The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-03
FINANCEAED COMMERCE
RIM CLOSING QUOTATIONS .o'
M0NE1.
Offerings and sales at tho 10
bacco Exchanee-InternaI Revenue
collection Foreign

to-day. Americans WetV ht''"e 81
were offered. and there was renewed iaiN
OF gold exports. but there is nothing ot"-
mite TO the report.
The Finaucior says:
The statement Of the Associated Banks
for New York city for the week fhu'"-
October ID S. proof thar there pr
occasion for The fears entertained IN tiif
season regarding actual stringcnCy ~ lne
money market. Despite the stcaoN dram
on the banks BY reason Of the interior
demand for crop money the reserve ~
maintained az a. secure point, ano tne
natural effect Of conditions which nave
been making all season may be triste, 70
ohviate any Departure from this standi w
in she future. The liquidation IN lOd "
continues. the loss for the week brinS'-
inC the total 20 an amount Of SI,@,ViZVv
under that reported three weeks ago In
tho same time deposits have fallen OF Nl'-
GOJ.3NO, while the reserve has decreased
about S5ocO.VOO AS money has been
flowing 20 the interior az the rate OF
four or FIVE millions weekly during unat
time. DO win be seen that the banks nave
stood the drain very easily. The demand
for funds still continues, through IN less
encd volume than reported Tor several
weeks past. The decrease I'm deposits Tor
tho past week ~ course lowered the re-
serve reQuircmnts apprciably. The Sl,JoV-
600 gold received from Europe by ono
OF the banks does not seem TO isure an
tho current statement. TIL October set
Elements has brought about some shifting
Of funds. but the disbursements now De
Ing made will Dc shown 20 "a greater eh-
sent in tha next statement. hhe lnloh
Pacific foreclosure sale, under arftnkt-
ments which have been completed LOT
payments extending over a co~nsider9ble
period. viii not cause the contraction III
anticipated. and this assurance 10 some
extent governed the rate quotations last
week.
The marked strength I'm stocks which de-
aalNgU.L An tho 1nHL fFnIfFaur aHanfarIurr urlH
resumed this morning IN fun force, ana
continued with only one mOmentary pause
from the opening until the close or the
short session. The buying was eager. and
the covering Of short contracts put out
during the two weeks reaction IN The
market appeared 10 be urgent. There was
every indication that the reaction had run
SIS course. and the agents employed by
the lcaders Of the former ball campaign
were buyers on a large scale. The stocks
that hav shown the sharpest declines
recently were foremost in the recovery.
Prices OF Americans were advanced IN
Iondon before the opening hour. ana Ar
bridge brokers bought for London ac-
count. Tho stocks which were favOrites
in the London buying were those that
have recently suffered most severely from
liquidation Of foreign holdings. rejecting
e. marked change 100 foreign sentiment.
An additional fan I'm the rate Of sterl-
ing exchange Of - for demand bills 10
4S4il made it evident that the additional
gold imports cannot be long delayed. and
TunhulN helped the market though SNlu
r. so plentiful az this centre AT present
that some Of the banks are settling their
daily balances at the clearinghouse IN
that metal
house banks was also interpreted favora-
blv. The statement clearly reflected the
pains the banks have been at 70 prevent
any further heavy s~hrink1ge ~ Their sur
plus reserves. TIL Withdrawals Of de-
p0sits. SGOO2.SO0. is partially onset by q
contraction I'm loans of Si,592pVO. nakAlg
% total contraction for TWO weeks OF
S4.31u.3Ou. The Withdrawals OF deposits
find am additional reflection i'm the de-
crease In legal tenders OF S2.442.3OO. which
was offset by "a net Increase OF Siii~aD
in specie. go that the actual decrease an
cash was only about S2.OO0,OiO. The more
profitable rates for money have induced
au increase i'm circulation ni S32l .W1.
There is no doubt that Withdrawals OF de-
p0sits would have been much larger had
IL not been for a falling on in the demand
Tor currency shipments 10 the South, due
10 Che interference with Inc movement
OF the cotton crop due TO the yellOW-feVer
guarantees The decrease 20 the south
has been offset boz demand from the east
crn and middle States To meet October in
forest and divided payments. aud BY New
York requirements Tor payments oil taxes.
To-day net gains m prices of stocks ran
from I 40 3 per cent, the advance being
in full tide when the market closed.
The stock market has been highly tecll-
nical and professional in it's character all
the week. and the reaction. which was
the feature of the week before. continued
nn to late ON FRIDAY. The bears have
been masters OF the situation. and there
has been no aggressive effort in opposition
60 their successful attempt TO beat down
prices until to-day.
The large buying interest. which was
so potent a force during the prolonged
period of the rise which eliminated two
weeks ago, had apparently ceased opera
lions. and the brokers, who had come 10
Doe recognized as the instrument Of this
important interest. occupied a passive at
titudc. apparently content To see the Teac-
ton take It's course. Gossip has been
busy with the question of Identity Of the
powerful pool which led the bun marke.
with so much dash and confidence. and
syndicates of bankers and of powerful
corporations have been mentioned as
identified with the movement; but what
over their identity. the fact is now 0bvi-
Gus that before amy evidence was allowed
TO appear that they had ceased 10 buy.
and while TIE smaller operators and the
speculative pubic were stil following
their apparent leadership they had lqui-
dated a large amount Of their purchases
and realized their prouls. With no chanEt
go the general favorable outlook for bus
mess. and with tire continued increase I'm
the earnings Of railway stocks. the oc-
caslon was ripe Tor a technical reaction
il had not only raised prices above the
level of their legitimate actual value. but
IL had passed them into hands that were
weaker and less able TO hold against a
decline. Having lquidated their holdings
these important interests were ready &c
buy again. and their desire was for tho
time being to see lower prices. Thus LEFT
unprotected. the speculative holders OF
stocks have had a bad time OF II FOR two
weeks. Prices have declined simply be
cause more people wanted 10 sell than &c
buy, or sellers We're more anxious llal
buyers. No favorable incident served &C
check the decline. August statements al
showed enormous increases 30 net earn
ings. The ~reseignation OF CONSERVATIVE
Spanish Ministers and the likelihood OF 2
Liberal succession was accepted as tend'