Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-11-21
MARKET QUOTATIONS.
REPORTS. FROM AL GREAT RusI.
NESS CENTRES OF THE WORLD.
Prices 81 Money. bonds, stocks,
0rafn, Tobacco, Cotton, Cattle,
Country Produce. Ac- Foreign
AID Domestic.

market was almost inert to-day, end
drifted. under no very well defined mo-
tive, toward a lower level. London's
depressing influence on that financial
centre. and for lack Of another initia-
tive the local stock market followed the
lead. Transactions were on very
small scale. and the movement OF
prices. outside Of few specialties. very
narrow. The bank statement was with
out any influence on the trading, as 1t
showed avout what was expected. The
Increase in loans is undoubtedly due to
operations connected with the sale of
the Union Pacific, the first payment for
which, OF nearly sl3,0o0o0o. Is to be made
on Monday. The excess Of the increase
In deposits over that in loans reflects
the return of money from interior banks,
which are depositing funds in both the
New York and Chicago banks in large
volume. outside Of the special Union
Pacific operations. there is no doubs
that the loans OF the banks will show a
substantial increase, as there has been
counts during the week, and the money
market has been intensely dull in all de-
partments. Bidding for choice grades OF
commercial paper has been very active,
but the market has been almost bare
OF offerings
The money market has not shown the
slightest Aqtter over the approaching
$13,0ooO00 payment to the government
on account OF the Union Pacific sale.
This payment will, in fact, amount to
little more"than a series Of book-keep-
ing entries, the transfer Of credits, In
large part, being confined to the books
of the individual banks handling both
accounts. These banks have deposited
in the Treasury at Washington govern
ment bonds of the full amount of the
payment as security, and the govern
ment has arranged to leave its funds on
deposit in the vaults of these banks.
The stock market has been rather
trivial affair this week, the trading be-
ing Of small volume and the movement
OF prices slight. On Thursday the total
sales of stocks fell to 10000 shares. This
apathy of speculation is the more nota-
BILE in view Of the amplitude and the
cheapness OF the supplies of money, and
the large reserve Of money supply made
available by the heavy trade balance
in favor OF this country.
The fall in speculation cannot be at
tributed to existing conditions, which
continue to be very favorable, but rather
to doubts regarding the future. For
Wall street to come to a pause In its
operations in November, pending the as
sembling OF Congress, the publication or
the Presidents message. and the per-
ception Of the temper OF the legislative
branch. is not unusual. The tendency
H. ,4taer q h6inR QOrllfl-
nized with great attention, now that the
abnormal grain movement has abated
The week shows these earnings well up
to the best records of former years, and
in the case of some southern and south
western roads, where arrears or trafhc
released from quarantine restrictions are
coming forward. the showing is the best
on record. But the expectation Is that
the third weeks earnings VIII not De
fully maintained at the recent high ievel'
The net returns from railways for Oc-
tober which are expected shortly, are
said TO show a very large proportion OF
the recent heavy increase in gross earn
ings absorbed by operating expenses.
AS an outcome of cheap money ana
the speculative uncertainty, the market
for railroad bonds has been active, ana
the high-grade issues have been very
stiff resulting in record prices in some
cases. Prices are higher in nearly all
cases. Total sales, S,S6OOW.
The total sales OF stocks were $3.50
shares. including Burlington. $3.50; 81.
Paul, 51s4; Peoples Gas, o'3lo; sugar.
MONEY AND EXCHANGE.
Money on call easy at 1-2G2 per cent;
prime mercantile paper, Sl-494 IL
Sterling exchange hrm, win actuai
,,,,siness On bankers bills at s4S5 1-2@
e. S5s-S for demand, and s4.S2 S-4qS4& 7-S
Coz e,xtv DAYS; posted rates, s48 1-2Q
t481-2. commercial bills, &.2
Rar silver S. Mexican dollars, 40 IL
state bonds firm. Railroad bonds firm.
r. o,,ernnent bonds firm.