The times. [volume] (Richmond, Va.) 1890-1903, 1898-12-18
STOCK MARKET
WAS WEAKER
But the Tone Strengthened Before
the Close--DecIineS Small.
FAVORABLE BANK STATEMENT
Went Far Towards Maintaining Con-
ndcncc-Thc Bond Market FOR the
Week Has Seen Interesting.
sales We're Enormous.

NEW YORK. Dec 1.-THE market to-
day opened hIW. with rise of "a point Ia
Union Pacific Later thc irrcgulIrity IN
London. which bad been ignored m tho
initial tradnc. was an Influence locally.
ILcre was sharp break ia The Wander
bits. Lake Shore losing = and New York
Central and Canada Southern over "a
point Local traction shares We're of
sharply. especially Metropolitan and Man
haitian Missouri Pacific also weakened
decidedly. There was COnsidera bic
streuSih in other spots. southern Pacific,
Central Iacuc. Denver preferred. and
PlttshurE g.. O.. and ST. Louis shares
Showing trmncss iu The second hour tho
downward movement was rather uniform.
Doc The inh dealings. however. an im-
proved tone set in. in which Baltimore
and OHIO ana Lake Erie and Western
stocks recorded substantial advances The
average declines We're less than I per
cont The bank statement. which was
moro favorable than expected. was later
lNIn usual lu making its appearance. but
is influence helped Che closing rally.
Features 0f pronounced interest devel-
oped in The bond market daily during ne
week and purchases ~ semi speculative
issues were ln Hu enormous volume. Ine
plethora OF money ut tnis centre which
fHl.i 20 uno employment in me money
market naturally was directed into pur-
CnHses of Investments ana loW'r-grade
issues. which Yielded an adequate re-
turn upon the capital invested. Conse-
Q.0ntIF % steady absorption OF mortgages
continued. and occasional declines I'm ace
tive issues c0iucident with the vagories
NJ the stock did not destroy The under
Zone of confidence Foreigners purchased
freely The hiEb rates prevalent for the
better class issues reduced the yield 10
fho investor 90 q very low level scarcely
Xcccliug per cont in many cases TINS
circumstance Influenced buying OF many
l0w-priced issues. iu which there is no i'm
nodiate prospect ~ interest return. but
holdings were secured with a view on
ur0ntIrg hy rise in prices nllr9
S'ate- f'e coupon adranccd a.. tne o,9
as coupon and the new BIS X. The old
as registered and -'s o. and the 2's reg
ietDref % 'r Che bid price. ...
Tho total sales ~ stocks were 20. lup
sr.ras including f1l~ Atchisou. 1880
do preferred 1920 Central Pacific 900
chicago Burlington and quincy. $3.50
Louisville and Nashville. 500 Manhaf-
cam. 3D. JOB Missouri Pacific. 1920 Union
Pacific. $3.50 S Paul. lG0i5 Union Ia-
oif- preferred. 2i132 Federal Steel. 49,
si2 90. preferred. G7N5 Tennessee Co2i
and Iron.
MONEY AND EXCHANGE Money on
can steady no -2 per cent, prime mer-
rnrfNa raner 314 per cent. Sterling eN-
change frmer. with actual business in
bankers bills no SiNiini SLY for de-
wan1 and Ht S4Slatn4 - Tor Sixty Gays
posted rates. 81 N2i N1i.. commerclai
tHe So ~0fi Silver certificates. 59ie0
Gnf.. bar silver 1g-. Mexican dollars. a.
State bonds inactive r1i'ro4d bonds
strong. Government bonds steady.
BANK sTATEMENT-The weekly bank
statement shows The following changes.
Sur-lrs reserve. increase ......S 300 7j
loans increase ...... .......... 65lo.c,,,D
Specie. increase ...... ........ 52lStf
LeEal tenders. decrease ....... $1,000
Inrneife iucroa s. ............. 10 l2f 1o1
Circulation decrease .......... 1900
The banks now hold S1G913 395 in ey-
cess ~ the requirements Of the - per