Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-09-05
MARKET QUOTATIONS.
REPORTS FROM AL GREAT BUsl-
NESS CENTRES OF THE WORLD.
Prices of Money, Bonds, Stocks,
Drain, Tobacco, Cotton, Cattle,
Country Produce, &C., Fereig.
and Domestic.

heid remarkably steady to-day, consider
ing the fact that Sunday and holiday
are to intervene before the resumption
Of trading. and that realizing has been
on quite large scale all week. London
bought quite freely in this market Of the
international shares, and buoyant tone
was also shown on the London Exchange.
The advance in Northern Pacific gave
evidence Of manipulation. The motive
assigned for tc-day's advance was the
benefit to result to the road from the
eliminating duty on foreign goods brought
into tho country through a contiguous
country.
The market was under considerable
pressure after the opening, on offerings
to realize. and declines were general
throughout the list. The market was
rallied by the advance in the Northern
Pacific issues. Sugar, and Missouri Pacific.
Sugar rose ga after a heavy opening.
Missouri Pacific advanced 1 81 from the
low point, on the report OF its earnings
for the fourth week In August, which
showed a gain OF $4,000 over the CORE
spending week last year. The extreme
rise in Northern Pacific preferred was
rs, on sales OF 5000 shares, this stock
leading the list. st. Paul moved mar
rowly, and below last nights close all
day. Wabash common and preferred were
strong, on the August statement showing
a gain Of $l545i9 In gross earnings. The
statements Of railroad earnings published
during the day were uniformly favorable,
and the excellent bank statement also
sustained tho list. The closing showed
net changes mixed.
REVIEW OF THE WEEK.
The week has witnessed the liquida-
ton of some very heavy holdings OF
stocks to realize profits on the rise which
commenced i'm the Changers on Monday.
1t has progressed steadily since then, and
has kept the price of recent favorltes in
tho speculation more or less depressed.
Tho market has been saved from large
reaction in face of this heavy liquidation
by the sustaining force OF individual
stocks, the prices Of which have been
rushed forward in a sensational manner,
under manipulation. Each day of the
week since Monday has seen a new stock
brought forward and put through the
operation. On Tuesday 1t was Sugar,
which was forced up points, on the new
Interpretation of old facts regarding the
probable exclusion duties on refined
sugars. On Wednesday, Sugar was made
to serve the same purpose, through the
morning hours, with a jump of 3 points,
but Il was eclipsed in interest before the
close by bound upward of 10 "a points
in Omaha, on talk that The stock was
to be put on a regular guarantee per
cent. dividend basis, under q lease by
Northwest. On the next day 1t appeared
that the busy SPECTATORS had oyeresti-
mated the advantage of the indefinitely
rumored arrangement to Omaha, and had
underestimated the benefit to Northwest.
The Omaha stock reacted 3 points, and
Northwest was brought forward for a
rise Of 8 points, the whole Vanderbilt
group being brought into the movement.
Canada Southern rose IL; Cleveland,
Cincinnati, Chicago and st. Louis, 3-S;
and Michigan Central, New York Central
and the New York, Chicago and st. Louis
stocks less amounts. on Friday st. Paul
came to the front, and on purchases or
no less than 10000 shares rose 81
points, to only a point below par. The
heavy increase in earnings OF the road,
and of all the Changers. and rumors Of
an intended Increase in the dividend rate
were the impelling causes.
These successive upward bounds OF
different stocks, and the continuous
liquidation which attended them, have
made sensationB and extremely
irregular market all week. The greater
part Of the advances have been well
maintained and the volume of dealings
has shown a MISUNDERSTANDING de-
mand. The sales on Friday approached
the maximum for the year and those to-
day the maximum for a Saturday.
MUCH MONEY ABSORBED.
That this tremendous speculation has
absorbed vast sum OF money Is evident
from the clearinghouse statements, and
still more evident from the hardening
of exchange rates during the week. the
purchase of securities abroad having APP
parently offset the heavy foreign pur-
chases Of our breadstuffs. The absorb
ton of. funds has made no appreciable
effect on the rates for money, which still
remain unprecedently cheap. The move
ment of currency TO the interior has been
larger than last week, but Is still small,
considering the large expansion Of bust
ness indicated by the clearinghouse
statements of interior points, and the
heavy crop movement shown by the
traffic reports Of the railways. The in
terror needs have thus far been largely
supplied from interior sources, contrary
TO the rule heretofore. The fact that
exchange remains above the gold-import
point is due, in part, to the heavy pur-
chases of securities by Americans in
f,nor1ipD bring
inc large consignments. But while these
large purchases are absorbed without
any effect on the local money market, the
rates for money in London continue
10 harden. In spite Of large sales of Sc
curities. The Bank of England, up 10
last week. continued TO contract its
loans. and there is a margin OF profit in
the London money rates sufficient TO In
duce drawers of exchange 10 leave their
funds at interest there, thus deferring
tho gold import movement How much
longer the cheapness OF money will con-
Time in New York, in face of all this
EXPANSION of demand, is Il question to
which an answer is perhaps indicated by
to-day's bank statement, showing a de-
cline OF s., $50 in the surplus reserve.
The cheapness of money q an incentive
10 a rise in prices, especially In view Of
the recent placing OF large Issues OF
railroad bonds for long periods at an in
terest rate of BIZ per cent, which bonds
command a premium in the market. The
reduction In the rate OF interest and the
returns on invested money naturally
tends to raise the principal value Of Sc
curities on which the dividend rate is
unchanged. Recent prices Of government
bonds are at high records. The truth Of
the political theory that money and its
resulting cheapness are an influence In
this way in the rise in the prices OF Sc
curlties. as we'll as the increased earn
ings shown by the properties. is evident.
WHOLE LIST HIGHER.
The extreme gains in the stock market