The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-03

gold is so plentiful at this centre at
present that some of the banks are
settling their daily balances at the
clearing house in that metal. The
weekly statement of the clearing house
banks was also interpreted favoraby.
The statement clearly reflected the pains
the banks have been at to prevent any
further heavy shrinkage in their sur
plus reserves. The Withdrawals of de-
posits, $6,002,S00, is partially offset by
contraction in loans of 81. 500 900
making a total contraction for two
weeks of S7.320.300. The Withdrawals
of deposits find an additional reflection
in the decrease in legal tenders of So,
442.300a which was offset by a net
increase of $495.500 in specie, so that
the actual decrease in cash was only
about $2.000000. The more profitable
rates for money have induced an in
crease in circulation of S321.O00 There
is no doubt that Withdrawals of depos-
its would have been much larger had it
not been for falling off in the demand
for currency shipments to the South,
due to the interference with the move
ment of the cotton crop due to the yell
low fever guarantees. The decrease to
the South has been offset by demand
from the eastern and middle States to
meet October interest and dividend
payments and by New York require
ments for payments of taxes. Today's
net gains in prices Of stocks ran from l
to per cent, the advance being in full
tide when the market closed.
Today's sharp advances have gone
far to reduce the net decline for the
week, and in some cases have wiped
them out entirely. The whole character
of the speculation showed a marked
change, the trading on the advance be-
ing animated and the shorts covering
heavily. The week has shown sub
sidence Of the fears of money stringency.
a sudden rise in the call
loan rate on Friday Of 5 per cent. This
was clearly understood to be due to
temporary demand for the necessities
of the first of October settlements.
Bank clearings Of all the cities in the
United States show decrease from
last week of over per cent, though
the increase over last year is still q
per cent, but compared with an in
crease last week of over 81 per cent.
The market for sterling exchange has
steadily declined since Monday and gold
imports are believed to be again
minent. The weakness of excl
due to offerings of cotton r Il esti-
mating the probable dimenS' MS of the
gold imports the low price for cotton
must be considered which, compared
with last years prices will make diff
ference of many millions Of dollars in
the balance due from abroad on cotton
exports. Imports of general merchandise
and dry goods at New York for the
week show an increase of S1.SS2.364
over last week while the increase of this
weeks exports from New York over
last week was only by S750,000 In con-
sequence of today's rally in prices. net
declines in very few standard railroad
stocks reach two points on the week
and some show gains. Northern Pa
cific preferred and the Pittsburg. G. G.
and st. Louis stock being conspicuous
in the latter class.
Bonds have been much less active than
of late and have resisted the decline bet
ter than stocks,net declines being smaller
and some issues showing gains. Total
sales S10,100,000.
United States bonds are 1s to 1hc
higher.
The total sales Of stocks today were
ferrtd $500: G. and o. 1856: Chicago,
B. and O.. 7,712: Erie tnew( 10000: L.
and ~, S.430: Manhattan L.. 1920;
Missouri Pacific. GAS: New York Gen.
trail 1861: Northern Pacific preferred
1878: Reading 3400: Rock Island TO-
DAB: st. Paul 17f25: st. Paul and Ohio
$3.50: Southern Railway preferred A.
250: Union Pacific 1860: Chicago Gas
1900; Sugar 23.590: t.. C. and l., A.
1856; Western Union 4,705; Chicago
Great Western 1890.