Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-11-06
ST0CKSARE SLUGGISH
BUSINESS OUTLOOK ENCOURAGING.
Strong Statements of Railroad Earn
fngs from Various Lines-sharp
Decline In Whent-Corn and Oats
CONSIDERATIONS Lower.

NEW YORK, November 5.-The market
was dull and sluggish throughout the
shor: session. but with an unden,ably
firm undertone, closing at best prices,
with no disposition to take profits after
the two-days' rise, such az might COM
monty be anticipated at the end of a week
given over largely TO professional trading.
The market. In fact. resisted an attempt
TO reduce prices after the appearance of
the bank statement. the attack centering
on local securities, but the prices gene
rally continued upward to the close.
No effect was produced by the action
of the Spanish peace commissioners in
refusing the American proposition for
the disposition of the Philippines. The
speculative mind was almost prepared
for rupture OF negotiations. The re-
assuring words uttered last night by the
British Prime Minister. and the semi
official statement from Paris, served to
clear up apprehension OF foreign compli-
cations.
The various weekly trade reports were,
on the whole, encouraging as to the bust
ness outlook, and there were strong
statements of railroad earnings from Ore
gon 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 individual blocks Of the Bal
timore and Ohio, when issued; the Atchi-
son. and Union Pacific As.
BANK STATEMENT INDICATIONS.
The bank statement showed a rather
Unexpectedly large increase In cash, but
the fact that credits have been extended
Sl1 6l2.5 800 in the face OF decline OF over
sj000. 900 I'm surplus reserve Is convincing
evidence of the confidence felt In the
money-market outlook. Since october 9Th
loans have expanded SO, 4G5 600 while
cash has increased only $l4, $40, 900. As a
consequence, the surplus reserve Is but
s279 $50 higher than IT was a month ago.
\ large proportion or the loan expansion,
Of course. represents money lent abroad.
The recovery in stocks during the latter
part Of the week indicates that the selling
early in the week did not extend far out
side of professional limits and for short
account A dull and waiting market is
almost sure to invite this class OF pro-
fessional operations.
The railroad bond market has shown
greater activity and strength during the
week many issues selling at hlgh-record
prices The reorganization Issues, espe-
cially the per cents. have been favorites.
United States old AS Coupon ana the
Is (coupon) ex int. have advanced u.
and the old As registereD Is, in the bid
price The total sales Of stock were III 70
shares, including St Paul 9,25; American
Tobacco 1880; Bay State Gas, 5.IlO, ana
Sugar. 1872.
MONEY AND EXCHANGE.
Money on call steady at 1l2a2 per cent;
last loan. per cent: prime mercantile
paper 3A4fh per cent.
Sterling exchange steady, with actual
business In bankers bill at N.SAnSis5
for demand. and $iSAQA8 for sixty
days: posted rates, $i.sS1RaA6; CONNER
cial bills, sidAc. ,,.,,.,o,.,
silver G3. .. 81,
Government bonds firm. state bOnds
firm. Railroad bonds strong.
BANK STATEMENT.
The weekly bank statement shows the
following changes: -oeO son
Surplus reserve. decrease, SGVos'9V.
Loans. increase, 81 $3.50.
Specie. decrease S,9l77W.
Legal tenders, decrease, N.N2,Jo.
Deposits. increase, N,5l3,1O,
circulation. increase, S95 300.
The banks now hold sl9,03, $50 IN excess
Of the requirements OF the % per cent