The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-12-06
"A A REVIEW
OF TRADE
The First Increase Il, the Week
ly Bank Returns Since Oc-
tobcrsis Interesting.
PRICES; WERE UNSETTLED 'l.E
There Has Been Real Absorp-
ton Of Stocks and Bonds by 4
Genuine Investors.

tssncc,.1 to,l,te. ,res. r2lsra .ch.l

tspcc,.i totrhey. in rolsrn CHI
H NEW YORK. December 5.-The Even
trF Post In Its weekly review snys;
Z fnt reAse In. loans. ~ reported BY TO-
days bank rcturrs. was the interesting
part Of tie statement. THIS Is the trst
ircrense since October; during tie inter-
ven.ng er.od d S.0,GOOJO loan reduction
las been effected ;SnOW the account ex-
rArds again..
II would be reasonable to suppose that
this weeks l.1GcooJ Iincren%e Is con-.
sequence Of the revived speculation or
the Stock Exchuhge. But conjecture IS
ausCnlly wasted on Il csc bank returns ex.
ftcpt assreg rds prolonged movement ~
oEe or ano.Ee d rectlon.. In the matter
Ct cash holdings. tie bank returnsAwith
Its s117Ooo increase is beti err tEan me esll'
mates, exactly as last wecA.s was worse
II is d striking fact, In the sltun lon how
aver. how slow N the European gold nus
been In help.rg New York $ reserves In
the three wce.is 5 .GA,0.U Of his gold mas
teuched New York IN The same period
cash holdings aof the associated bulls
have lncrsa sed orly $l.s0o. ool.
UNSETTLED PRICES.
Prices were somewhat unsettled on the
Stock Exchange to-day, and. AS got
have been looked for on Saturdaytof u
week Of udvancrg prices. tie market
experience after every recovery OF the
Kind. It's reason tcrg "hvious when the
mixed raiurc OF tie weeks buying IS
considered at some point. IN "a rise ol
prizes where @6.'coNe rng OF shorts mas
been Leading Influence. 1t willtlurn out
that the "shorts" have already bought
hack all their stock or all that they
think tie occasion cnl.s for. Al that
point. also. spectators who bought al
IN rtr 80
TIE stocks, sell to take profits. These
are very elementary facts in Wall Street
france. but they seem 10 be rather IRE
quentlya forgotten Occasions Of this sort
are the real tests OF the market.
ABSORPTION or STOCKS.
II. in addition TO the two influences de-
scriEcd Il ere. his cen real absorption Of
stocks and bonds By genuine investors,
ana II no blocks OF stock which must pc
liqudated ovcrhirng the market, then
tie higher lev Of prices ought to 1e
ma ntalred.
1T was not maintained in The several
halts lhistautunn and last summer, but
tlt conditions Of strength. as stated
q hove, did not exist Next weeks mar
ket ought. tlerei ore. to lie In .erestlns.
The week ended with! tile -Eews OF
Importance. Attention may profitab|y re
called, In View Of the controversy over
trade conditions tito the TACT ina 'w''l.e
the country''s Eoyember. bank clenrinss.
a.. d Nh oles,show idecreaiie % 4 per cent.
from 1872. clenr.ngs- outside. Of New York
city do not decrease at all. Through out
TIE. in land sect, onsv last yea totaIiare
literally .lncreAs eAsb,Il:3 will also mte ob-
! served that cotton deliveries at interior
markets. ps summed up fer the week,
are actually $1,000 bales u bowel I he sans
/ week. last year. "a glin OF II percent,
q tlle the weeks export movement Ia
rurI beyond 1907 Ivy l45,Ui0 bales This In.
crease Is mo less, than 70 percent. Both
comparisons throw strange light onalhe
90, ernment's queer figures Of last Thurs
i day.
THE TRUTH MIDWAY.
One thing is clearly slgnlfied by this
weeks agreeable change, not only In