The San Francisco call., 1898-12-11
NEW YORK MONEY MARKET

NEW YORK, Dec. 10.-The Financier says: The statement of the New York clearing houses for the week ending December 10 indi- cates an expansion of s4,56l, 900 in loans and S,262, 200 in deposits. The increase in liabilities however, as shown in the latter item makes but little change in the total of the banks re- serves, the decrease amounting to about one third of $1 000, 000 It Is evident that the loans have gone to swell banking credits and in cidentally deposits, the gain in cash partly making up for the discrepancy between the two items. The net increase in cash, in fact very nearly supplied the added reserve require ment and the statement Is favorable from a banking standpoint, in that use has been found for all money which came into the institntinn last week As an exempiification of the tbeopv Of banking operations outlined by the Secre- tary of the Treasury in his annual review last week. the current exhibit of the banks Is De- cularly to the point. In detail the statement presents nothing that throws light on the cur be traced to three or four of the larger banks. and gains in deposits have been number. It Is evident that the loan increas SC has been due to sterling investments and col lateral buying. although there Is steady ab- sorption of commercial paper The actual posi-. ton of the banks with respect to cash changes is at variance with estimates based on the weeks operations. Currency from the interior is moving this way. as natural at this season. The amount will be increased largely as the January dividend period approaches On the other hand, the banks losing to the treas ury about much they gain. The net in- crease of s1 4eO 300 in cash for the week. tbere m the banks to extend their operations in pro- portion to the excess cash received is an arglI- ment against lower rates. even If 1t does not forecast any degree of firmness.
 The direction of the loans, however is a matter of interest. As long as they are merely the tangible expression of deferred European credits they are dependent on frac- tonal exchange quotations and liable to sudden contraction. For this reason 1t is dffi- cult to judge the future of the money market The only inference Is that rates cannot go higher for more than a very brief period. since such move would almost Immediately defeat itself through gold imports.
 NEW YORK GRAIN AND PRODUCE.
 NEW YORK, Dec. 1o-FLOUR-Receipts. 1S,. 73l exports, 49,12o; quiet but frmer Mime. sota patents, s 65G3 S5; Minnesota bakers $2 S5@3: winter patents, s3 60G3 80; winte, straights, 8 40G3 50: winter extras, g 6512 90 winter low grades, g 40q2 65.
 wHEAT-Receipts. 6.970; exports, s5, ,sl1 firm. No. red, 73%c. f. o. b afoat. Options nearby options. impelled by bullish Argentine news and damage reports from Illinois; closed 5h0lc net higher. Sales included No. red and March. 724G73 3-l6c; closed 73isc.
 HOPS-Steady.
 WOOL-Quiet.
 PIGIRoN = Dull. Southern, s1O 25 e Il 2s Northern. s10 25Q11 75.
 COPPER-Quiet: brokers. SIP 15.
 LEAD--Quiet; brokers, 8 45.
 TIN PLATES-Quiet.
 With the close to-day the firm naming the settling price for leading miners and smelters quoted lead 8 45, copper SIP 75 and casting copper sl1 75.
 The Metal Exchange issued no report
 COFFEE-Options closed firm, st net gain