The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-19
FINANCE AND CONNIE RC
nH CLOSING QUOTATIONS. OF
MONEI
Offerings and Sales 81 The Richmond 10
bscco gxchapge-fnternal "es"n"e
Coiiestions-Foreign Advances.

change to-day. some very sharp net
gains are the result. exceeding per cent
in some Of the specialtics. over point IN
n large number Of leading active stocks
and q sharp fraction all through the ist.
The rise was almost wholly the result on
profes sional buying. outside interest IN th'
tors extended their lines aggrcNSlNeiy
ard bears covered heavily. Prices OF
Americans were higher in London ms
morning that centre having become quls e
pcrsistently bullish on the outlook Tor
values IN this country on q long turn.
Sugar was hulto buoyant on covering OK
shorts. This combination Of strength IN
individual stocks. due 10 special cases,
would have been a powerful sustaining
factor IN itself. bat the incident that de-
termincd the tone on the general specu-
latiOn and awakened q general buying
movement all through the list was the re-
port from London. aiterward shown 70 be
erroneous. that over half million dollars
IN gold had been Withdrawn from the
Bank OF England for shipment 70 the
United States Taken in connection with
Tho easing Of the call loan rate yester-
day afternoon 90 ~ and the quantity OF
funds Offering az that rate, this report
had the effect Of disslpating some Of the
fears OF traders iu securities as 90 the
future or the money market. and aggres-
sive bull buying cnsucl THE weekly bank
statement. with the large decrease shown
in surplus reserve. gave only "a rnomen-
fnry pause 90 tho upward movement,
which was then renewed and continued
with huOyaut tone 10 the close OF the
market Up to Friday of this week It
looked very much as though the expect
ed reaction I'm the stock market had set
IN. which n as much expected In the
natural course Of things as the Deem
her rise But tO-days developments
leave the future course OF the market
very much OF a problem. owing 10 the
condition OF the money market IL was not
expected there would be much ease i'm
IN 80 HH N...Nu Insa q Ia. 700
Beside. the usual accumulation Of funds
preparatory 20 the disbursement Of jan
uary interest there has been withdrawn
from the market this week over SSOO1OoO.
which was put Into the United states
treasury on account OF the Union Pa
cifc sale. Another similar payment is 10
be made on December 18th. and the last
on January 9Th. The reason given that
these latter payments are being paid into
the Treasury instead of being left on de-
post in New York banks. as was done
with the earlier payments, Is that the
price Of United States bonds has risen to
50 high "a point that Il high premium
would have TO be paid TO secure a suifi-
Clent number TO secure these deposits
There has been, In addition. an outflow OF
currency from New YORK TO the South In
the last three weeks which lis unusual
at this time Of the year. and which prom
ised 10 accentuate the temporary security
Of money here. Foreign exchange bank
ers express some sccptlciSm regarding the
Eoiu thHAEtntnt On view OF the prices or
cNchangc still ruling. Tho Governments
trade statement for November. issued this
week. shows this balance increased still
further In our favor by over S64 O00OOD
which makes the balance In our favor
from the beginning of the fiscal year TO
December 1st S239. 4JG.OOO The ruling
price Of exchange is known 10 be highly
artificial. due to the leaving I'm England
and Germany at interest OF millions of
dollars due on balance TO this country.
I fnffNNnTH
money exchange rates have declined dur
Ing the week. ana there has been q Cessa-
lion Of the Investment demand for long
sterling. That there are grcat sums OF
money IN Europe available in case Of need
in this country constitutes one OF the
strongest factors in the money situation
Net changes in prices Of stocks are widest
in the cOalers. the gains extending 10 over
10 points IN New Jersey Central Norfolk
and Western preferred is over points
higher Otherwise net changes are mixed
and generally within the limit OF points
Bonds went up and then went down. like
STOCKS. hut still show net gains. remain
ing IN most issues. Total sales. SIS 5000
United states 5s have declined * bid
the new as. coupon. p. ANA do. registered
* during the week. while the old as.
week.
The total sales Of stocks to-day were
1920. including Chicago. Burlington and
Quincy 4 2a3. Manhattan 1880. New
preferred G2g5: Rock Island. 5.5S5: ST.
Paul, II 42l. Bay State Gas 1919: Chi
cago Great Western 1880. Peoples Gas
$40; Sugar, 2i.G,2.
MONEY AND EXCHANGE Money on
call nominally at 2N2i, per cent. primo
mercantile paper. FL iil. per cent Steri-
ing exchange stcadier. with actual bust
ness IN bankers bills at 80 for demand
and at 4s2n4S2is for sixty days posted
rates. i~in iNiis ANA f~GU iSGis. CONNER
Cial bills. islis Bar silver %. Mexican
dollars. 90. state bonds quiet. railway
bonds firm Government bonds firm.
The weekly banks statement shows the
following changes.
Surplus reserve. decrease ......S31G1 .375 |
loans decrease ..... ........... 100000
specie. increase ..... ........... 3S710O |
Legal tenders. decrease ........ 4 SOS 100 |
Deposits. decrease .............. 527S5OO !
The banks now hold Si5. 75G $50 I'm excess exec
or INC requirements of the - per cent. |
The Financier to-day SAYS n decrease Of |
ka,lbl,3t1 I'M the surplus reserves Of the !
New YORK banks. Following a reduction |
squalN as large Tor the previous week. |
brings tho excess cash in the banks 10 !
fl'. t2bnDn. or very nearly To- the point |
tcached 90 the height of the outward |
movement during the crop season In |
view Of this fact the sharp advance in |
money rates noted early last week NAV |
be expected TO continue for some time, al
though The upward tendency has been
regarded heretofore as temporary Incl |
dent The changes in the statement of /
The week are so intimately connected with |
the payment Of SN5loO'O into the Sub
Treasury hy the Union Pacific Company
That the totals do not require deta led
attention. The National CITY Bank which /
has been protlncnt in financing this opc-
ration. losses over seven million dollars !
In deposits. It's cash reserve has also \
declined something Ike six million dol
lars. and its ahrinkage in loans is more
than the total noted in the average Of all |
the banks. The other banks aside from i
his one institution, appear 90 have gained
both in deposits and cash. and their loans /
bro slightly higher The bank statements |
Tor the next few succeeding weeks should !
be- unusually interest and important. as |
Two additional payments o. over $500 900
are TO De made 90 the Sub-Trea be- |
fore January 9th. and che Treasury. ON |
he other hand. viii begin December lth |
ne disbursement Of tho principal of ma
uring Pacific bonds. which Will release,
when the operation is completed. some
hing like $1,000. Whether this money. |
which may be slow I'M entering the active
market. and the rather heavy deficiencies
which the Government viii probably in
'ur over the January disbursements will |
make up for the contractions due TO pay
nents into the Treasury on Pacific settle
ncnts is the KEY 40 the immediate future
" the money market II interest rates
continue 90 harden and exchange weak
ms. es was the case last week. some in
crCetibg developments may Ice expected |
There can Doe no profit in sterling ex-
hange investments under circumstances
nd as the Treasury reports show AN in
reasing export balance IN our favor.
afcs FOR money abroad VIII have 10 be- !
fr.fIa