The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-28
FINANCIAL COMMERCE
TaB CLOSING QUOTATIONS OF
MONKI.
oee,,nr. Sales ri the Richmond To
baoco Exohange-fnternal Revenue
Collections Foreign Advances.

NEW YORK. Nov. 27.--The stock mar
kot awoke from its lcthaFsy to-day and
did a lively business Ia the second hour
of the saturday short session Inc
volume OF the dealings and the sencral
movement OF prices were greater IMAM
have been seen for several weeks past
The rcappcarance on the board room hoor
of one az the principal operators dofing
tho summer rise ga prices. and the DIS
tribution Of large orders for his account
were undoubtedly the principal causes OF
IL risc The resistance OF the market
during tho week TO- pressure ana the biep-
ual hardening, of prices, in spite o. o. ar az
advance in prices under n cunhdent ledd-
ership The strength manifested alarmed
the skorts and they hastened 10 coVti'
thus helping along the rise. ~ was no
tlceable that the strength ana activity
were transferred from the spcciaitics and
Industrial stocks 10 the standard Ialiroad
shares. Gains Of about point or over
were registered IN the grangers, the coal
ers. and iu number OF the trunk hncS.
Tho southern lines Jagged IN a rather
cOnsuicuOus manner. nOtWith standing the
strong statement Of the Atchison Com
pany for October, showing an Increase IN
net earnings OF Sl3J. 100. No small part Of
tho strength In the railway list was due
10 the anticipation tnat the Supreme
Court. upon reasscmbling on Monday af-
ter It's autumn recess will hand down
freight rate case favorable 90 the rail-
ways. This decision has long been looked
forward 10 % give an upward impetus 10
prices. and prices have. IN fact, been sew
oral times advanced on the assumption
that 40 would be favorable and have sub
seQuently reacted. Sugar was strong and
easily led tho list. with an advance or
1% on reports that q decision from the
Treasury Department would soon be
forthcoming applying the countervaihng
duty clause 20 Dutch refined sugars.
The bank statement was about what
was expected. Although there was an
actual increase in cash reserve Of S3.33s.-
700. the legal reserve was raised by more
than that amount. owing TO the frcmcu-
dous increase of Sl6.7ifiOO in the deposits.
Tho surplus reserve increase has fallen
on by Ssi7325. The excess Of the increase
I'm deposits over that in loans reflects the
movement Of currency from the interior
10 this centre. The large proportionate
increase in loans nd deposits are, Of
course reflections or the Union Pacific
payment on Monday The condition of
the money market has been OF greater
week than the stock market. The heavy
Union Pacific payment made not the
slightest impression on the market. or
course the fact that the Government left
the whole amount on deposit after its
payment ObWatcd Us actual withdrawal
from the market, but the fact remains
that the raising OF an enormous amount
OF cash was cfcct1 al and an extensive
shifting Of loans and credits accomplished
that would inevitably nave n strengthen
ing effect on the money. Even the re-
South, with the removal OF yellow fever
Oturantmcs. has failed to result in any
notable demand for money from that
There has been some buying Of long
sterling for inVCs tmcnt during the week.
based on the supposition that the balance
OF trade may have shifted by the time II
natures, and SO have raised the rates
for exchange. IT Is worthy OF special no.
tice IN that connection that the imports
of dry goods and general merchandise
for the week at New York show an in
crease OF S2.J13 f7J. or nearly 40 per cent
over those OF last week, and they eX-
cecded those Of the corresponding period
Of last year by over 100000. II this
indicates "a settled tendency OF foreign
trade IT will not only mark the beginning
of a settlement of the heavy trade bal,
ance i'm our favor, which Is potential
factor in the case of the domestic money
market, but f. marks an increase in the
Governments revenues ON imports, ana
consequently decrease in the deilclt. winch
g. constantly running nom the treasury
into the channels or the money Harket
Tho foreign exchange market has proba-
bly, felt the effect of the weeks sales OF
American securities for London account
in this market. LONDON mas solu I1 ne
hulk z ordinary arbitragc operation out
there have also been large sales of nigh
sS T1,3e IN tbe hiFR range OF prices prevail
ing here. Kcmittanccs 10 pay ior these
have helped TO keep the exchange mar
ket firm. The stock market has ouered
almost no feature Of interest during the
week The feature Of the bond market
has been the large demand and the mca-
gre offerings of hich-grade bonds. The
market has not been notably active. but
nricos are generally slightly higher. To-
ial sales, S6.GOOO00.
United States old As. registered. arc x
higher hid the old AS coupon. and the
new As < higher bid. and the SIS x lower
The totl sales of stocks were 1890
shares. including Chicago. Burlington and
Quincy. L. GG5. Manhattan Elevated. H.
g73. Northern Pacific preferred IL 1876;
Rock Tsland 1854; ST. Paul 9,l12: Peo-
PIES Gas. GLIB; Sugar. 29,0Oj.
MONEY AID EXCHANGE.-Mone on
csU nominaTy at 1iA02 per cent. prime
mercantile pa Der 303h per cent; sterling
cxchanpe strong with actual business in
bankers bills at 4SjIs7kfi4SG for demand
md al dQ2G4Slk for sixty days. posted
rates. 4s8isdiS4 and 4S6iAWtsI; CONNER
cfal bills. 4S26 Bar silver 5S7s; Mexican
dollars. 4J1t State bonds dull, railroad
bonds FIRM Government bonds firm.
BANK STATEMENT weekly hank
statement shows the following changes.
surplus reserve decrease ......$ 81 ~
Loans, increase s.-.. ...s..s...s if'v', ~ ~
Specie. increase .-...........-. - $1,000
legal tenders. Increase ......... HS}S,4Vp
Deposits. increase 90. ......... lb,ffl lWn
Circulation. increase q. 800. "a, 'oo- l9'e"
The banks gov hold 500 SGH2 IN ex-
cess of the requirements or the - per
cent. rule
rule