The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-06
FINANCE AND COMMERCE
qHH CLOSING QUOTATIONS OF
HOMIE.
Oaerings and Sales at the Richmond To-
bscco Exchango-InternaI Revenue
Coiiections-ro reign Advances

NEW YORK, Feb. 5.-To-days stock
market was lited to a higher level by the
conspicuous strength OF comparatively
few stocks. II was notable that the VAN
derbilts which gave the initial impetus
TO yesterdays advance. showed the effects
to-day OF proNt-tatIeg. Lake Shore losing
2 points and New York Central a small
traction. NJ chigan Central. after bound
ing upward az me opening. reacted over
"A point. but closed with a substantial
sSIn. Ihe for-rcachiug Importance OF tho
merging of New YORK Central ard Lake
Shore and the prospects Of additions 10
the plal continued 70 have q marked
sentimental effect on the whole market.
The possibilities in the way % reduced
expenditure for admiuistraLon and OF STA
biity Of rates FOR traffic from consolda-
tion are CanNoafcd with eager attention
by dealers in securities. pennsylvania
was cOnsplcuously affccted, and the long
sustained advance In the stock Of It's
subsidiary company. Pittsburg, g.. q. ana
81. Louis is pointed TO as evidence OF
closer relations 10 come. burlington rose
strongly on rumOrs OF the ripenng or the
rcfuuding plan and pending increase
ia the dividend rate General Electric;
Lake Erie and Western preferred ana
Lackawaune were markedly strong. ana
Norfolk and Western preferred continued
is upward movement. There was q re-
dictionary tendency ia the Erie aud INC
SusQuehanna and western STOCKS on rear
NkIEs ! ne recent hANhliif - fAN'NttftN'
Tor hy well-dolncd reports OF plan ior
exchanging tine Susquchanna stocks for
an undetermined percentage OF the tii3
stocks Great Northern preferred sofa NJ
"A further decline OF . points. and was
BID down stin further he various re-
ports plans for increased capitalization
and distribution OF the company aecu-
1lated resources being 50 eonnlctins az
20 lead TO the conviction that no plan has
aa yet been formed. Although business
was on a large scale and widely dis-
tributcd. The nuctuatios m prices were
exceedingly narrow outside special cases,
The most Important Of which nave been
indicated The heavy increase Of over
SilO0tOt0 in deposits in clearing mouse
banks for the week marks the continued
now OF funds 20 this centre and the wiVi-
drawsl Of Government deposits must pc
allowed for I'm addition in estimating thls
movement The expansion of nearly
5000 900 In loans though heavy lalls
tar short OF absorbing the total increase
in deposits. The activity I'm the STOCK
market undoubtedly involved a large
amount Of borrowed money. onad II IS
possible that other speculative markets
have drawn on the centre for funds our
ing tho week. There IS reported also a
good supply of attractive names in the
commercial paper market. Under the CIR
CumstanCes the decrease IN the surplus
reserve Is disregardcd I'm the stock mar
ket AS being simply the result OF the
failure % cash reserves 10 keep pace with
The rise in the legal reserve level Ihe
cheapnese of money has led 10 the with
holding Of maturing exchange OBLIGATIONS
keeping up rates of exchange. Inc STOCK
markets unusual activity this week mas
been characterized by remarkable
strength iu spots. Apparently there nave
been some few clems uts OF strength cacn
day 10 sustain the market. although very
which are exchanged for long bills. thus
heavy realizing was In progress IN stocks
hat have been foremost ln fNe recent
advance. At different times during me
week the market has been under inc IN
nuencc Of aggressive strength I'D. Ohesi-
pcake and Ohio. Baltimore ana ono
Louisville. Pennsylvania, Northern "a
cinc preferred. the cOalers, Union Pacinc
and other less conspicuous stocks. Wlae
advances have occurred I'm some or the
high-rriccd cloeai v-hel0. invested stocks
notably Great Northern preferred, which
advanced am Xfr'me noints. hut redcii.
ed 4 points The weeks heavy prout
taking sales have been well absorbed. and
the outside participation In the market
has grown. Many stocks have been ny
times below last weeks closing level ana
the general level OF the market - higher,
principally as "a result Of tho movement OF
yesterday and to-day. Gains range ne
tween j and 3 points. with exc ptions III
active stocks up TO points.
The bond market has continued To show
the phenomenal activity ana strength
which 1t did IN January The total par
value sales In January was nearly S9j.-
On exchange. except in october, lSoJ'
when the sales exceeded NW.oJpo IN
view Of the present Importance attached
20 the New York Central-Lake Shofe CON
aoiidatiOn. 70 is considered significant that
The previous period az greatest activity
WIS al the time of tho West shore s't-
Element. Kansas Pacific consols showed
an advance for the week or rs poinlH
and other Kansas Pacific ana Union Pa
elfc bonds showed large advances. Prices
AN around arc markedly higher Total
sales. So. 10000. United states new 4 IS
registered. advanced 80; do. coupons ez-
interest. -. the old as registered, ana
the 5s. registered, y. and old Is cou-
pons. and the Js coupons eX-interes1 Is
The total sales Of stock to-day were
$4,000 shares. including the follow ng:
Chicaeo. Burlington aud quincy. ZldOi
Erie new first preferred, 6.2jO Michigan
Central, 10000 Reading nrsi preferred
.f2O: New York Central, bSJp; northern
Pacific preferred. s e3S. st. Paul, 1920;
Union Pacific $3.50. General Electric, TO-
I2ci Sugar, 1890.
MONEY AND EXCHANGE.-Money on
call easy az 1M01& per cent; last loan
a. IL per cent: prime mercantile paper
2I3 per cent Sterling exchange steady
with actual business In bankers bills at
a85QfSJ4 FOR demand and at 4Sia4S3N
for sixty days: posted rates. sS3ian4s6
commercial bills 4s204S'ia. silver cer-
iifcates 5Gk057k: bar silver, 5G7l Mevi-
can dollars ass state bonds dull. rail-
road bonds strong, Government bonds
firm.
BANK sTATEAIENT.--Th weekly
bank statement shows the following
changes.
Surplus reserve. decrease .....s So7 COS
Loans increase .......-........ A994,lOO
Specie. increase 800. .......'.. M'o 200
LEGAL tender increase .......- l,tl2 No
Deposits. increase .-... ......,. ll,ol5 go
Circulation decrease .......-... 90 800
The banks now hold S3i,7sl62j in excess
81 the requirements OF tho p per cent.
rule.
The Financier says: The statement OF
the New York clearinghouse banks for
the week ending February 9Th are notable
AS rejecting he ability Of the banks 10
absorb and put 10 more or less profitable
use the immense accumulation OF funds
at THIS centre The aggregate deposits az
the sixtv-hve institutions are now nearly
S7sl roo no what this mears will he bet
ter appreciated wher " 10 Gated that ~
s. an Increase Of Sl65 Woo1O over the
same week last year, and S23l 100000 I'm
excess OF tho icnosit item for the similar
Derio9 In 1896 The loams NJ fhe banks
now atpna about SG3s Soo ON which Is
STAR 600 go IN excess Of tho Href weof IN
rehruarv. 1907. and SiS5 O00 OO0 higher
than rerorted in 1906 Yet he henFe now
have in their vaults less than S2h OOO ZOO
idle cash. as aFairst S5i 80 600 one year
ago and $50 Oon 600 two vears a~1 Clearly