The times. [volume] (Richmond, Va.) 1890-1903, 1899-11-05
MARKET CLOSED
VERY ACTIVE
And Feyerish But With Net Losses all
through the List.
THE SPECULATIVE EXCITEMENT
We Increased 10y the Withholding OF
Bank statement Until Ten Min
ntes Before the Closc.-Money
Market Easy,

,-rvv YORK. Nov. 4.-since the sur
Mus reserves Of the New YORK Dahhs Ien i
10 about a quarter OF a million uoiidIs
tn n,ld-septcmbcr the professional traders
I'm stocks have looked Tor a deAcit IN the
REQUIRED cash reserves OF the pAllhs az
most every week. The surplus SHOWN 70
d4v WAS therefore, not a surprise nc
,,.eek's events made the stock market
pecuilarly vulnerable ia spots, ana the
slurA I'm prices Of Few STOCKS gave
an Appearance of demOTahzdtlOn 10 the
markell Leather especially, which touch
"a Az Al the opening and was above 30
when the bank statement appeared
eMmped suddenly TO - the breaks ne
tween transactions reaching as hiBh as 5
points. MARGINAL accounts IN this special
Is were wiped out right and leit and then
the price was bid up again TO 30 al winch
A. closed Sugar and Brooklyn Transit
were also losers 10 the extent OF over
points. A number of other prominent in
dtstrlals Cost between L ana points, but
the general list reacted only fraction.
There were some violent rccOverles from
the low level. and the closing was feVer-
ish and greatly excited al net losses an
through the list. The speculative excite
ment was increased by the fact that me
bank statement was withheld until zen
minutes before the clOsc Of the trading
Efforts 90 close accounts In this snort
time remaining made the market Iutl-
Ousiv active. The loss In cash SHOWN by
the statement Is somewhat greater IMAM
was exuected which is doubtless brought
over from last weeks condition by me
average system of computations. Inc
trivial contraction in loans OF less IMAM
quarter Of "a million dollars can ohiy be
explained on the assumption that lle
wholesale calling of loans by the banks
early in the week was onset py d euDsc
Quent very liberal extension OK tIed!ts,
The growing ease in the money market
goes 10 confirm this view. Such extern
sion Of credits must be based ON a ialth
the bankers that the current drain on
thef- cash reserves is soon 10 be relaxed
irbe inward tendency Of New York eX-
change at all interior points during me
past week indicates the ground OF TINS
faith The weekly bank statement or the
New York clearinghouse institutions mad
mot shown q deficit since 1893 For six
weeks past. however the surplus mas
been near the vanishing point and al least
half OF the individual members OF lhe
clearinghouse have been below the legal
limits The amount Of loan contraction
necessary to bring the proportion of re-
serve back 20 the legal requirement Wouid
he 81 1853 100.
business In bonds has been on large
scale this week and especially in some
lowor-grade speculative issues. which
have been sharply advanced United
States 2a. the s. and new as advanced
D. tie 5s registered 3. and do. coupon
and old As 4 Ia the bid price.
Tho total s0les OF stocks to-day were
3i070O shares. including Missouri Paclhc,
SOS Southern Pacific 37lO5. American
smelling and Refining. 500; Brooklyn
paUfd Transit. 236GO: Federal steel. Cos
Sugar 20b7O. United States Leather
s. So.
MONEY AND EXCHANGE.-Money on
call firm az ! per cent prime mercantile
paper. Jl54 per cent. sterling tAchahse
steady with actual business in bankers
bis al el.S5-04s7 for demand and az
81 =, and Mss. commercial bills. 50 S2ii.
silver certificates 5ShQJ9lA; bar silver
6sis. Mexican dollars AZ state bonds
inactive. railroad bonds irregular Gov
eminent bonds strong.
WEEKLY BANK STATE0rENT-Thc
weekly bank statement issued to-day
shows the l7'i0Wiug changes;
Surplus reserve, decrease ....... 81 ltD.-I'
Loans. ctff-H-. ........ ....-... -t-...'i
Specie. decrease ..-... .......... o.@il...I
Iae' tenders. decrease ....-.... li-.NJ
Deposits. deere se ......-.-..... 5,iHt. lnJ
Circulation. increase ............ aju. goo
The banks now hold S33S.3jO less than
the requirements Of the p per cent. rule.