Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-28
rnxEnaL REcovEnrEs AFrEl
DECREASE IN BANK RESERVES.
Figure Larger Than Had Been Fore
.naaovea-some Re1,er however
Buying of Bonds.

NEW YORK. December 1.-THE stock
market halted in an uncertain way to-
Jay. before the publication of the bank
statement. and after dip following the
publication. was strongly supported. and
closed firm at general recoveries. Rock
Island and Arnalgamated Copper were
effective leaders in the recovery. The
1-2 point rise in Rock Island had no
II earnings for November. and claims for
very large future earnings. The move
,nent In Ar1aigamated was reported to
De due TO buying on account OF rival In
terests. which was offered as corrobora-
Tive evidence of rrmors Of an agreement
10 end hae Copper war by arbitration.
Amalsana ted interests put out disc!aim-
srs OF these runners. The stock advanced
1873, on very heavy buying.
There wal, palpabie profit-taking In
Brooklyn Transit. Manhattan. and Erie.
ander cover of the new movement in
Rock Island Reports from the West of
4 threatened breach In railroad relations,
growing out of, the recent contest in
Colorado Fuel. caused a break in Denver
and Rio Grande preferred.
DECREASE IN RESERVES.
Tho decrease of over two millions in
banking reserves was. larger than fore
shadowed Some relief was felt how
syer. at the decrease In loans, although
t was small. as there was some appre-
pension that loans. had been expanded
during the week to obtain funds for the
3cuidation Of foreign obligations. The
heavy drop in cash reserves. and the
enormous expansion in the credits Of the
Banks Of England and. Germany attract
I'd attention. This is not abnormal at the
year-end in the case of the great central
banking Institutions abroad. and there
IS always a quick and violent return Of
funds In the reserves. after the turn Of
he year. The retention Of the per
cent Bank OF England rate. however,
has not much significance, as the bank
mas been charging IL per cent.
Another Sipa,U00 was transferred to New
Orleans, through the Sub-Ireasury to-
say. and the squeeze of December shorts
:n corn disclosed the possibility of an
emergency demand from Chicago for
funds. a feature of the day was num-
Der of sharp advances in inconspicuous
stocks.
There has been some good buying OF
bonds. which is attributed TO investment
oemand from capitalists VINO are anucl-
natiny the distribution Of J anudry pruhtS.
Umtsd states Z S advanced l-4 per cent:
and the SIS coupon. the new As, and OLD
IS, i-2 per CENT as compared win Tie
closing cau of last week.
The sales of STOCKS were 5000 shares.
Mon t5tf-.-s D-tsACtiANGE
Money ons call steady. with all loans at
per cent; time money quiet; sixty and
niilesy DAYS, s per cent; SIX months, IL;
prime mercantile paper, 6 per cent
Sterling exchange slightly easy, with
act;la, business in Banners bills at
.S6 6s6Is4. S6.S75 for demand, and at
Iia3usi.osS25 for sixty-day bills; posted
rates, $4.o5 and $40. IL; commercial bliis,
ti.o2 i-2Qls4.S SO L..
Bar silver, as Mexican dollars. IS.
Government bonds steady. Railroad
5onds irregular.
BANK STATEMENT.
The statement Of averages OF the Clear
ng-House banks for the five days Of this
Seek shows:
Loans. sS75.321, 500: decrease. s53ssoo.
Deposits ss65 $685. 900; ds crease. s., 902. 400.
Circulation, si5. 656 400: increase, $40 700.
Legal tenders. s69,29S,3t9; increase,
l2l4. 300.
Specie. s153, !744, 800: decrease 81. 49,. 500.
Reserve S2223. 037 500: decrease S2.O20:0 900.
Reserve required. s2l6. Ass, 400 decrease,
A75,6vD.
Ex-United States deposits, sl6596,S10:
gecraase 81 SAG 800