The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-22
DEALINGS SMALL
ANDUNIMP0RTANT
The Attitude Of Awaiting War News
Maintained.
THE RISE IN SPANISH as.
Caused by tho News That the Cape
Verde Fleet Had Been To Santiago
and Gotten Away-Thc stock
Market CirCumsc-ibcd.

not large nor Important on the stock Ex-
Change to-day. Operators. almost WITH
out exception, maintain their attitude or
waiting on tho situation I'm West lndlan
waters 10 clear itself The report that
the Spanish fleet had come into santiago
and had succeeded iu getting away again
was not generally credited, coming, as II
did. from Spanish sources, but II eXer-
ciscd some depressing effect nevertheless.
il was probably the cause for the decline
IN price, alter the opening rise. Inc rise
IN Spanish IS iu London and Paris show
Cd that ,t was not without ITS erect also
in f0i eigu markets. There was selling Tor
London. which kept up a depressed tone
in some Of tho intcrnatiOnals. Prices rose
a fraction above last nights close, ana
iu some cases "a point or more. a feature
OF the trading again was the lsOidlcd
movement of obscure and dormant STOCKS.
Tho close was strong az the top prices
Tho stock market has not moved widely
during the week. and 40 has become cVi-
dent tina. operators regard the present
level Of prices as fixing "a fair equilibrium
between the conflicting factors IN the out
look on the one side is the choice Of
naval reverse. This is considered remote.
But 90 must De conceded that IN wan
street moro weight attaches 10 TINS pos
sibilify than was the case week ago
As A. is prices are substantially higher,
the granCors naturally leading owing 10
tho extraordinary movement OF gram
There were numerous indications or a.
strong Industrial and financial outlook,
which is coming 20 have moro ana more
influence I'm spite of the incubus of the
war Railroad earnings show striking IN
creases, not only over last year. but over
ureylous years. and I'm some cases ail
records are broken for this season OF me
year. There rs am increase also IN the
bank Clearings OF the country, WhlSh
showed "a notable contraction after the
sinking Of the Maine in Havana harbQ"
but which have again risen We'll over the
average Of 1892 the previously hlgn leNti'
with "a fayorable trade balance OF $Jl4,-
49,. moi nf
AGAINST The best previous record or less
than 100000 600 for full year, there Is
uo room LETT for timi0 apprehension ABOUT
the COuufry's future money ItsouI COS
The weekly bank statement does not indi-
cate that money is being very laIBtly
diverted into active chahhels OF uss,.-
ness Deposits have been plled up Sl4,-
2g7 600 I'm spite OF large Withdrawals from
me rraryct for Government account, while
loans have only been expanded niue
more than half as much. large dlIoM
ance also must be made Tor loans mao
on sterling exchange As collateral WiilCH
raDreSputs In effect. loans made IN IoI-
oien markets This operation mas D.eh
carried on TO "a large extent uullub wy
week. Notwithstanding an increase III
reserve requirements OF over S"'VgVv,
fha surplus IS therefore, increased by
SGTISO45. The demand was, HoWeNel,
I4rr.Iv confined 10 the more speculative
issues Prices are quite generally hieneL
auI naye held steady even through ~
reactions which occurred IN the SION
market United States new as declhgu
q, Inc old As. registered - ana the q
The Total sales of stocks to-day were
109 4OO shares. including Rock Island, 10
40. ST. Paul. G2SO, Wheeling ana Lake
Erie. 500. American Spirits, 05Z4' JHhteu
States Leather pfd., '.JiO.
