ticallv without interruption OF any I'M
norfance since the second week IN sep
fember. when the elimination OF the rise
was reached ON September lotn lhs
average price 81 twenty active railroad
stocks was about SG6S3 a share. ana last
NIGHT the average price or the same STOCK
was So % on September lVth the aver
age price OF twelve Leading lhauSlIla ..
stocks was $500 a share: last nish, II
was g4573 II Is an invariabie RUE lnat
an upward course OF prices In the market
does not terminate until II mas apparently
exceeded itself and reaction Is a certainty,
corroboratod by abundant history, even
fr the face Of continued favorable conqi-
rions The rise which eliminated IN the
eoc0nd week in September can DC tat,eu
10 ifs source in the latter part OF july.
There had been Improvement before thal
time but the final passage or the tallH
hin was accepted as clearing the inous-
trial situation and giving setued cohul-
ffone TO work on. There was some reac-
SON in the prices of stocks afterwards
an profit taking. but for the most part
Tho course was "a steadily upward Ten
dency from that time 20 the culnlhalol'
'rhe growth Of the conviction Of bounu-
fui harvest and of an urgent demand TOT
our nroducts from abroad were rehected
In the bull market Of that period. COM
harrison of prices Of leading stocks ruling
Today with those ruling on July -tth last
shows interesting results. The average
urice on that date OF twenty fairoad
stocks was S572s "a share, compared Win
So 90 last might for the same Stocks. Inc
rrlcc for twelve industrial stocks on July
BAN was S47.02 a share, compared with
fs1 13 last night Except for the gIanBeIe,
only three stocks in this railroad list vary
as much as three points as between the
two dates named. The eNceptlons are
cleveland. c. C. and 81. Louis, issouri
Pacific and anhattan. The grangers are
from . 10 10 points higher. IN the iist
Of twelve Industrial stocks on September
list show "a variation OF as much as $
points as between the two dates named.
Some of the stocks, notably the coaiers,
Sugar Leather preferred, racine Mall
and Kansas and Texas preferred have
gone "a little lower than they were on
July 2lth. Generally speaking, II may
be said that prices have about retraceo
their course 10 where they were before
the late increase I'm tranic and earnings
during the period.
Bonds have been less affected by de-
preston during the week than stocks. but
prices have shown sympathetic declines
The total sales OF stocks to-day were
So5S20 shares, including burlington, "
OSI. Louisville and Nashville, 600; Mis-
souri, Pacific 1892. New YORK central,
as25. Northern Pacific preferred, lO,fSsi
Reading. 1870. Rock Island. $500. ST
PAUL u .763. Union Pacific. 500 Chicago
Gas. 5.870; Sugar. 5000; Tennessee Coal
and Iron. 5000. Chicago Great Western,
6.fOi.
MONEY AND NEUTRALITY-SUSPICIOUS. on
call nominaliy al lN02 per cent. prime
mercantile paper 34N4la per cent. Ac-
tual business in bankers bills. 4o1s o 1871
for demand and 4s2h0iS24 for sixty
DAYS. posted rates. fS3404s6ia; CONNER
cial bills, 50 Bar silver. 5lia; Mexican
dollars 44isik State bonds dull; railroad
bonds hrm Government bonds steady.
BANK STATEMENT-The weekly bank
statement shows the following changes.
surplus reserve, decrease .......S8 900 $40
Loans, Increase .......-........ b,H5o 200
Specie. increase ................ o84 700
Legal tender. decrease ...--..... 1904 800
DenOsits increase ..-.. ........ 1uO3NuO
Circulation, decrease .......... p 800
Inc hanks now hold S21 .ls1 .225 in excess
Of the requirement of the % per cent. rule
The Financier says: The bank state
fnout for the current week rs Of a faVora-
ble character. no less than thirty-eight
~ the sixty-hve clearinghouse insttu-
lions having participated in the loan
expansion of 81. So. 800 reported. IL is true
that the changes Of three OF tho larger
banks account for S4.Soo,VOQ OF the total
increase but the smaller commercial IN
stitutions figure more prominently IN the
aggregate than Tor some time past. ms
az itself II an encouraging sign. The
week was characterized by the revival or
currency transfers TO the South, New
Orleans calling for q large portion OF the
D. .a.HHH.a Of lac