Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-22
MARKET QUOTATIONS.
REPORTS FROM ALL GREAT nusI.
NESS CENTRES or THE WORLD.
'fices or Money, Bonds, Stocks,
Grain, Tobacco, Cotton, Cattle.
country Produce. &c, Toreinn
aud Domestic.

was SIN distinctly reactlonary. notu,,h.
standing the fact that the dav,s tros,,o
resulted In q fractiona'ly higher average
OF prices There was a large falling of
IL tho volume OF trading and the rally
"hich brought prices up at the close
was on comparatively light purchases BY
nc short interest TO cover over Sunday
Ihere was no evidence OF anv reawal,en-
ms OF the large speculative interest
which mas carried the market for so many
weeks. For The first time in considerably
over month no one stock was sold 10
total amount as great as 5000 shares.
st. Paul leading the list with sales OF
1900 shares. Tho total sales FOR the
day were considerably less than half
the total OF Saturday week ago.
The crop prospect was the principal
weapon OF the bears. and they were able
TO achieve sharp declines In number of
the active stocks, the Changers and the
hi.ci national socks being prominent ex-
amples. In only nine Of these, except
New Jersey Central and Rubber. did
the fan reach point. and tho suisse
qucnt rally on covering more than wiped
Instances cid the net gain reach as high
as "a point
REVIEW or THE WEEK.
The reaction in the stock market, which
set IN late on Monday, has continued
practically without abatement all the
week. Monday morning looked like \
continuation OF the rice in prices which
had been the characteristic Of the market
during the previous week, but IL was
only 10 work off orders which had accu-
muiatcd ia the hanas Of the COM
mission-hOuses over Sunday. When
these had been disposed Of the market
began TO fall and each succeeding day,
with one exception, saw an average net
decline in the level OF the market. The
nominal motive of the decline was the
alleged damage TO crops, and the dlsap-
pointing yield developed by the threshing
OF the spring-wheat crop in the North-
west. There are other conditions in the
market which contributed to the decline.
Some of the largest interests in the
market have realized enormous profits
I'm the long-sustained advance, and sold
out on the belief that reaction was
normally due I'm prices. even with all
conditions remaining favorable to values.
This element was willing to see reac-
ton. in order TO enable them to repur-
chase stocks at a profit The profess
sional bears were ready TO aid them with
short selling OF the market
There was a feeling prevalent in pro-
fessional circles that BODIED no good for
the future. 1t was felt that stocks were
getting into weak hands, and that such
state of affairs afforded an unstable
basis for values, and that the bull inte-
rest had retired for the time being. This
10. oil
taken account OF IN properly estimating
the Importance of the weeks reaction
as a barometer Of business conditions in
general.
WHEAT MARKET.
At the same time there Is known to be
an enormous speculative interest In wheat
on the bull side of the market. For
many weeks past the stock market has
moved In sympathy with the grain mar
kcts. Reduced crop yields are n bull
factor in the grain market. and bear
factor in the stock market The fact
that the dominant interests for the time
is In the bear interest, should be con-
sidered in connection with the ready Gre
dence given TO the reports OF reduced
crop yield.
Another fact that has aided the reac-
tjonists in the stock market was the
hardening in rates of exchange, which
seemed last week 10 be fast falling 20
the gold-import point. Last Saturday
predictions were frequently made that
there would be engagements OF gold for
import within week. he check 10
the fall IN exchange seems to be due
o. m3uipilafive efforts on the part OF the
Bank II England. and q French ana
German financial institutions. The con-
tnued low rates for money in New York
tend to make easier the efforts Of for
eigners 10 defer the flow Of gold TO New
York. As stocks had been bought on
the belief that gold imports were immi-
nent. IT was natural that q change OF
the prospect in this regard should be an
aid to the reactionary tendency.
BUSINESS GREATLY IMPROVED.
The general conditions all continue TO
favor increased values Of securities. All
reports agree that business, both mer-
camille and manufacturing, is greatly i'm
proved. Reports of railway earnings
show continued large increases. ST. Paul.
Missouri Pacific. Southern Railway,
Chesaueake and Ohio, Chicago G.. w,
and Louisville and Nashville being no
liable examples among the prominent
stocks. The extreme decline from the
highest 10 the lowest was between ? TO
, points. This is exceeded only by Bur
ineton. A "a; Tobacco, 4; New Jersey.
II: st. Paul. 3-S: ID. and X. q. pds..
81: Consolidated Gas. 3; Louisville and
Nashville, 8 Is; and the Rubber stocks,
about points each. The nrmness or
The resistance to the decline and its
limited proportion gives strength 10 the
belief in it's artificial character. The
nervousness of shorts TO cover to-day
lends 20 the same belief.
Net gains on the week are shown by
81. Joe and Grand Island first preferred,
per cent: Sugar, 4: Adams Express.
Transit, Brooklyn Union Gas,
chicago Gas. c. and +. l., . il; Flint ana
pere Marquette, Illinois Steel. Laclede
1as preferred, Metropolitan Traction.
Mobile and Ohio, 81. Paul and Duluth
preferred. 6, and oregon Navigation pre-
-erred.
There was a marked decrease in the
volume Of bond trading during the week.
md values showed a general tendency
10 eao ON realizing The losses. however,
we're not specially severe, except IN re-
,,ote cases. and some liens resisted the
-oactionary movement strongly closing
vim advances ranging up to per cent.
m oregon Improvement consol os ana
, ,,oiots I'm Mobile and Ohio. The aggre-
ate sales were S95S5.oVO.
rrbe total sales Of stocks to-day were
n coz shares. including Chicago. Burling-
an and Quincy 1860; Northern Pacihc
,-ararred $3.50: Reading, ill5O; 81. Paul,
"a Tto. Tnion Pacific preferred, III; United
.,a,os Leather. $50; Chicago q. w, $40.