The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-24
FINANCE AND COMMERCE
raB CLOSING QUOTATIONS Of
MONIT.
Offerings ana sales 20 the Richmond 10
bacco Exchangc-Internai Revenue
Collections Foreign Advances.

dcsnitc no DEAFNESS OF money. Rates for
money ON tho market again drove bor-
rowcrs TO The Bank OF England lo-q q;cy
CLAN and Paris. and thus raising money
from those quarters. Americans were
STEADY. The publication OF fuil detaiis
of tho correspondence with the Omteu
states Timetable Commissioners on the
silver question had q good effect although
the demands made in behalf OF silver were
even greater than the city had imasineo'
Tho Financicr says:
The statement OF the Associated Banks
OF New York city for the week ending
October 2Sd. shows an increase in reserve
Of 9si0. 200 IN two weeks. Loans IN the
came time have decreased almost IN the
Same proportion. while deposits have re-
NAMED stationary. The liquidation. there
fore, appears 10 have been carried on IN
a manner which has not disturbed the
deposit item. but this AFFORDS no eNplana-
tion Of the current business OF the week.
The gain In cash has been largely IN Inc
form OF specie, the banks holding $4,000
600 more gold than legal tenders. The
fpecie increase, OF course IS due 10 the
imports OF the last month. and the eX-
pansion in legal tenders probably repre-
cents the first OF the return tide OF cur
irency from the interior The flow OF
money 20 the West is checked for the
present That the banks recognize the
general tendency 10 ship idle money 10
this centre for the interest il brings Is
revealed in rumOrs OF q general effort 10
reduce rates on country balances from
2 20 ~ per cent. This has been tried
before. not only I'm New York, but IN
other cities. but n does not always prove
effective, for the reason That the different
banks cannot be brought TO work in con-
cert. The official statements Of the ma
fional banks in widely different sections
OF the country. indicating very large cash
resources. shows what may be expected
when money begins 10 flow in this direc-
tion in fun tide later in the season. cOun-
try banks report plenty OF loans before
maturity. The shrinkage Of loans. how
ever, IS not TO be attributed 10 this source
Part OF the lost Is due to operations lost
in the gold import movement and TO liQ1i-
dalton OF maturing paper, that under
different circumstances would have been
renewed. There is no question that some
Of the surplus money in the banks win
be absorbed in discount i'm sterling bills,
and also in the Union Pacific foreclosure
settlements. Whether these requirements.
together with current business reeds Will
be large enough TO maintain the market
at anything like a firm figure is doubtful
The immediate outlook, Judging from the
bank statement. is for high money.
To-day's security market was intensely
dull throughout. The only business done
was by professional traders, and this in
cluded some selling FOR foreign account
Some Of the selling represented the plac-
ing OF short contracts by bear traders
who argued that the danger OF the Cuban
question. leading 10 strained relations with
Spain. indicated that prices would de-
cline. The Sunday interval before trad
ing will be resumed made these operators
cautious In their ventures for fear of de-
velOpments that may change the situation
before Monday. The disposition TO restrict
operations for short turns was very obvi-
Gus, ana the only movement of prices
seems 10 be due 70 professional maniplla-
tion.
The total sales were less than 10000
shares. a figure lower than for any Satur-
day in months. The greater part Of these
sales were OF shares of the industrial
epecialties, the railway list being decidedly
neglected. Some frmness was manifest
in the granger shares on the theory that
they will benefit from a favorable decision
in the Nebraska maximum freight-rate
case which Is expected from the Supreme
Court on Monday-that is to say. de-
.cision denying the right Of the State Of
Nebraska 70 tx maximum freight charges
by the railways.
Sugar displayed some strength during
the day. and closed with a small net gain.
Chicago Gas and Union Pacific were the
only stocks traded In to the extent or
more than 10000 shares. The latter was
weak on the doubt cast upon the success
of the reorganization plan by talk OF an
opposition syndicate, which continues 10
be talked OF in an indefinite way. Net
losses are general, but reached a point or
over in only a few cases The increase Of
the surplus reserve Of the banks. with the
legal reserve raised by an increase in de-
posts, was not counted a favorable factor
in the stock market, though IL naturally
tends to ease in the money market and TO
strengthen the position Of the banks tech
nlcally. The increase in the holdings OF
actual cash was s.626, 600 the gold arriv-
ing from Europe last Friday and Satur-
day being included. The liquidation Of
loans in the face Of this easy condition
reached the large total of S604i 600. This
was in large part due TO the buying Of
commercial paper in this market by west
ern banks, choice single-named short pa
per having been placed with a Chicago
bank during the week at 81 per cent,
according 20 a prominent authority. Nu-
merOus other western centres have offered
money in New York. and their deposits
reported 20 be high, on account of the
large payments Of Indebtedness by farm
ers and western business men who have
realized on the grain crop. The quick
movement Of the grain crop has led 10 an
early cessation Of demand for funds for
that purpose. The money market is al
most piethOrc and the falling off for
funds is not looked upon in Wall street
as an altogether favorable indication Of
the progress of general business. IL Is re-
ported that a movement is on foot among
New York banks 20 reduce the interest
they pay on balances OF out flown
banks from TO IA per cent. This con-
dition of the domestic money market is
coupled with something very like strin-
gency in the Berlin money market. owing
TO keen activity In business and 10 q
stiffening OF rates i'm the London market
as a result Of efforts by the Bank Of Eng
land 10 prevent gold coming 10 tho United
States. These efforts consisted OF raising
the price OF gold bars and OF American
eagles ana OF borrowing largely with a
view TO bringing up the open market rate
OF discount 10 a parity with that Of the
bank, which remains at per cent The
open market ratio in London yesterday
and to-day had about reached that point
and 10 Is reported that applications for
loans are making 20 the bank itself The
London rate OF discount has crossed the
New York rate. and the disparity tends
10 increase, so that the import movement
OF gold has come 10 a stop, In spite Of the
heavy trade balance in favor OF this
country Exchange is being allowed to
accumulate az this centre. Exchange
bankers sell demand sterling for future
account al a rate which makes IL prOhta-
bic 20 buy these futures, and borrow
money on long sterling bills as collateral
until they mature. The effect IS the same
as though GOLD due 10 creditors in this
country were placed AT higher interest
In London. instead Of being imported.
The operation iS based on the tendency
Of the balance of trade 10 shit again later
IN the season.
The greater ease IN money has not re-
suited in any increase In speculation IN
the stock market the underlying senti-
rent being general that business has not
held us own There has been improve
ment. railway earnings continue large,
hut some question has begun 20 arise