Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-06-27
MARKET QUOTATIONS.
REPORTS FROM All. GREAT BUsI-
Prices of Money, Bonds, Stocks,
Grain, Tobacco, Cotton, Cattle,
Country Produce, &c, Foreign
and Domestic.

uine or the gold shipments lot to-udy
and the week. and turned again TO the
bull siGe with greater animation and con-
hdence than ever. The market sold of
to some extent in the first hour, in con-
tinuaton OF yesterdays gold export
fears. and on reported opinions that the
coming week would witness the ship
ment of an even larger amount Of gold.
The theorists in favor OF a necessary re-
action in the market were busily at
work on this basis, and sought strenu-
ously 10 bring about the reaction which
they confidently maintain is long over
due in the market, and must come III
timately. The st. Paul statement for
May. showing an increase in gross earn
iEgs OF S10l,7l9. and in net Of Slls,4 was
the first influence to stem the downward
course Of prices The low point OF the
morning was "A slight fraction below last
nights close in many stocks. The rally
was characterized by great animation
and by heavy dealings. the prominent
stocks changing hands in large blocks
Burlington was the leader Of the mar
ried UP ! 81 from the low point, and
held there until the close.
The week has witnessed a further
notable raising Of the level Of prices
the advance being especially notable IN
the Granger group, and not being 50
well distributed through the list as in
some previous weeks. The market. as a
whole. has firmly resisted all attempts
10 work . reaction, the severest strain
coming on Friday. with the news that
the weeks gold shipments had run up
to figure exceeding any week since the
first Of the present movement. The pre-
sent high level Of prices IS generally
recognized as discounting commercial
and Industrial changes, which are yet
to be realized. But the firmness with
which the high prices are held is mea-
sure OF the confidence Of securlty-hOld-
ers that future conditions will improve
so as 10 warrant higher prices. The adj
vance is spoken Of as steady, which is
true Of the average price. but the whole
market has not moved uniformly. At
times some one stock has taken the led
as has been the case I'm a marked degree
with Northwest this week. on the pros
pect Of refunding It's bonds so as 10
benefit the stock. Sugar made a SINH
lar bound on the agreement Of the Re
publicans upon the sugar schedule seve-
raj weeks ago.
These special movements have helped
to raise the level Of other prices though
in less degree. The Changers and Van
derbnts. as groups. have al other times
assumed the leadership. Each day. also.
has witnessed its own irregularity. the
vibration sometimes carrying prices
generally below the previous day. with
n rally. and sometimes above. with a re-
action. The result has been TO make
the average net change small, but al
most invariably on the side Of advance.
Many professional operators are conf
dent that the level Of the market had
advanced too far TO be warranted by
present conditions. They are at work
constantly 10 effect n reaction. but their
utmost efforts have hitherto been ursrc-
cessful. except in a trivial degree. and
all their offerings have been promptly
and steadily absorbed. The idea of the
bear traders IS that If they were able
20 work a reaction Of imposing proper
tons by manipulation, they would catch
an enormous number Of stop-ordecs. and
perhaps even a large amount Of long
stock. tempted by the very considerable
advance of the last few weeks. after the
long and weary wait 20 take a profit. But
such a manipulative reaction, unless jus
tilted by a promise OF prosperous develop
ment. could only be temporary. That
the current upward movement of prices
in the stock market is due TO the con-
viction that the country IS really to real
ize the benefit of It's severe process Of
and liquidation IS the view
taken by such traders as as going will
ingly with the current.
The total sale Of stocks to-day wore
159.734 shares, including Tobacco. 1850;
sugar. 1900; Burlington and Quincy.
4 500: Chicago Gas, 5000; Louisville and
Nashville. 500; Rock Island, 1880; ST.
Paul. $500.
The bond market shared in tho general
buovancy which permeated the security
markets during the week, and there
was an absence Of that hest
fancy IN values which developed
at intervals in the stock market Trading
was I'm large volume and eXcellently dis
fributed. numerous hitherto neglected is
sues forging TO the front at substantial
improvements. Purchases by operators
was quite a sustaining factor, ana a brisk
domestic demand for the lOw-grade mort
cages was regarded with considerable
favor By the leading interests. The
middle-grade securities developed the
most aggressive strength, and were favor
ably influenced by developments in spe-
cifc issues. The speculative lines tagged
i'm the rear. but net gains Of a point or
two were made IN some instances. The
AGGREGATE sales were $9,SO2OOO.
Government bonds ruled strong through
ont and sustained generally fractional
The sales were $4,000.
MONEY AND EXCHANGE.
Money on call easy at al II per cent;
prjme mercantile paper, Sq4 per cent.
Sterling exchange steady, with actual
,,,,e,,ess I'm bankers bills at $4Sl La
,Is71-9 FOR demand, and at $i.S6u$is6 IA
Cor eixtv DAYS: posted rates, AS19
tGN1-2 ana $ASSa&LsS IL; commercial
bills. A.S5 IA. - .,,vor eo,-o.
silver certificates -; par si'ei' " 10
Mexican dollars, Al S-S
Stato. bonds dull; railroad bonds strong;
oovernment bonds strong.
NEW YORK STOCK QUOTATIONS.
Closing Stocks.
.,,s,., Topeka aud Sanil 20 .........'.. ia
Adams Express ........-- '''''''''''' IA
aT,on Terre llaute. ......''''''''''' W
smaricar sIs1r 50 "a -. 1870 -
. 1,cr,,on Sugar Refinery preferred '..'"lV.
=. r'sr,con Tobacco Conn.,. ......''''' 20
a n'c1ican Topacco Co. preiorred.....''''''iV
pai,tr. orc and ONO. ............'''''''" ctUIl
Cansoa pa 'i1c..... ...''' -..- .'''''''' S0yt
Canada Southern. .....'.''.'''.' as
Central Pacific. .....'..''''''''' ''''''''' ~