The times. [volume] (Richmond, Va.) 1890-1903, 1898-02-12
FINANCE AND COMMERCE
THB CLOSING QUOTATIONS Oh
MONEY.
offerings and Sales at the Richmond To
bacco Exchange--tnternsl Revenue
toIlections-ForeIg Advances.

NEW 1OkNs fch. iis-i"'', VOC -,
nt-taking ON quite heavy scale III STOCKS
to-day, said TO be for the account OF one
OF the principal bun operators Inc IN
tcrval Of two days before trading VIII pe
resumed on the exchange was 'no ino'.Nc
for closing UP some accounts, as ~ AZ
ways the case on the eve OF a Aoupie
holiday. The sharp advances IN some
stocks NJ the opening auorded the more
favorable opportunity Tor realizing pro-
fits. The opening rise was largely innu-
cncCd by the higher quotations Tor Amer
leans sent from London, ana was also
helped by tho marked strength OF one or
two Spccialtics. London bought here on
considerable scale, ana helped 70 sus-
tain prices TO some extent. but the oHer-
ingS were not we'll absorbed. ana support
was largely withdrawn. Jhe weakness
OF stocks encouraged the public getting
out OF short lines. The covering OF some
Of these before the close brought them
to a level materially above the low point
hut still let not losses, as general rule.
Some OF the notable recent advances were
due 30 tho rumored pendency OF plans
for the distribution Of the surplus re-
sources 10 the credit OF some OF the git
edged properties. The prevailing aDun-
dance OF money is said 10 make the care
OF these surplus funds Increasingly bur
densomc. Such a property is Pullman,
which advanced an additional point To-
day. but reacted . points In the closing
dealings. Adams Express was ex-diVl-
dend OF per cent. to-day and ex-lOo per
cent. In bonds 10 be exchanged Tor STOCKS
Of the company. The closing bid yester-
day on the stock was lSI. and to-day's
closing was 100 bid and 40 asked. The
days dealings iu bonds continued on re-
markahly large scale, single lots OF par
value from 10000 up 70 $loNoO chanS-
ing hands frequently. The par Naluc OF
sales for the day of Atchison adjustment
- alone was $4,000 Some Of the specu-
lativc bonds reacted quite sharply IN
sympathy with stocks, but the general
tendency was upward. There has been
f4uHgnftf q reaction in the stock
market AT times during the week. prin-
Cipally due 10 apprehensions regarding
tho Cuban question. Early In the week
the market was sold very aggresslNely
10y houses with Washington connections
and this was interpreted as being induced
by a belief that affairs with Spain were
reaching a critical stage. The matter in
which the outcome Of the DeLome Incl
dent was accepted I'm Wall street. and
induced large covering of short contracts
by these same Washington sellers. ana
The market rallied strongly on Thursday,
nut this rise was attributed by some per-
sons 20 manipulation. The resumption OF
realizing which followed tO-daNS adj
vance gave color TO this superstition. The
enormous demand for all grades OF divi-
dend and interest-paytng securities not
already advanced to prohbitVe figures
shows the large amount OF money seeking
investment. and affords general material
support 20 the more purely speculative
department of the market.
The plethOric condition OF the money
market and the cheapness Of rates tends
10 lessen the return on investment Sc
curities also by raising the price. In
Crcases in railroad earnings and promises
of added profits by consultations and re-
findings are discounted in prOpOrtOnate
rises I'm prices soon after being an
nounced The buying of stocks on the
New York exchange for London account
has been heavy during the week. The
demand for Americans having been quite
active I'm London and at other foreign
laHF
actions. there are reports OK very heavy
blocks OF securities having passed TO the
hands OF European holders az private sale
from the hands OF reorganization inter-
ests. In view Of this absorption Of Amer
Jean securities abroad the upward ten
dcncy OF the foreign exchange market
during the week IS somewhat cOntradic-
tory but the easier rates for money here
have been attended by "a stffening Of
discount rates abroad. and this has nat
urally induced the Withholding Of eX-
change in order to draw the higher inter-
est rate abroad.
Dealings in the bond department have
continued on unprecedented scale dur
ing the week. The speculative issues have
moved at times I'm sympathy with the re-
action I'm stocks. but prices are materially
higher all around. United States new
As. registered, and the old IS. regis
tered. are X lower bid, and the j's Is
higher bid on the week.
The total sales OF stocks were 3S6,gO
shares. including Atchison preferred, u
7gf: Chicago. Burlington and Quincy, 81
900. Lake Shore. G.312, Louisville and
Nashville. 1901: Manhattan. % $50;
Metropolitan street railway. 32,565: New
York Central. 2j27O; Northern Pacific,
q G25: Rock Island. 6.S05: st. Paul, l2635;
St Paul and Omaha. $500, Southern rail-
way. o.l96; Union Pacific 9674: Peoples
Gas 1890: Consolidated Gas. J.S31; Cen
eral Electric $3.50. Sugar. 1885; United
States Rubber preferred, 6.02I
MONEY. AND EXCHANGE Money on
call closed easy at 1N1h per cent last
loan al Ia per cent. prime mercantile
paper 304 per cent Sterling exchange
easier. with actual business in bankers
bills at 4sjN for demand. and at 4S3M4S34
for sixty days. posted rates 4S4H4S65,
commercial bills 4S2. Silver certificates,
iGis0j13.. bar silver. 56%. Mexican dol
lars 46i, Government bonds weak; State
bonds duh. railroad bonds irregular
BANK STATEMFNT-The weekly bank
statement shows the following changes:
surplus reserve. decrease. g. 80:
loans. Increase. s.. 97G.GoO: specie. increase.
$50 so: legal tender decrease. 5000 600:
deposits. increase. S4SJG 300. circulation.
decrease. Sl17.7OO The banks now hold
$50 Az 0I0 In excess of the requirements
Of the % per cent. rule.
BANK CLEARINGS.-T total bank
clearngs for the week in the United
states 81 43f9750s4: per cent. increase.
80 Exclusive Of New York 500 OO9. 7OS:
per cent. increase, 282
STOCK QUOTATIONS.