The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-21
FINANCE AND COMMERCE
raE CLOSING QUOTATIONS u
MONTY
on.rine. sales ut the niehmond 10
bacco Txcbapge-fnter""i
Co,lcctsons-ToreisnA Advance

NEW YORK, NoN'ho' tccrt to-day.
market Was Snr no very well de-
s snu 1870 ,o,gard lower leNeL bo'-
don's great FIRE secmcu w maj Gnan-
re.h~ sdc,,reesing influence on thae nio
rather oep''S o. lack OF another initia~
80 49,, l,,1sl stock market toioWeu ,nv
lead Transactions were Oh, rics ont
scale. and the movement Vi - narrow.
eidc ~ n few speciaiues NsIs .. ,,, t,'
,rS - statement was without any III
anence on the trading, as II shoMe "a I 1nsns
,hot ,vae expected. The increase III tos1's
a. undoubtcdly due 30 OPERATORS co ,n nc
=, ..h ebc sole of the Union Pacinc' tde
~ ~" ,atncut for which OF nearly Slo,vV,-
90 H. 10 be made on Monday me ~ q,
81 the increase IN deposits over 'tntc,,or
IONS rcnccts the return from ih'e'' .,
tonke which are dopositing FUNDS III Doen
he New York and Chicago banks IN i" 20
,oiumc Outside Of the special Dhloh = a.
cinc operations there Is no -, 49, sub
no loans OF the banks VIII sho" a 9u
ef.ntial Increase as there mas bceh a
large Nquidation OF merchandise accouues
during the week. and the h9hey il,i,f ~
has been Intensely dull in all departments
Biddinc for choice grades OF commerclal
paper has been very active nut the mar ,r,
ket has been almost bare OF offerings; me
money market has not SHOWN thc Slisht-
ost nutter over the approaching $l3OVO,-
soO pavmcnt 10 the Government on &C
count OF the Union Pacihc SAFE. Inns
payment will, I'm fact, amount 10 niue
more than "a series OF bookkeeping en-
tries the transfer OF credits in large part
being confined to the books OF the indi-
vduai banks handling both accounts
These banks have deposited In the treas
sury al Washington Government bonds Of
the full amount Of the payment as So
curity and the Government has arranged
10 leave its funds on deposit in the vaults
OF these banks The stock market has
been rather a trivial affair this week
trading being Of small volume, and the
movement Of prices light. on ThuIsday
the total sales Of stocks fell 10 lJO,VO
shares This apathy OF speculation Is the
more notable in view OF the aptitude and
the chcapncss Of the supplies or money,
and the large reserve Of money supply
made available by the heavy trade balance
In favor Of tbs country. The fall in specu-
latiOn cannot he attributed TO existing
conditions. which continue to be very fav-
orable but rather TO doubts regarding the
future For Wall street 20 come 10
pause in its operation in November pend
ing the assembling Of Congress. the pub
Hcation Of the Presidents message and the
perception Of the temper Of the legislative
branch Is not unusual. The tendency OF
the railroad earnings is also scrutiniZed
with great attention now that the abb
normal grain movement has abated.
The week shows the earnings well up 70
the best records of former years. and in
the case Of some southern and southwest
ern rOtds. where arrears OF traffic re-
leased from quarantine restrictions are
coming forward, the showing is the best
on record. But the expectation is that
the third weeks earnings will not be
The net returns from railways for Octo-
her. which are expected shortly. are said
20 show very large proportion Of recent
heavy increase I'm gross earnings absorbed
by operating expenses.
As an outcome Of the cheap money and
speculative uncertainty, the market Tor
railroad bonds has been active and the
high grade issues have been very stin,
resulting In record prices in some cases.
Prices are higher in nearly all cases. To-
INC total sales OF stocks were 64.5OO
shares including Burlington. $685.: st.
Paul 5.1sf; Peoples Gas, 5.31O; Sugar,
1908
MONEY AND observation-disclosures on
call easy az 1hd2 per cent; prime mer-
camille paper. 3h64l5 per cent. STEERING
exchange firm, with actual business IN
bankers bills AZ 4SjlkG4S59s for demand
and al 4e2a, d4S27s for sixty days: posted
rsfee 4s3i5d4epa. commercial bills, 49,
bar silver IS: Mexican dollars, 4ol2. state
bonds firm: railroad bonds firm; Govern
ment bonds firm.
BANK sTATEMENT.-The weekly bank
statement shows the following changes:
Surplus reserve, increase .......Sl 0l3dD
Loans. Increase ..... ........... A. s95,sn
So. ie. increase ........ ......... tJ9'yb
Deposits increase ......... 7.7sS'e ESQ
OT ba banks now hold 02S 4Os 80 in excess
OF the requirements or the % per cent.
rule. M
statement OF tho New York clearinghouse
hanks for the week presents no feature
OF Importance beyond the plain evidence
that money is still accommodating az TINS
centre The weeks changes. however. are
so complicated with the Union Pacific
foreclosure settlements. which begin Mon
day with the transfer Of the sinking fund
bonds 20 the syndicate, that a definite
interpretafOn is somewhat difficult The
first naymont Of S13 OOOO 600 IS 70 be made
through the deposity banks. and prepare
tions TO that end have been finally com
pleted. The cOnsummation explains the
heavy balances by some Of the banks at
the clearinghouse during the past day or
two, and also the increases and decreases
I'm the totals Of the statement. Thus the
actual increase I'm deposits can be traced
20 eight Of the larger banks. The accumu-
lation 81 cash for the week was no less
than 50 $4,000. but IL is noteworthy that
the reserve OF the bank which has taken
the ftadinE part in the Union Pacific deal
fell on - $50 800 Some Of the more prom
inont banks mentioned in connection with
the plan have gained i'm cash. but there
is no doubt that the expansion was due
I'm a great degree 10 the flow of funds
from the interior. The loan increase is
also involved in the causes already men
toned. The gain for the week cannot be
attributed 10 mercantile needs. from the
fact that the expansion OF one bank which
has been advancing money 10 the Union
Pacific syndicate was over 100000 The
truth Of tho matter Is that the loans of
the rest Of the banks have contracted
S72SOOO since the previous statement. As
matters stand to-day the loans Of the
New York banks since November 9th has
been $40 IA 800, but as the loans Of the
one bank mentioned have IN The same
time grown about $40 10000. the only in
ference IS that the demand for money for
business needs has fallen of. and that ma
turing loans are being liQuidated. This
explains tho present ease in money rates
Good commercial paper is scarce. and but
little money is being loaned In the West
IN channels which usually absorb large
takings at this season. The season OF an
inward flow Of money Is at hand. and I'M
less something unforeseen occurs the out
look Is for continued cheap money The
bankers are talking Of a reduction Of in
terest on country bank balances. but
nothing definite is yet forthcoming on this
point.
STOCK QUOTATIONS.