Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-10-17
QUOTATIONS.
REPORTS FROM AL GREAT DUsI-
NESS CENTRES OF THE WORLD.
Prices OF Money. Bonds. Stocks,
Grain, Tobacco, Cotton, Cattle.
Country Produce. 40, Foreign
and Domestic.

NEW YORK. October i6-There was
nothing TO indicate any urgent covering
or short contracts In to-day's market.
such as Is very often customary at the
close OF a week Of bear campaign. The
days market showed a firm tone during
the greater part OF the days trading.
but the fluctuations were very narrow.
and the close was at small declines from
The best. There was a break OF s-S In
Manhattan, on short sales. which was
the most striking demonstration by the
bears during the day. Both parties In
the market seemed equally apatheuc.
There was good buying in the two lead
ing speeialtles-Chicago Gas and Sugar
the former equally attributed to a pur-
pose OF inside interests 10 acquire stock
and a manoeuvre to squeeze tho shorts.
Missouri Pacific preferred offered the most
sympathy with the drive against Manhat-
tan. Union Pacific exhibited some depres-
sion, on account OF the expressed critl-
cisms Of the minimum bid agreed 70 by
the government for the satisfaction OF
is claimed agreement OF foreclosure.
None Of the leading stocks showed i'm
portant net changes. but most OF these
are gains. Experts have been watching
the market now for signs that il has
turned upward again. Such a process has
apparently been inaugurated twice dur
ing the week. but the upward course
came TO a stop with the closing Of short
contracts, and reaction resumed its sway.
The reactionary tendency has now con-
~ oh
and the average decline in that direc-
ton is about half as much as was the
rise IN the previous four months Of bull
market
Statistics might be cited Of the proper
tons OF reaction in tho decline after
previous bull markets, but precedents are
misleading and various. Ii is Invariably
the rule that a backward swing occurs
after any great bull market Professional
traders sold out a month ago at high
prices and they do not care to buy eean
as long as there is a prospect Of future
declines.
During the week the many holders OF
stocks who have been persistent IN hold
ing on for turn. have become disgust
ed. and have decided on a large scale TO
save further loss. thus giving material
assistance 10 the bear party. The mo-
tives assigned for the selling are various
and OF little real force, as is demon
strated by the fact that when the alleged
cause Is removed there is no cessation
IN the decline.
The trade reviews all report continued
expansion In trade, the iron industry be-
ing especially marked in this respect.
The output Of pig-iron has Increased.
aud the decreased stock indicates that
the rate of consumption has increased
Z IA gf
GOLD IMPORTS.
Further engagements Of gold for i'm
port were expected to have been made
this week. but the purchases OF exchange
bills against last weeks engagements
have kept the rate Of exchange above the
import point. This point has also been
lowered by the advance in the prices Of
gold bullion in London, and by the rise
IN discount rates at London, Paris, and
Berlin. A very heavy movement Of gold
is considered inevitable.
London has ceased to sell American
securities in the New York market. and |
this week has been a buyer.
There IS a balance in the trade OF the |
month in favor Of this country of over
Ss2. 10000. The new cotton crop just
gaining full tide is expected to have a
heavy movement I'm October, but It must
be borne in mind, however, that the low
price in cotton prevailing viii make
great difference In the amount of OK
,hange demand TO pay for exports. To-
lays statement OF imports at New York
Tor the week shows q striking Increase
over last week Of S2SSS, 551, while the
exports from this port for the week fell
~ $2,45l.S9A This must modify the In
ernational exchange situation.
The weeks declines have been heaviest
n the specialties Sugar and Tobacco
eadlng. with 61-2 and Ia respectively.
Declines in railroad stocks range from
70 per cent, the Changers, Southern.
md Southwestern roads leading. Chi
ago Gas sold as low as 81 II. Railroad
,onds were less active and weak, In SYM
,athy with stocks. but the declines were
sss important Total sales Sl0SJ0,000
United States bonds have been strong
nd higher, the new As. coupon. gaining
s.
The total sales Of stocks to-day were
&c. 500 shares. including the following;
Burlington. s2O5; Northern Pacinc pre-
erred. 5.5i5: ST. Paul. lO,lOO; Union Pa
fife. 1858; American Tobacco, 6,164; Chi
ago Gas. @.445.
BANK STATEMENT.
The weekly bank statement shows the
allowing changes:
Surplus reserve, increase, N,l29,OOo.
Loans, decrease. S26lfl00.
Specie. increase, 1898. 200.
Legal tenders, increase, S26,4oO.
Deposits decrease. $4,000.
Circulate increase. $4,000. :
The banks now hold Sl4,Gl4,5OO In ex- !
SIS Of tho requirements Of the 25 per I
mt rule. ,
FOREIGN STOCK MARKETS. S
The Evening Posts London financial l
ablegram says: The stock markets were /
pod to-day. The feature was the revi- '
al In Americans and Kafiirs. In the !
,rmer Central Pacific were especially ]
BOD A strong pool is said to be formed }
them. c
Nothing definite is yet known in the a
~ about a Cabinet meeting TO frame c
\ answer 10 the Bimetallic Commission,
II at the time Of cabling silver is being
I'd for forward delivery.