Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-15
MARKET QUOTATIONS.
Prices of Money, Bonds, Stocks,
Drain, Tobacco, Cotton, Cattle,
Country Produce, &C, Foreign
and Domestic.

STOCKS, heaVy offerings TO realize at the
opening being readily absorbed. and a
strong. fresh buying impulse being in
vited by tho lower level OF prices. This
new impulse soon turned the tide TO
an upward course once more, wiping out
tho sharp, early losses, and establishing
net gains for tho whole list. The early
decline extended TO from / 1-2 10 2 points
In many prominent stocks. and the sub
sequent rise established net gains OF
to points In many stocks. The
Changers were foremost in activity. and
in the width OF the variations In price.
and there was probably an Intimate con-
nection between their movement and the
early weakness in wheat and the subse-
quont rally in that market.
A further decline OF II in the posted
rate for long sterling exchange, to A.Si.
was a strengthening influence, as was
the favorable weekly bank statement.
The excess Of the increase in loans over
tho increase in deposits. and the conse-
quent decrease IN surplus reserve Of
s., JIG. 400. IS an encouraging indication Of
the demand for money and the expansion
OF business. Although loans are at
this time Of unprecedented volume, the
same IS true Of the deposits and the total
reserve held. and the decrease in the sur
plus IS looked forward TO I'm ire
money market to establish better tone
there. IT can correctly be said that the
lower range Of prices in London this
morning bad an influence IN depressing
early prices here, but IL was TACT that
the good feeling in London was based on
orders from this side, and was probably
designed for manipulation erect in con-
tinulng the New YORK decline OF yes
terday.
Inc Industrial stocks again took quite
a prominent place in the trading. Sugar
advanced fully 1-2, after an early de-
cline. and Tobacco, after loss of 21-4.
rallied TO 21-2
The early decline was nearly point
in tho Changers and Northern Pacific
preferred, and exceeded a point in
Louisville and Nashville. New York Cen
tral, and southern preferred. All OF
these declines were more than recovered.
sharp net gains being established. which
extended TO a point or over in Burling-
ton, Sugar Lackawanna C2). Denver and
RIO Grande preferred, LaClede Gas pre-
ferred, Lake Shore C2), Manhattan and
wheeling. and Lake Erie preferred.
THE WEEKS OPERATIONS.
The week in wan street has been
marked by an undated volume OF trad
ing on the Stock Exchange Bonds
were at new high point. the sales Of
stocks for the week reached a total OF
$500, 4l2 shares and the par value Of the
bonds dealt in was s2OSi5,ODJ The course
of prices was not so steadily upward as
last week, two sharp reactions occurring,
one beginning Monday afternoon and
continuing through a part or Tuesday.
and the second showing its effect late
on Thursday, and continuing through the
early part OF to-days trading. The Sc
cond reaction developed after tho out
break on Thursday OF the speculative
movement I'm a lot OF obscure and low
priced stocks
The grade Of intelligence which was
being applied 10 speculation was indi-
Gated by a widely diffused argument for
selling on Friday, because It was Fri
day and al the same time the 18th OF
the month. This shook out quite a large
amount Of weakly-margined stock, and
aided the decline.
Another interesting development was
the fact that foreign investors are real
Is buying largely OF American secuu-
/
York market, as has been obvious from
the operations from the arbitrage
brokers. But it has been evident also,
that there was an increasing demand
for American securities in the London
market, owing to the determined pessi-
mistic attitude adopted by English bank
! ing and financial newspapers towards
American securities. The course Of the
various international money exchanges
shows increasing reason why the Eng
| lsh financial authorities have sought to
discourage the buying Of American Sc
| curities.
GOLD IMPORTS.
| Foreign bankers are now substantially
agreed that the balance Of credits to
be settled by gold imports TO this coun-
try win be very large. The larger Of
ferings of grain and cotton bills in the
! New York exchange market caused a
constant fall in both sterling and Con-
tinental exchange, more particularly the
latter The fall in sterling exchange
! has. i'm fact. received a temporary check
! by measures adopted IA the London
money market TO divert our demand for
| gold from that market to other CEN
tres, Just as the special demand on Lon
don for gold from Russia and Japan has
been in part diverted to this country
market discount sale rate in London
has been raised during the week from
below l per cent TO ! SIS per cent, and
it is generally believed that the Bank
| OF ENGLAND will advance It's minimum
| discount rate to above 2 per cent. next
| week. Colncident with the rise in the
/ London discount rate there has been a
sharp rise In the rate OF Paris exchange
on London and Berlin exchange on
London.
Meantime the New York rate OF ex-
change on Berlin, and especially on
Paris. is steadily falling. The inference
| is that British capitalists are Gazing
home capital placed in France and Ger
many. Foreign bankers in New York
believe that in consequence, the nrst
gold imports will come from France, and
| that thew are likely 10 come in short
| time. They also believe that London
viii have 10 ship gold 10 New York
later. the amount, Of course, depend
inc rnon the buying OF American securl-
ties by the English public.
THE WEEKS CHANGES.
In consequence Of the reactions IN the
narIxet the net changes In the week S
nrices of stocks are not wide, the gains
| extending in points in comparative
| Iv few of the leading stocks. Burlington
| however. rose points, and Chlcago
Great Western 2l-4, net. Other note-
worthy gains or per cent. or over
were: Sugar. Atchison preferred. 25-Si
pnffalo Rochester and Pittsburg pre-
ferred. Baltimore and Ohio. 4l-2; Cleve-
land Chicago, Cincinnati, and ST. Louis
nreferred. Hooking Valley Lackawanna'
Denver and Rio Grande preferred
T,aneviI,e and Terre Haute. 9; do, pre-
rarTed Great Northern preferred, bl-2;
A,atronolitan. 4l-2; Missouri Pacific, Mis-
sorri and Ohio. IA; New York, chicago
| -, CO. I,ouis first preferred, L.; 10,