The times. [volume] (Richmond, Va.) 1890-1903, 1898-11-20
MARKET SHOWED
MORE STRENGTH.
Opening Under Bad Conditions, 1t
Soon Rallied, Closing Strong.
SEVERAL FAVORABLE FACTORS.
Some High Glass Spcciaitics Took an
Upward Move and the Unexpected
Strength Of the Bank statement
Tended 10 Defeat the Bears.

NEW YORK. Nov 19-Thc market had
the burden of several unfavorable factors
10 carry az the opening this morning lhc
advance Ia the rate OF discount by inc
Berlin Bank from 81 10 per cent. had
unsettled foreign markets and depressed
the lnteTnatiOuais here, Union Pacihc
leading the decline with a drop Of a
point There was further and sudden coll
LAPSE OF Geo 4 points IN the Federal steel
stocks on the reported failure OF steel ran
interests 10 pool. Opening prices Were.
however. the lowest. for strength quickly
developed al points which served 10 sus-
tain the weak spots Manhattan, Sugar,
Peoples Gas ana the coai~rs all moved
upward. Tho quick rally in Federal Steel
ON tho largo buying al the decline con-
veyed the suggestion that the failure 10
agree" as reported might he IN a purely
lickwicklan sense. and prompted by the
discreet purpose to observe the letter OF
The joint traffic decision OF the Supreme
Court Finally the unexpected favorable
bank statement routed the bears. OF the
81 600 600 increase in cash not much more
than a million can be accounted Tor by
sub-treasury operations. and the interior
movement. The source Of the balance IS
AS much n mystery as was the sudden
decrease Of 100000 in the return for
November The ease Of the money mar
ket during the week, In face OF large
clearinghouse operations, however. cN-
planned. Notable strength was shown by
AfrNiSOn rFtiofIfd. Kansas NllA dNi
cunt Lake Erie and western preferred,
Northwestern, omaha, Baltimore ana
Ohio. and a number Of other stocks.
There has been a large business In
bonds during the week. though by no
means up TO last weeks high record The
market has shown the same irregularity
az that for stocks The Us. coupon, nave
declined X and the old as. coupon, ne
new as registered. and the Js, regis
tered, 4 IN the bid price oo- 900
Tho total sales Of stocks were 200
shares. including 2lG35 Atchison pre-
ferre8 so Chesapeake and Ohio, 400
Chicago. Burlington and Quincy; lbsI
Manhattan. 1880 Northern Pacific, 900
Rock Island 5O75 Union Pacific. 1O@s5
81 Paul III 1873 Federal steel. 30.445 do.
preferred. 1925 Sugar $3.50 Peoples
Gas. 1o20j sugar.
MONEY AND EXCHANGE Money nm
call steady a. 242B per cent. last loan
az per cent Prime mercantile paper,
8ibalh per cent Sterling exchange steady
with actual business I'm bankers bills az
81 81, 90 S5ib Tor demand. and al 81 S2hu
S2fk for sixty days. posted rates. $3.50
siih: commercial bills. &.slW4 Slh. ST.
ver certificates G0ia0Gi. bar silver CO.'S:
Mexican dollars Az. State bonds steady,
railroad bonds weak.
BANK STATEMENT-Th weekly bank
statement shows the following changes.
Surplus reserve, increase .......sl Gj5.l15
Loans increase ........ ........ 81, Seo
Legal tenders. increase ......... 0662o0
Deposits. increase .............. 419tO
circulation increase ............ $4,000
Tho banks now hold SIG GG7. $40 IN excess
~ the requirements OF the % per cent.
rule