The times. [volume] (Richmond, Va.) 1890-1903, 1898-11-06
MARKET HAD A
FIRM UNDERGONE.
There Was Little Business Done But
Prices Closed at the Best.
TRADE REPORTS ENCOURAGING.
And Railroads Showed Strong State
mcnts of Earnings-Thc Demand
for Bonds Was Largc-Bank
Statements Showed Increase

NOW YORK. Nov 1.-THE market was
dull and sluggish throughout the short
session. but with an undeniably firm I'M
dertone, closing at best prices, with no
DAYS rise such as might commonly be
anticipated al the end OF a week given
over largely 10 professional trading. The
market In fact resisted an attempt 10
reduce prices after the appearance Of the
bank statement. the attack centering on
local securities. but the market generally
continued upward TO the close. No effect
was produced by the action Of the Span
tSh Peace Commissioners In refusing the
American proposition for the disposition
OF the Philippines The speculative mind
was almost prepared for a rupture of
negotiations The reassuring words ut
tered last night by the British Prime Min
lister and the semi-Official statement from
Paris served 10 clear up apprehension Of
foreign complications. The various week
ly trade reports were on the whole. en-
cOuraging as TO the business outlook, and
there were strong statements OF railroad.
earnings from Oregon Short Line oregon
Navigation. st. Louis and San Francisco,
Flint and Pere Marquette. Louisville and
Nashville and other roads. The demand
for bonds continued very large and well
distributed. There were very heavy indi-
vidual blocks OF the Baltimore and OHIO
when issued and the Atchison and Union
Pacific As. The bank statement showed
rather UNEXPECTEDLY large increase In
cash but the fact that credits have been
extended s11 ,612, 500 in face Of decline
OF over 5000 900 I'm surplus reserve Is
convincing evidence OF the confidence felt
in the money market outlook since
October Sth loans have expanded 81, 4b9,-
90. while cash has increased only Sl4,-
$4,000 AS a consequence the surplus re-
serve is but 500 40 higher than IL was a
month ago. a large proportion OF me
loan expansion. OF course, represents
money lent abroad. The recovery IN
stocks during the latter part OF the week
ho
week did not extend far outside profess
sional limits and for short account. A
dull and waiting market IS almost sure 10
invite this class or professional operations.
The railroad bond market has shown
greater activity and strength dcring the
week. many issues selling at hlgh record
prices The reorganization issues, espe-
clany the per cents have been faVorites.
United states old As. coupon, and the
IS. coupon. eX-interest, have advanced
u and the old As. registered, = In the
bid price. - -, ooo
shares. Including ST. Paul, 1925: American
Tobacco 24gOO; Bay State Gas, 5'1lO 81
gar. 1872.
MONEY AND p.XCITANGF.-Mone on
call steady at 1i5d2 per cent; last loan
at . per cent: prime mercantile paper.
3.dp4 per cent. Sterling exchange
steady. with actual business in bankers
bills at 81 $50 Sc for demand and at
"a S9s. "a So for sixty DAYS; posted rates.
s. S8i.lt4 81: commercial bills, S4.Sl9. Sill
yer certificates, A.Si9sd4slM; bar silver,
So Government bonds firm; state bonds
firm. railroad bonds strong.
BANK sTATEMENT-The weekly bank
statement shows the following changes:
Surplus reserve decreased .....$ 7,WS,5OO
Loans increased ............... 1l.6f1.5VD
gDecie decreased .......... 39f7. 700
Legal tenders decreased ....... 1,Z12,StO
Deposits increased ............. 7,513.2OO
Circulation increased ......-... 3o.3vO
The banks now hold SO. $50 In excess
Of the requirements Of the p per cent.
rule.