Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-04-03
Continued Improvement In business

(Springfeld (Mass) Republican,
II has been another week OF advancing
prlccs-making the third successive week
OF a steady and continuous upward move
ment We may now expect the higher
range Of values to hold as long as the
bond syndicate holds It's grip on the for
eign exchange market. II il should bet
20 some day this month and gold exports
should be announced there would unqu"s-
tionably be q great reaction I'm specu.a-
ton. But II IL can and will keep exchange
under control as during the past two
months the present upward movement
will undoubtedly broaden out until all
lines OF trade and industry viii feel the
new Impulse and the harvests Of the
year repair the shaken foundations Of the
business structure.
There have been some few individual
reactions IN The stock market this past
week but they are not pronounced. On
the other hand the list as n whole has
gone along on the upward way with only
short halt on two days Of
the week. Baltimore and Ohio,
Reading. New England. AtchisOn,
Erie, Hooking Valley, Denver and
Rio Grande. and Some other isolated
stocks have made the most notable gains,
WIN outdIs I pt.dSe, anu Leather trusts
also notably higher An important factor
in the market has been the attempt 10
get the coal roads together once more in
a strong combination to restrict the out
put and advance prices. This trade has
been demoraliZed for months. IL is now
IN a fair way II be mended. The gossip
l. that Morgan and Belmont Influences are
at work here in the general interest Of
a bull movement IN all securities. Pro-
gress Is reported in the attempt 10 con-
sOli1ate the General Electric and West
inghouSe companies, but shares i'm the
former company have lost ground Sales
OF stocks aggregated l.3u.s9 shares for
the weeiS. Government bonds are higher
even than week ago, and while the buy
ing Of railroad bonds has been less pro-
nounced, the market is strong and prices
for all active issues higher except for
Northern Pacific
\ feature Of the week has been an ad-
vance in silver Of something like four
cents an ounce This is attributed TO
the approaching end Of the Oriental war.
which is expected TO revive the demand
from that quarter for indemnity and trade
purposes. The supply OF silver on the
market Is also comparatively low. But
there is no certainty as yet that the in
Cemnity exacted from China Will be Oaid
in this metal.
The fiscal affairs Of the government are
also improvlns. and this helps the specp-
latiVe situation. Government revenue for
the week aggregated SjJj3fiJ AGAINST
{5,ll7.iGl year ago. and expenditures
rose To only SIN SO leaving an excess
or revenue of 8 ljj.SS. Imports seem to
be- Increasing. the receipts from customs
being larger now than i'm 1888 AT this time
The gold reserve holds up well. and with
the SJ0D,OJ0 YET 10 be hrought from
Europe by the syndicate viii rise 70 yil1,-
V"WV. or something more than what was
expected from its operations
Money has been fifmer. and this I'm spite
81 another large reduction In loans by
the clearinghouse banks OF New \ York
Inc market is rapidly drifting into the
control or the bond syndicate which 's4-
been locking up money received for bill
Of exchange sold on its foreign credit and
az now getting into r position 10 MAKE the
rates. Although the rate fOr call money
j. now averaging above 21-2 per cent
:r1ll,t per cent. a week ago, and with
banks ara trust companies Outsd
Tie clearinghouse asking per cent. and
even more; and. although for the first
iima In long While the interior move
ment or currency has turned against the
metropolis. there is 10 likelihood OF a
t;sht market. The syndicate bankers are
holding back large supplies, which Will
be loaned out when the demand becomes
more active This turn in the interior
movement Of money is good sign. in
dicaiinS a reViying business and demand
for money from the country districts
There is little 10 note IN the general
markets and in manufacturing that Is
not oil a more cheerful nature. Hoollen
mills that are well managed and Up 10
the times are running Oh full time and
some on overtime. Cotton factories enjoy
a iirmer market. The supply OF print
cloths is only about half as large as a
year ago. Considerable quantities Of good 4
are being shipped u the Orient. Raw
cotton mas been firm. and larger sales OF
raw wool arc noted on tn same price
level. Wheat has been a little higher and
the produce and provision markets gem
orally hold strong. Everywhere a better
feeling Is noted. and generally improve
ment In the actual conditions OF business.