The Evening Posts London financial
cablcer8m says; The stock markets mere
were idle to-day but firm: Spanish 4
have risen 1 point. Argentines were Boou
and Kanfirs were better Americans WeIS
Nfeitee Grand Trunk was strong. BId1H
stocks have risen shaIpy ny 80 49,
from au undOubted source tnat the bra
lillian Prc-ideut-eleCt who Us IN TINS coun-
try. SIS negotiating with the Rothsc4
a scheme for the reconstruction OF oI"-
lillian finances. j have reasons TO peIeNe
that this scheme provides lot IuHoin6
basis ON customs coupons on tue eAl9uub
debit 10 Doe paid IN bonds Tor three years
similar to the method employed by Arsen-
tina. ------A
MONEY AND EXCHANGE.-Mone on
can nominal al 1a per cent; prime mer-
camille paper. 4i2gjl4 per cent SterHns
exchange steady with actual business
I'm bankers bills at 4SGA04sGA for de-
rn,rd and AZ 4N3A04S3a for sixty days;
r1sfed rates 4Siu4S1. cOmmerclal Dllls,
4Sy04S2i1 Silver certificates Jth4oo. DAT
silver. 57la, Mexican dollars, 47H S.ale
b,nds dull. railroad bonds steady; Gov
eminent bonds steady.
THE RANK sTATENENT.-The week
ly bank statement shows the following
sIrDius reserve. increase ......S 37lS 025
Loans. increase ...... .'..''''' 4.'60S5,'-9g1
Specie, increase .......ss.sss''' 1'Ho1'y'N
Legal tenders. increase ......... l'o-l',lU
Deposits. increase .............. 14'2g{.g 800
Circulation. increase ........... 'lfVov
The banks now hold $50, 100 IN excess
of the requirements Of the % per cent
rule
The Financier says this week: in the
face of the showing made by the NeW
York banks for the week ehQlhs NlaS
DIST. IL is difficult TO see how the money
market is 10 be- sustained, even on w
present lower level for any lehglh Vi
lime The banks now hold an excess r.,
servo OF SjO.TlJ 30. the highest reporter
ir fourteen months and the total cash
iu bank has rarely exceeded inc PIIstnt
volume. The circumstances Whlcn nav
brought about the remarkaole cnaHse9
in the statement are not difficult 10 uh-
derstand The steady demand Tor lhte-
rior rsmittances has given way 10 Qe-
ciled movement 20 this centre Inc SNIP
rold imports for some time. Added 10
mis- tho treasury is discussing ldF6o
sums Of money, and until TWO weeks 49,
high rates forced "a constant :nquluduoA
of loans and sales OF accumulalcQ s.eit
mo hills The result has been 20 throw
mass OF idle money into the pahhs, ~
fuuafeIy Tie situation has SO HucH 4li-
provcd that the banks are finding use LOT
osrf 81 this money. and the expansion Oh
81 81 SOO I'M loans for the week IS a cheeI-
mi sign. What proportion or ms IN
,....t-,- renresents mercantile demands
cannot be estimated. but it is true thSt
.,u14 very active buying OF Sterling DllIs
is again being INDUCED in. The eNpah-
sion OF averages for the week can De
traced TO several large banks, notaDly
those which are concerned IN lhteIha
tional movements. bus. on the other manu-,
the institutions making specialIy OF
country accounts report increased ut
noslts showing the return ude from the
interior. Under normal circumstance d
rrovouent I'm favor OF New YORK Is Only
natural at this season, and now that lhe
rrorosed Government bond issue mas Deth
decided. New York Will probably continue
,o cain heavily. The export hgures lssucd
30 the Treasury indicate thdt until tHe
Gyovernmcnt calls for funds the surplus
cssh Will again seek investment IN de-
rerrcd foreign cxchang s. FOrty mllIlohs
we're thus placed during the nrst Two
months or this year. ana the oppOrlunnity
81 NOW as favorable as az lhdt thS' lV
6cnosit increase. over slfVoWV LOT LOT w, w
,ysek is logical counting the S',S>2VVv
gsin ina cash. and the increase OF ln,a1.V.
snount and over In loans. As ls uaualy
he case. circulation continues 70 expand
sfter the crisis which called IL Iorth mas
ceased 10 exist.
STOCK QUOTATIONS.
Closing Stocks