Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-06-09
Conditions That Serve to Lessen the
Activity Of the Market.
lotion CONTINUES TO GO Ut.
T'lonr Reported scarce and Wheat
said 10 he Hard te Gct-Decrease
in sugar Consul ptton-Large Rail-
roads show Increased Earnings.


Friday, became dull and so closed. The
situation is practically this: The banks
hold very large surplus reserve and
money goes begging. At per cent. I'm
portant reorganization schemes are on
foot. and general trade holds its own. the
influence OF which IS sustaining. Pros
poets for a general Improvement seem
brighter than they ln.ye been for some
time past. Mr.. Philip D. Armour, the
millionaire packer OF Chicago, Is re-
ported to have said In a recent inter
view: 1T Is TO be a great year for the
Farmer. and ultimately for that reason
great year for the merchant. High prices
are going 10 more than compensate for
any loss in wheat, and the country is go
ing 10 get the benefit, in n moderate way.
Of the rather light crops abroad. For
the Northwest in particular. there never
Were such prospects"
One Of the most interesting events Of
the week has been the reduction OF the
somi-annual dividend on Chicago and
Northwestern. and although II was ex-
pected ia some quarters. sill IL had the
effect Of depressing the price Of the stock.
II Is unlikely. however that the reduced
dividend will force out much, II any, long
stock. The holder gets 4 per cent. for
the fiscal year. and Is satisfied because
he sees prospects for spring wheat are
good. Corn, so far Is doing well, and
iron traftc-a very large item from the
Northwest promises 10 be very good for
the first time in two years.
RAINS PROVE BENEFICIAL.
The crop situation has been projudiced
somewhat by the drought conditions. but
the late rains have proved beneficial. Ac-
cording 10 reports, corn is I'm fairly good
position. The evidences Of damage to
winter wheat are. perhaps. more positive
than heretofore. Spring wheat continues
promising, and moisture now only serves
10 make plumper grain.
The wheat market was fairly active
throughout the week with prices weaker
at the beginning. On Thursday It took
"a sudden squirt from II cents
and reached 81 cents on Friday
on account OF the less favorable advices
regarding the crop. The Ohio State re-
port and the statement OF the Cincinnati
Price Current both told against the
bears, and prices were quite easily put
up. The report of the Ohio State Board
s,nade the condition OF wheat 6S. against 81
last month. and was somewhat better
than anticipated. The first effect on the
market was bullish, however especially
rs II was believed that the conditions part
Df The time since had been unfavorable
{or the development Of the crop.
Tie markets for corn and oats have
been in sympathy with the wheat mar
ket. The former ranged from 30 IL 10
tic.. and the latter from % to Sic.
Our local NEUTRALITY-SUSPICIOUS. report
great difficulty in getting -four, millers
outside Of Chicago complaining that they
have no wheat. AS an instance. one
broker representing fourteen mills in
1he West, and another, representing
twelve. said on Friday that between them
only nve Of the mills were Offering flour at
pll. and that these would make no cOnces-
Zion In price
COTTON QUITE ACTIVE.
Cotton has been quite active during
the past week. ranging from $3.50 lowest,
40 $40, highest. the daily fluctuation
being from 10 10 "A points. 1t was a strong
feature at the close OF the week on the
strength OF the annual statement Of
acreage. stand, and condition, Issued by
The Financial Chronicle, which shows a
decrease IN acreage Of lie per cent, dis
tributcd as follows: North Carolina, 20;
Eouth Carolina, 10; Georgia, Is; Florida
/: Alabama. Il, Mississippi, 10; Louisiana.
o.; Texas H.: Arkansas, y; Tennessee,
a.: while other states and Territories,
u II per cent. The acreage is l176l,G53
against e0l072i7. The small decrease in
FLORIDA Is due 10 longer planting Of the
Fea-Island cotton. The crop Is unques-
rionably late, and the weather was not
Favorable. though u is not certain whether
permanent injury has resulted or not
Probably serious harm has resulted in
nnly limited areas. cultivation has not
been as thorough as il was year ago.
md the condition OF the plant was less
satisfactory at the close Of last month
Than II was at the same date last year.
THE States Of least promise are the Caro-
1lnas and Georgia, but the plant Is late
everywhere, and so is framework. The
condition Is not necessarily unpromising
out more depends upon future develop
snent than has been the case in some
pther productive years.
THE STOCK MARKET.
Stocks have been steady until the last
bart Of the week. when they showed some
weakness American Tobacco has been
hbout the strongest on the list, at lii,
and has maintained that price In face OF
IA generally declining market II has for
EiX months been popular with Richmond
investors. and is now being largely
bought by northern SPECTATORS. II Is
generally regarded as the best and safest
Of All 'Tndustrials." and has paid a re-
gular dividend Of Il per cent. for the
last FIVE years.
one OF the best evidences OF the i'm
proyement in the times is the advance in
the Southern Coal and Iron Company's
stocks, notably In Tennessee coal and
iron. This stock sold at II IL on the
nth OF April, and Is now quoted at % Ia.
During that period the price OF iron has
advanced 81 a ton, which means many
thousands Of dollars profit TO the COM
pany.
The stock Of the Sloss Iron and Steel
Company, OF birmingham. IN which
several Richmond are largely interested,
has had as great an advance as the Ten
nessee Coal and Iron Company. rising
from p 10 81 In the last three months.
Sugar has paid % per cent. In dividends
IN the last four years. and has been one
OF the strong features Of the Indus
Trials With Improvement in the rrne-
Tal conditions IN this country. now going
on, II Is TO be expected that the con-
sumption Of sugar In 1926 Will exceed
that of 1894 by 9 per cent. at least, but
30 FAR this year the consumption Is about
that much behind 1884, leaving the infer
'nce that the trade In refined is bound
20 be much more active and larger du-
Jing the future months than IL has been
IN the past. This IS another good rea-
ron why grocers should not allow their
STOCKS 10 run low. Presumably. buyers
hesitate on account OF an expectation Of
a possible reduction In prices Of refined,
~ raw sugars I'm Europe should happen
70 80 lower. hut from present indications
Ieunei' VIII soon have all they can do
70 supply the demand. and there seems
Very small chance Of any lower prices
lor graduated, even should raw be a
Eured.
Il
~ mas been practically decided by the
hiilvi coal intecests 70 restrict production
70 ~ per cent. Of the amount agreed upon
aoi june The matter had not been rati-
seu az thls writing. but il is expected that
~ VIII De very shortly. This is regarded
rs an excellent thing for the trade. More
oee!' ~ indicates disposition on the
lail or me interests involved 10 better the
1. 'lon. ana reflects controlling power
'uTh as has seldom been exercised.
mere Is not record In the history
OF me trade OF the universal voluntary
t.ohetlon In the mining Operations after
we amount had been fixed for the month
"nd operations commenced thereunder.
RAILROAD EARNINGS.
mere are some interesting points about
Iailtoaa earnings for May:
LOUISVILLE and Nashville Increase & "a 0ie
, 1870 Erie and Western, Increase. ss 80
t'Aburg ana Western. increase 7sFSo
-Atkican National decFeasa "a AZ.