The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-16

Prices Advanced Under Influence OF
Favorable Bank Statement.
BONDS HIGHER ON AVERAGE
Early Hcari,:css in Steel Stocks Was
Observation-Disclosures Closed With
Buyin. Very Confident and
tho Tendency Upward
nv Associated Press

NEW YORK, Dec. IA CONVICTION
gained ground overnight that yesterday
speculative outburst, involving, as it did,
high-rrsae railroad stocks, had more sig
nificarc<: than the apparent imifllhtnI
lief TO the money market on the ioI -
coming enormous disbursement ny ~
Government and corporate Interests. -
street having in mind the successlui pS -
in the anthracite coal Industry, "a he
rlined to regard with some cTedsiltse -
various rumorS a1iOat as TO apSol l''t9
representation in governing ovat Lt:I
railroads having favorable SeoSfa piii. :.
locations This policy for a commuhll.
Of interest IS expected TO DIlhS 49, 90
more stable economic conditions anu
huce to a minimum the possibility Oh idto
wars.
As far as The rank and file OF spccula-
tors were concerned. the expectation that
the nuch-heralded pinch in money rates
would not be realized was Su1tlclchL 70 ie-
rive the buliiSh spirit which mas peeii
dominant for some time on TINS account.
1,oudon's response to pur buoyant close
of vest erday was encouraging, and dur
ing the course of the day the foreign
market bought about 1900 shares.
At the opening pronounced advances
Were made in various stocks, but dcpreS-
sion was noted in others, and II was not
till after the publication of the panh
statement that the advance assumed any
violence The statement showed an in
ing to reduction in deposit liabilities OF
SIS.3I6. 600, and smaller decrease IN cash
than had been looked for, say $3.a69,9op
a decrease in loans of $l36S.,Jop was
somewhat ineXplicable. but may have
been due in part 10 calling of loans early
in the week. This showing was regarded
with favor, and the market became very
animated and broad The most substan-
tial gains were made in the Pacifics,- St
Paul, Sugar. AtchiSons and Brooklyn
Transit. Union Pacific and Northern Pa
citic ruled at about parity until Just be-
fore the close, when excited buying OF
the latter rushed it up to 1Gl@, compared
with rs. yesterdays close.
The earlier heaVineSS of the steel stocks
was dispeiled. and they closed with small
gains. Speculation left off with buying
very confident and the tendency upward.
The market Tor railroad bonds has been
active and broad during the week, and
prices arc higher on the average United
states new Is advanced q and IS and IS
y. per cent. over the call price Of a week
ago.
Total sales Of stocks to-day were S4o,-
800 shares.
MONEY AND EXCTTANGE.-Money NJ,
call nominal: prime mercantile paper AZ
GItJ1a per cent. Sterling exchange steady.
with actual business in bankers bills at
SASH for demand and al S4.S024G4 SOS
for sixty days: posted rates, 81 t2Gti s.
and S3.SoI2g4. Sc; commercial bills, $i.S00
SU1a Silver certificates. GiI6J; bar sill
Yer, CT; MEXICAN dollars, 5o1i- Govern
nent bonds strong; State bonds inactive;
railroad bonds firm
WEEKLY BANK sTATEMENT.-The
weekly statement Of averages of the As
ISOLATED Banks shows:
Loans, $I92 100 @, 4 decrease
p e5 $50 100. de-. 's-.''VO
Circulation. $50. 724 900, an in