The times. [volume] (Richmond, Va.) 1890-1903, 1897-08-29
FINANCEAND COMMERCE
ann CLOSING QUOTATIONS or
MONEY.
Offerings and Sales ut the Richmond To.
bacco ExchaDge-Internal Revenue
Collections Foreign Advances.

NEW YORK. August 2s.-The stock
market made remarkable show ot
ttrength throughout the short session TO-
nay practically the whole list tending
steadily upward with scarcely a hail.
There was proht-taking az intervals our
Ing the morning. bat the sales g redil1e
wero absorbed az "a gulp, with scartey
an impression, ana The buying fca uin'a
and kept up steadily until the close
Sharp advances IN the prices Of American
securities in London save the impe tus
20 prices 40 the opening, Aioltas'
brokers also bought some OF the mtcfhd-
tlOnal stocks. The see-saW chect on VIC
decline In wheat was again sitlhlHss
manifest to-day. and the crop damage
scare Of last week was displaced ny ie.
nowcd confidence in the yield or wheat
and the safety Of corn. Inc granger
were largely dealt in on the strength OF
this factor. but they moved in some
what restricted range. Omaha was lIo
centre Of interest in the whole maThtl'
rising by leaps ana bounds 10 u.s. anu
closing only p under mat WIN "a ny
gain OF three points. The buying was lh
execution Of large orders. Buying or the
came character continued In ChcsapeaHe
Bnd Ohio. and carried II up hedIy d
point The sO-called Gould roads an inc
Southwest showed advances IN the prices
Of their shares ON account OF the good
IhOwing in earnings OF recent tranlc state
mcuts Wabash preferred gained point,
and Missouri Pacific and Kansas ana
Texas preferred 2 each. Illinois steer
fumpcd three points, and other iron ana
steel stocks were firmly held on the raw
orahlc outlook ln that industry. The inc
duffrlal stocks otherwise were somewhat
neglected. The cOalcrs also were not con-
fulcuOu8 and lacked strength. The al
most total abatement OF the crop damage
scare which eXcrtcd pressure on prices
all tho week, was. even the Government
weekly crop report. with its uniavorable
view OF tho crop Of corn and spring
wheat. comfy affected temporary rcac-
ton. and that not OF large proportions.
Otherwise the market has tended steadily
upward an week The total average de-
cline Of the previous week was ObAtcratcd
on Monday. and the weeks rise had car
RED prices % tho top-level Of the move
meut A detailed analysis Of some OF the
railway reports showed that increased
earnings were due as much TO wost-bOund
general merchandise ms 20 cast-bound
grain traffic. This Increase I'm general
freight business and the reported growth
~ business were made use OF rs indica-
lions Of the expansion Of general business
in the country. The sentimental effect OF
dollar wheat was no small factor tn CT
fecung the resumption OF the upward
movement in the stock market. even with
tho doubt as 10 the safety Of the crop stlil
unsolved.
no serious doubt is any longer enter
tained that a market is assured for an
unusually heavy crop I'm the United States
az prices were extraordinary. The pros
porous year thus assured 10 the farm
ers IS folt 10 be the certain basis for i'm
prOvcment upward from the first pro-
duoers through an tho Industrial and
commercial community. a feature Of the
week has been the reduced volume OF
transactions Thus the reaction in the
middle OF the week brought out no large
offerings 10 liqu6ate.
Al the same time II is evident that very
heavy orders 20 realize are placed az a
certain levi above the market IN the
prominent speculative stocks which
checks any advance above a certain point
on the other hand, there IS evidence OF
heavy buying orders, some OF them on
am increasing scale On inward. which are
"a strong buttress 70 the market below
tho existing level. and which demonstrate
tho faith 81 large operators in tho con-
tnuanco OF the Improvement This con-
diton gives q remarkably firm and steady
tone 10 tho market The fact that the
money mGrket>tl New York has become
HosIor during the week IS hard TO exc
plain, in view OF the continued increase
r. business activity an over the country.
Tho failure Of the money market 10 har-
den is attributed to the fact that the
heavy retreuChmcnt and enormous lQul-
dalton which has been going on for
months in every department Of business
have Ia large surplus funds available
interior points as well as ln New York.
The condition of the money exchange ls
the cause OF deferring the gold imports
Net gains for the week equal or exceed
two points I'm very large number Of
shares. Rock Island leads the grangers
with an advance Of 5'.. Burlington. @S.
omaha. az. Chesapeake and Ohio. Baiti-
more ana Ohio. Great Northern preferred.
Lake Shore. Manhattan. National Starch
preferred, New York Central and oregon
Navigation preferred are up three points,
Cotton OH preferred c., c., c. and ST.
Louis Flint and Pere Marquette pre-
1erred, and Norfolk and Western pre-
ferred lthis or oycr), East River Gas,
Ia Clode and Chicago Great Western pre-
ferred, points or over; Illinois steel .,
and c., c., g.. and St. Louis preferred. o.
The notably active features lu the bond
list. which was strong throughout were
the Chesapeake and Ohio ii4s, Kansas
and Pacific cOnsol 6's. and oregon I'M
provcmcnt 6's. Gains for tho week reach
GA "a point or more iu The Atchis0n adj
lustment as, Kansas and Texas 2s,
Northern Pacific general Zen BIS. Chicago
Terminal receipts and Erie general lien
3s. Total sales. $l5.jO0O0o.
Government bonds moved mp iiNla dur
ing the week on sales Of only $1,000
Total sales OF stock to-day were 24l 600
shares, including Atchisou preferred, 70
100, Chicago, Burlington and quincy. H.
100. Missouri Pacific 5.Isj. Northern Pa
Cidc preferred, 552j. ontario and west
orn CQS3: Rock Island. 1900. ST. Paul
24175; So Paul and Omaha, l6looi Wa
bash preferred 100. Sugar. $50; Chic
cago Great Western, 500.
MONEY AND EXCIIANGE.-Money on
cal u0minally at Us per cent prime
mercantile paper 5ilH4'2 per cent; SJeiI-
ing exchange easy win actual husiht
in bankers bills at 1851. for demand ana
a. 4s3A 14s3i2 for sixty DAYS. posted rates,
4sFsU4s5l3 aud 4sd1 iNl, commercial
bills. 4S2d4S9is Bar silver ~ Mexican
dollars. A. State bonds DUH. railroad
bonds strong Government bonds steady
WEEKLY BANK STATEMENT THE
weekly hank statement shows the follow
fnr changes: Surplus reserve. decrease,
So35T-0. loans. increase. 50 200, spe-