Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-10-03
MARKET QUOTATIONS.
nEroBrs FROM All GREAT Busr.
NESS CENTRES or THE wonLp.
Prices Of Money. Bonds. Stocks.
Grain, Tehncce. Cotton. Cattle.
Country Produce. &C, Foreign
and domestic.

with only one momentary pause from
openlng until tho close OF tho short SEES.
sion. The buying was eager. and tho
covering OF short contracts put out du-
ring the two weeks reaction In the
market appeared to be urgent. There
was every indication that the reaction
had run Its course, and the agents en-
ployed by the leaders Of the former bun
campaign were buyers OH large scale.
The stocks that have shown tho sharp-
est declines recently were foremost In
the recovery. Prices OF Americans were
advanced In London before the opening
hour, and arbitrage brokers bought for
London account The stocks which were
favorites in the London buying were
those that have recently suffered most
severely from liquidation Of foreign hold
ings, rejecting marked change in
foreign sentiment.
An additional fall in the rate OF ster-
ling exchange OF Is for demand bills
20 A& Ia. made II evident that addi-
tional gold imports cannot be long do
layed, and probably helped the market
though gold is so plentiful at this centre
81 present that some of the banks are
settling their daily balances at the Clear
ing-1ouse in that metal
The weekly statement Of tho Clearing
House banks was also interpreted favor
ably. The statement clearly reflected
the pains the banks have been at TO pre-
vent any further heavy shrlnkage In their
surplus reserves. The withdrawal of de-
posts CSC ZOE SCc) is partially Offset by n
contraction in loans OF 1856, 600, making
a total contraction for two weeks OF
s.. 3203o9. The Withdrawals Of deposits
finds an additional reflection in the de-
crease In legal tenders OF $2.4i23OO. which
IS Offset by a net increase Of si95,5oO i'm
specie. so that the actual decrease in
profitable rates for money having re-
duced an increase IN circulation Of
S2gl 900.
There Is no doubt that the withdrawal
Of deposits would have been much larger
had II not been for falling off in the
demand for currency shipments TO the
South. ewing TO the interference with
the movement OF the cotton crop due
20 the yeilow-fever guarantees. The
decrease TO the South has been offset
by demand from the Eastern and Middle
States 20 meet October interest and
dividend payments. and by New York re-
quirements for tho payment Of taxes.
To-day's net gains In the prices Of
stocks ran from l to 3 per cent, the
advance being in full tide when the
market closed.
REVIEW OF THE WEEK.
The stock market has been highly
technical and professional in its charac-
ter all week, and the reaction, which was
tho feature OF the week before. continued
untn late on Friday. The bears have
been masters Of the situation, and there
has been no aggressive effort in opposi-
ton TO their successful attempt TO beat
down prices, until to-day.
The large buying interest which was
20 potent force during the prolonged
period of the rise which eliminated two
weeks ago had apparently ceased opera
lions. and the. brokers who had come TO
be recognized as the instrument of this
Important interest occupied passive at
.itude. apparently content TO see the re-
action take it's course. Gossip has been
busy with the question OF the identity
u the powerful pool which led the bull
market with so much dash and confi-
lence. and syndicates Of bankers and or
powerful corporations have been men
toned as Identified with the movement,
,ut whatever their identity. the fact ia
was allowed TO appear that they had
ceased 10 buy. and while the smaller
)perators and the speculative public
we're stu following their apparent lead
,rship. they had liquidated a large
mGyr.t of their purchases and realized
heir profits.
with no change in the generally IA
yorable outlook for business, and with
he continued increase in the earnings
" railway stocks the occasion was ripe
or technical reaction 1t had not only
'aised prices ADORE the level OF their
egitimate actual value, but 1t had
passed them into hands thai were
weaker and less able to hold against a
lecline. Having liqudated their hold
ngs. these important interests were
eadv TO buy again and their desire was.
or the time being. 10 see lower prices.
Thus left unprotected, the speculative
,olders OF stocks have had bad time
Il II for two weeks. Prices have de-
lined simply because more people want
a TO sell than to buy, or sellers were
more anxious than buyers. No favora-
lie Incident served TO check the decline.
AUGUST statements all showed enormous
Increases in net earnings.
SPANISH CRISIS.
The resignation OF the Conservative |
spanish ministers and the likelihood OF
LIBERAL succession was accepted as tend
ng TO ameliorate the relations between /
main and the United States concerning
'uba. But the market sold Off sharply
n the announcements of these events.
To-day's sharp advances have gone far
n reduce the net declines. for the week.
nd In some cases have wiped them out
ut,rely. The whole character OF the
showed marked change,
he trading on the advance being pro-
ounced and the shorts covering heavily.
The bank clearings Of all the cities In
40 United States show decrease from
st week Of over per cent, though the
,crease over last year Is stu ~ per
mt. compared with an increase last
eek OF over 81 per cent.
GOLD IMPORTS.
The market for sterling exchange has
-eaaiiv declined since Monday, and gold
nnorts are believed TO be again immi-
ent The weakness OF exchange Is due
, offerings Of cotton bills.
IN estimating the probable dimensions
the gold imports. the low price or
,tton must be considered. and this,
,mpared with last years prices. VIII
ake a difference OF many millions OF
,llars in the balances due from abroad
a cotton exports
The imports OF general merchandise
nd dry goods at New York for the week
low an increase OF $1.SS2,5d over last
eek. while the increase Of this weeks
cports from New York over last week
as only about $4,000.
In consequence OF to-day's rally in
ices, the net declines In very few