The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-09
FINANCE AND COMMERCE
THH CLOSING QUOTATIONS Oh
MONEY.
Offerings and Sales at the Richmond To-
bacco Excbange-fnternal Revenue
Coiiections-Foreign Advances

there should be taken ot Nu'Nn ~ -
after such "A sharp rise as that OF tns
last two DAVIS was 20 be expected, anu
the professional dealers VINO pousns
stocks late on Wednesday ana inuiSuaS
sold their holdings OF the most active az. ano
strongest issues. The realizing was Io'tro
pronounced in ats effect on New 1oIn
Central and Sugar. when reacteu nv
than "a point from the nigh lever Oh w
morning There was evidence OF CoIi-
inued realizing in the local tracuon COM
panios some Of the anthracite group
also continued under depression to-udy'
Notwithstanding pheSc reactOnary tsh~
denotes the gcncrsS tone OF the speculd-
ton continued strong and confident. bus
mess was on a large scale. and embraced
"a largo number of different issues soihc
of che usually inactive STOCKS pelns
brought into prominence py shup az
Vances The pressure OF large sums OF
newly disburscd money seeking reinNest-
mcnt WAS reflected in tho demand LOT
high-grade investment stocks. Inc ue-
mand for bonds also continued very
heavy There was one transaction OF
500 900 OF New York. Chicago and 81.
Louis As at 107. Prices OF hign-graue
bonds generally are now at the hisDeat,
and the pressure Of investment lunus
forces money into tho middle and loWef-
grade issues Realizing at the close re-
duccd prices considerably from the best
and in some cases wiped out Garner gains.
This caused an easy closing, with net
changes mixed between gains and losses.
market this week in an outbreak OK some
thing very like a furore of speculation
and an upward rush OF prices OF pretty
much all grades of securities. Ihere was
halt in the anticipated awakening OF
Monday and Tuesday, and some decuhes
que TO several causes. but primarily 10
disappointment at the continued stiiness
Of the money market pending the hnal
payment OF the Union Pacific settlement.
rims involved the withdrawal from the
market of IS J3S, iO1 and its payment INTO
tho treasury. and this operation. together
with accumulation OF funds incident 10
regular January disbursements, resulted
in raising the rate OF money 10 per
cent on Monday. BY Wednesday after
noon the funds thus dsbursed began 10
come back into the market for investment,
and the Government IS outgo OF interest
and redemption had Offset the Union Pa
cinc payments. The declines in prices of
stocks earlier in the week were quickly
retrieved. and professional operators ana
commission house brokers, acting Tor out
sde spectators and investors. began TO
vie with each other in marking up prices.
To-day's bank statement shows the com
plcte rehabilitation OF the New YORK
money market, which has been accom-
plished not only by the release OF funds
at this centre. but by large inflow OF
money from interior points. invited by the
recent high rates for money. NotWltn-
standing that additional deposits or $40
$500 have lifted the level OF the legal
reserve bN N-.bo-,ulb. INC utdNN 'dSH III
crease of S9,1O7 800 leaves the surplus re-
serve S647J. SO higher than last week.
Conditions. indeed, promise Such a plen-
titude Of money that money lenders see
their prospects marred. and there is talk
Of releasing TO the Government its depos-
it's, which were left i'm New York banks
at the time of the part OF the Union
Pacific payments. These deposits amount
TO something over S33. OOO,O00. Part OF
them are secured by Government bonds
whose redemption is already provided for
so that their surrender would Involve
simply q bookkeeping exchange. But the
taking up by the Government of the total
amount would probably involve the with
drawal of a sufficient sum in the money
market to serve quite effectively TO STEADY
rates OF interest; The high rate Tor
money was reinforced as a factor of
the stock market depression by the fore
holdings expressed by two prominent rail-
road presidents on Monday that there
would be no profit in competitive railroad
business, as there had been none, unless
Congress would authorize pooling. Rail
road earnings reported for the week were
an effective cure for much of the gloomy
apprehension OF railroad officials. In the
foreign exchange market the feature of
the week has been a demand in specula-
tion based on the prevailing low rate of
exchange and the belief that the need
for exchange will grow within the next
few weeks. The average level of stock
prices has risen between and points
during the week.
Business in bonds has been Of large pro-
portions since Wednesday, and some large
advances are recorded. Prices through
out are higher. Sales of the week We're
81 100000. Government bonds are all
higher on the week, prices having been
bid up " for the As old coupon y. "A for
the Us, and "A for new As.
Total sales Of stock were 224 400 shares
to-day, including AtchisOn preferred,
5,3l5: Chicago, Burlington and Quincy,
1249O; Manhattan. 1897; Missouri Pa
cific. 1913; New York Central, GOO,
Northern Pacific preferred. IL, 49, Rock
Island, 5.GGO. ST. Paul, 1880; Union Pa
cago Great Western. GS2O; General Flee
tuc. 6ls5; Sugar l5.4lO, Western Union.
1898.
MONEY AND EXCHANGE.-Mone on
call steady at 3 per cent; last loan at
per cent. and closed offered at 3 per cent;
prime mercantile paper al9a4l2 per cent;
Sterling exchange steady, with actual
business in bankers bills at 4S5ls for
demand and at 4S25s for sixty days; posted
rates, 4S3iaG4Si; commercial bills, 1872.
S.lver certificates, 51l4a5s; bar silver, 81;
Mexican dollars. 4j&i. State bonds quiet;
drm.
BANK STATEMENT.-'The weekly bank
statement shows the following changes.
Surplus reserve, increase $500. SO, 1850
Loans, increase ..... ........... 1890, 800
Specie. increase .......... 1901 NO
Legal tender, increase ......... s,Z,O, lVo
Deposits. increase ..... ....... 1O,o2e,3Op
Circulation. increase ...... 81 700
The banks now hold SD 264. 575 in excess
Of the requirement OF the % per cent.
rule.
The Financier says: The conditions out
lined i'm the analysis of the New York
bank statement for December 3lst. indi-
eating a easier money market, are re-
Elected in a still more noteworthy degree
in the exhibit of the clearing house in
stitutiOn for the week ending January
Sth The banks have gained heavily in
cash and deposits, and the surplus Is
ST. 475 S25 larger than seven days ago.
The statement includes tho dividend pc
Rod covering the first Of the year. What
this means is shown In the fact that the
claarings for the week in Now York OK
ceeded a thousand million dollars. The
expansion of SlO.JO2 200 in deposits and
the gain of 50 lO7 900 cash represent the
payments of interest which have been
made. Part of the increase. however, can
be attributed To- the interior movement,
which is bringing 100000 into New
York every week. This money was first
attracted by the temporary high rates
prevailing but it's return from this time
on will be a purely normal operation.
The reserves of the New York banks for
wears past have been swelled from Jan
uary we'll into the spring season by inte-
rior remittanccS, the expansion being
regulated by current business conditions.
There Is no reason for believing that this
movement Will be less now than IN former
wears and the only inference is that
money Will be easier. As the trade bal
ance in favor OF the United States seems
10 be growing. II would not be strange II
The Investments I'm sterling exchange. now
twenty million dollars,
were Increased. this. however is depen-
dent solely on the course OF money rates
abroad. The Bank Of England's reserve