The age-herald., 1898-10-16
What the Financier says

What the Financier Says New York, October 15.-The Financier says: Owing to the heavy increase of $16, ,337 400 in the deposits of New York clear ing house banks for the week ending Oc- tober 15, reserve requirements rose $4,00O,0O0 and over. The gain of $5,000000 in cash due to receipts of specie more than coun- ter-balanced the extra requirement on re- serve accounts, so that in the face of an expansion of $10,023, 300 in loans the sur plus cash in banks increased nearly a mill lion dollars. The banks report firmer demand for money from the interior and their shipments last week aggregate per haps $2000, 900. On the other hand, the treasury disbursements and receipts of gold from abroad resulted in a gain in cash about as reported in the statement. The increase in loans as reported was much heavier than had been anticipated, and caused some surprise. The general busi- ness conditions and the speculative situa- tion do not seem to warrant the sudden activity in this particular, and it is proba- ble that the loans reflect accumulation of foreign credits in the form of long sterling bils rather than domestic trans actions. The position of International eX- changes owing to advancing rates abroad and the heavy demand for grain will tend inevitably to the postponement of gold fm- ports and their conversation into sterling loans. This does not mean that the bal ance owing to the United States abroad will be settled without gold imports, but that the process of borrowing by Europe will be repeated. The record of September exports which were exceeded only once for the same month in the history of this coun- try and of imports which continue to show a Giminution, indicate balance at the end of the year greater than ever known. What these balances during the last two years have meant, is best read in the record of gold imports. There is nothing to indicate that the same process is not to be repeated. but with about $90 000,0 900 of treasury money in the banks, it is difficult to say how soon the effect of 1898 exports will thus be shown. One thing is certain, there is nothing in the situation to indicate an advance in rates, as the treasury policy tends to an opposite result.
 Dry Gooan
 New York, October 15.-The market dur ing the week has shown only slight varia- tions. Locally, trading has continued light all the week in both cotton and wooden lines Export goods have shown great weakness, bids for sheeting and drills for the far east being far below the standard set by sellers. The market for woolen goods for all descriptions has continued dull. There is beginning to be some inter- est manifested in new lines. The print cloth market has been carefully watched by cotton goods men this week. The new plan for curtailment and the pooling of  thought to be a certainty. The market for both extras and odd goods is firmer, though the former are still quoted nominally at 1 15-16 cents.
 Coffee.
 New York, october 15-Coffee: Options quiet and unchanged Sales, ,250 bags; December, $5.5O; March, $5.75; August and September, $6.
 Spot coffee: Rio, quiet No. invoice. 6B; No. 2 jobbing, 35s; mild, quiet; Cordova, 8 @15c
 New yorl. Cotton Market.
 New York October 15.-Cotton, dull; mid ding 5ss gross receipts 25S2; sales 300; stock, 59,539.
 Total today: Net receipts, 54443 ex- ports to Great Britain, 23314; to the conti- nent 7115; stock, 791, 767.
 Consolidated: Net receipts, 54 ,433; ex- ports to Great Britain 23,314; continent L. 115.
 Total s'nce September l: Net receipts. 1 467, ,321; exports to Great Britain. Al TAI; to France, 59O34; to the continent, 254,O53.
 New Orleans Cotton Market
 New Orleans, October 15.-Cotton. easy; sales, 4250; ordinary. 3A; good ordinary, 3-16; low middling, 4 9-16; mdding, 15-16; good mddling, 5A middling fair, 11-16; re- cepts, 1O666; stock, 16S3S6.
 Consolidated statement: Receipts, net, 54, ,433; exports to Great Britain, 23,314; con- tnent, 7,115; stock, 791,76O.
 ,',''v Stateuant
 New Orleans, October 15.-Cotton futures dull but steady; October, 4.S3 bid; Novem- ber 4S764. S9; December. 4.92G4.93; January, 497N4.9S February. 5.01d5.03; March, 5.07 d5.0S April, 512d5.13; May, 5.17@5.1S; June 52265A
 Galveston-Firm; middling, 5; sales, 465 bales; receipts, IS 4S6; stock, 249.T6. Mobie-Dull, middl'ng, 1916: sales, 200 bales; receipts, 2035; stock 35, ,765.
 Savannah-Quiet middling, AZ sales, SS1 bales, receipts. 1O,232; stock. 13S6S4.
 Charleston-Steady; middling, 4A; re- cepts. 3,055 bales; stock. 46,364.
 Wilmington-Firm; middng, 4%; receipts 4,307; stock, 4S,193
 Norfolk-Steady; middl ng, 5h; sales, 76S bales; receipts. 6,1SS; stock, 34,S06
 Baltimore-Nominal; middling, 5as; re- cepts, 325; stock, BAYS.