The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-17
FlNANCEAND COMMERCE
9HE CLOSING QUOTATIONS OF
NONfI.
Chsiinrs ami saics ~ The Richmond 10
bacoo Exchange Internal revenue
COLLECTION Foreign Advances.


NEW YORK. oct iG.-fhe Evening
loets London financial Capicriam says.
FN,e sIork markets were good to-day
Tho fesfure was tle revival in Americans
and Knnlrs. ln Che former 1entfa, fa-
cIGcs were especially eood. 4 stions
pool Is said 90 De- formed in them Notm-
M doauitc b. yet known in the CITY
about tno cabinet mec tng 20 frame we
answer fo the Blmetanlc Commission, nut
SO tho tlmc Of cabling silver Is being sou
for forward delivery
The Financlcr says
A feature OF the statement OF the As
ISOLATED Banks statement to-day Tor the
week ending october ION that atuacltn
some attention was the shrlnkabe .n
loans 10 is rather difficult 10 explain
fhe loss except on the theory that there
has been Cd great deal Of LIQUIDATION lh
Stock Exchange business, ana an ah"tg-
Us 81 tho items of me inelviaual panns
chow that tho loans changes in TWO urge
institutions. the National Union ana we
National City'hanks, account FOR me OIL
ference reported since The previous week
The effect of the gold imports is SHOWN
in fho increase or specie. The gam OF
LEGAL tcudors-tho FIRST expansion IN tnis
nem since August 2sth-seems 20 show
that the Interior movement Is nedrins
an end This is not am actual cause, az
though tho drain during the week mas
been less than usual All the gold inn
rorfod last week does not figure IN lhe
totals. $50 that 10 is impossible TO suppose
fle position Of The banks Us stronger than
Indicated lhc statement points 10 an
extraordinary money market in the ap-
fenCe N speculation, and the oHlciai
statements of Che national BANKS as
published lasf week, showing ihtlI stlons
position strengthen this view. Jhe us
inr rates Tor money abroad ana me con-
fuued ease here loreshadoW "a SITUATION
as prevailed last season. when the united
States loaned large amounts 20 Europe
ON sterling bills. The quotations LOT
money in Now York and London are un-
Ccrr0lng changes which viii prohaply
place them above domestic use Tor some
time TO come.
There wac nothing TO indicate any mr.
gent covering or short contracts in TO-
Oay's market such as is very often GUS
f0mary ut tho close OF "a week Of bear
campaign The days market showed a
firm tone during the greater part or the
DAVIS trading. bat tho fluctuations were
very narrow. and the close was al small
declines from the best There was a
break of rs iu Manhattan on short sales,
which was the most striking demonstra-
ton by tho bears during the day. both
PARTIES i'm the market seemed equally
anathotic. There was good buying In the
two leading spccialties Chicago and SUI
gar. the former equally ATTRIBUTED 10
purpose OF inside interests 10 acquire
stock and "a innnOCuNre 10 squeeze the
shorts Missouri Pacific preferred ofter-
al tbo most sympathy with the drive
AGAINST Manhattan Union Pacific OK
hibited some dcprc sion on account OF me
EXPRESSED criticisms or the minimum DID
agreed 20 lv the Government for the
satisfaction OF its claimant agreement or
foreclosure. None OF the leading stocks
show important net changes. but most OF
these are gains Experts have been
watching the market now for signs that
So has turned upwards again.
such process las apparently, heen
inaucuratcd twice during the week nut
the upward course came 20 stop Win
the closing az short contracts, ana reac-
ton resumed fits sway The reacuonary
tendency has now continued uohlhoht
for about month. and the average ue-
cline in that demonstration is about hat
ms much as was the rise In the previous
four months Of bun market Statistics
might be cited Of the proportions OF re-,
action iu the decline after previous nun
markets. hut prcccdents are misleading
and various 10 DIS invariably the rule
that n backward swing occurs after any
great bull market Proiessional traders
sold ont "a month ago al hish prices, ana
they DO not care 90 buy again as long
a. There u.s. prospect OF future declines.
During The week the many holders OF
etocks who have been persistent IN hold-
ms ora for o. turn have become dlsgusted
and have decided ON large scale 10 save
further loss. thus giving material assist
anrc 90 tho bear party. The motives as
signed Tor the selling ore various ana
of NffII real INttfr as psi 'ttillNlinAi ftA'N
hy the fact that when the alleged cause
is removed there rs no cessation IN the
decline.
The trade reviews an report continued
expansion in trades. the iron lnuuauE
being especially marked. The output OIL
mig iron has increased, and the decreased
stocks indicates that the rate or COM
sumption has increased above 80 per
cent since Ju.i ISL. ufNher ehs"sv7
ments of gold for import We're expected
fo have been made this week, hut the
purchascs of exchange bills against last
weeks eucIGemcnts have kept the rate
OF exchange above the import point. rms
uoint has also been lowered by the od-
vance in tho urioes Of gold bullion in Lon-
don and hv tha rise in discount rates at
London Paris and Berlin.
a very heavy movement or gold ls con-
flderol Inevitable. London has ceased
ro e.u American securities in the New
York market. and This week has been
buyer There ls balance in trade or the
month ln favor of tnis country on over
Sgg 10000. The new cotton crop Just
naiulnr FUN tide. ls expected 90 have a
heavy movement Bon October, but 70 must
hc borne in mind. however, that inc low
price in cotton prevailing VIII make
rreat difference in the amount of cN-
change demand 90 pay for exports. Toe
davis statement OF imports at New
York for the week shows a. striking m
crease over Iasl week az 81 Nsd'1l, Whlie
the exports from this port for tho week
international exchange The week de-
cHucs have been heaviest in the spc-
ciaitlee. Sugar ana Tobacco leading with
Ci. and 81. respectively. Decline in rail-
road stocks range from Go per cent,
inc graneers. southern ANA southwestern
roads ieadlng Chicago Gas sold aa low
as stie.
Railroad bonds were less active and
weak in sympathy with stocks, but the
declines We're less important Total salea,
Sl0Su.O0u. United States bonds have
been strong and higher, tho new 3,
coupon euuInE 80
Tbc total sales of stock to-day Were
1s8Su0. including the following. Curling
ron. $500. Northern Pacific preferred,
6gl5. So Paul lulu0, Union Pacific
sG9. American Tobacco, O,lbli Chicago
Gas. G5lla
MONEY AND ENCUANGE-Money on
call n0miuaNy -ieNS per ccuIi prime mer-
camille paper. i4ulA per cent sterling
,>rhaure nrm. with actual business In
hsrlar.' bills 40 4s4is for demand and
t.lI. lls2Is for sixty Gays, posted rates.
s,li. 04s9a and i,Fa' commercial bills.
tsf silver certificates, -, bar silver,
ES... Mexican dollars, 4ii2. state bonds
ouiet. railroad bonds hrmi Government
bonds hfm.
RANK sTATEMENT-The weekly
hank statement shows the following
..r.no..- SURPLUS reserve, increase