The age-herald., 1897-11-21
BONDS.
Financial

New York, Nov 20-The New York Financser says: The statement of the New York clearing house banks for the week presnts no features of impogtancs beyond the plain evidence that money is still accumulating att this center. The week. changes, however. are so compli- cated with the Union Pacific foreclosure settlements, which begin Monday with the transfer of.the sinking fund bonds to the syndicate, that a definite interpre- tatton is somewhat difficult The first paymena of $13, ,000, 900 as to be made through the depository banks, and prep arations to that end have been finally completed.
 The consummation explains the heavy balances by some of the banks at the clearing house during the past day or two and also lthe increases and decreases in the totals of the sta temeEt Thus the actual increase in deposits can be traced to eight of the largest banks. The &C., cumula,lion of cash for the week was no less than 8, ,5S9 ,500, but it is noteworthy that the reserve of the bank which has taken the leading part in the Union Pa cific deal fell off $4,5S0, 400. Some of the more prominent banks mentioned in con- necaion with the deal have gained Ill cash, but there is no doubt that the increase was due in a perceptible degree to the flow of funds from Hhe interior. The loan increase is also involved in the causes already mentioned
 The gain for the week cannot be at tributed to men5anItile needs. from the fact that the expansion of one bank, which has been advancing money to th9 Union Pad,ffc syndicate was over $5,500,- OOO The truth of the matter is that the Icans of the rest of the bainl2s have con traIcted $72S,0O0 since tha previous state ment. As matiters stand the total in- crease in the loans of the New York banks since Nov. 6 have been $10,774, 300, but as the loans Of tha one bank men, tioned have in the same time grown about $12OOO0OO, the only inference is that the demand for money for business ne ds has fallen off an1 that maturing loans are being fqudated.
 This explains the present ease in money rates. Good dommersc'al paper is sicarce, and but Httle money is being loaned in the west in channels wh oh rrs,uslly absorb large tallngs at this sea- son Tthe season of an inward flow of money is at hand, and unless something unforeseen occurs, ths outlook is for continued cheap money. Bankers are talking of a reduction of interest on country bank balances, but nothing definite Is yet forthcoming this point. 
 New York Cotton Market.
 New York, Nov. 20.-Cotton easy; mid ding 13-16d; net receipts 5S3; gross 5,O19; forwarded 2,240; sales none; stock S4.24O.
 Total today and consolidated: Net re- ceipts 6O,215; exports to Great Britain 1S.997; France S.390: to the continent 34.- 253; stock S65,210.
 Total since September i: Net receipts s56, ,27S exports to Great Britain 1.047.- 547; to France 3O5,S75; to the continent S41, ,4S5.
 New York, Nov. 20-Cotton futures opened steady; sales 5,7OO bales; Jan. 5.70; Feb. 5.74; March 57S; April 5S5; May 5S9: June 5.9S; July 5.94; Aug. sos; Sept. 6.02; Oct. 6.03; Nov. 5.63; Dec 5.e4
 Futures closed barely steady; sales 54. 300 bales; Jan. 5.6S; Feb. 5.72: March 5.7S; April 5SS; May 5s7; June 5.e2; July 5.97; Aug. 600; Sept. COP; Oct. 5.s7; Nov. 563; Dec 5.63.
 Spot closed easy; middllng uplands 1S-16c; middling gulf 1-16c; sales none.
 New Orleans Cotton Market
 New Orleans, Nov. 20.-Cotton futures steady; sales, 1S,3c0 bales. Novemlber, 5S1 nominal; December, 6.2S05.2s; Janu-