The times. [volume] (Richmond, Va.) 1890-1903, 1897-05-02
FINANCE AND COMMERCE
THE CLOSING QUOTATIONS Ol
MONEY.
oneriuc, aud sales at the Richmond Toe
bacco ESchsnge-lnternni Revenue
CoIlections-forcign Advances.

week trading Was mdlktd ny the Same
condition OF apathy, ana almost OF stag
nnuon. which mas characterized the mar
kct all through the week. ms WAS ac-
centuatcd boy the fact mat to-day Was
holiday on the London Exchange, and by
tho definite announcement from Boston
that the shipment OF gold to Europe on
TUESDAY ItAt ny mouse there would DC
increased 10 Sl.uuu.cpp. The market Was
lett freely in the hands OF professional
traders and was without feature OF gen
cral interest The prevailing duilne5s VAS
accompanied 10y the hcaViucss OF inertia
and prices saggcd even on the lmtee
offerings OF shares lew lndlNidudl
properties were subject to special unfaV-
orable Influences. and the general market
showed itself sensitive 10 tho sympathetic
effect Of these though the fluctuations
were within narrow compass. Inc aver
age decline for the Oay was sOuethlhb
over g. The Grangcrs were rather heavier
than the general list, The decline IN ths'
group. IN the case OF Northwest. cNtthv-
INK TO "a. The COalcrs were pretty Wen
held outside OF New Jersey Centia anu
Reading the former losing IS net altcI ~
initial rise Of y. Tobacco fell only -
in face Of the announcement OF the WIN.
drawal from the directory Of a prominent
interest The largest losses were IN lhe
spcCialtcS. a point each for tennessee
Coal and Iron and Brooklyn Union GAs,
the former on reports Of prospective a POT
troubles. Western Union declined furthtr
X 10 76is. and Sugar lost n. inc ohly
gains In the list were in Leather pid, on
covering, Pullman. Lackawanna ana coh-
solidatod Gas. each Of which rose - INC
market closed unsettled and irregular
The dealers in stocks and bonds nave
been occupied an week almost exclusive
" with the gold export movement Wnlch
has set In. and have manifested cOnsldeIa-
bio uncasinoss al the proportions asstn ed
by the shipments. The f1ld r'Ntln'nl
has proved a puzzle 10 the best authorl-
Ties, and the inability 20 account LOT IL
satisfactorily has been as much the cause
of the stagnatiOn IN stock dealings as
any positive apprchensiOns or us cUects.
Last saturday the opinion was quite gen
eral that no exports Of gold would uc
made until the then prevailing rate OF
hange. which was Si.SSA for snort
sterling should rise above that hguie.
Yet to-day. with the demand sterling only
just steady az SASH. or nc. below the
profitable point agreed upon ~ the eX-
change houses q shipment OF Sl,boVVO
additional gold is announced from Bos-
ton 10 be made by near Tuesdays steam
CT The doubt as 10 gold shipment, be-
ing IN response 10 the exhaustion Of our
credit balance abroad. grows out OF the
extraordinarily heavy excess Of our mer-
chandise exports over imports for the
nine months Of the fiscal year. an excess
aCgregating Sob OOOoO0. Those who
argue that the balance Of credits has
turned against ms assert that this excess
Of exports must be largely discounted on
account Of under valuations of imports to
cvade custom duties. They point to the
heavy importatons of the last two
ilNINIn lN NIllNlIfAAANiif anu AlA' h'fANe
obligations incurred for still heavier i'm
pOrtatiOns TO come before the new tarlU
goes into effect, the large volume of our
securities that has 10 be paid for: the
charges we must pay TO foreigners Tor
our ocean carrying trade, the credits car
ried abroad by American travellers 10
be expended there, the witndlaWa! OF
foreign capital which was placed in loans
In the New ork market, ana payment OF
dividends and interest On American Sc
curiucs still held by foreigners. All these
causes. however, failed 10 account lOT
the demand for sold and the heavy ship
ments. ON the other hand, IL is claimed
with authority that with sterling eX-
change on the basis Of SlSii Tor demand
there is no pront in gold shipments
which must Dee due 10 the payment OF
something equivalent 10 premium
growing Out of the demand for special
causes. Austria has sold number or
Treasury bills in London which are pay
able i'm gold. thus increasing her claims
on London IN much the same way our
Government did TO replenish the treasury
gold reserve. japan and Russia are also
earnest seekers for gold Tor currency pur-
poses. Paris exchange on London Is az
a. point 90 require gold shipments from
London. owing TO heavy sales In London
Of securities held In Paris. That this re-
hectcd demand for gold Is an element
in the explanation of our gold shipments
is reasonable TO suppose. At an events
the fact that S6.457 900 gold has been
shipped 20 Europe during the week. ana
that 81 5000 more Is already announced
for the week has discouraged the uans-
actions In stocks and has unsettled the
minds of capital TO an extent that has
brought the stock market into condi-
tlOu of staguatiOn ana has produced
declining tendency in nearly all values.
The hackWardness Of business generally
and the continued absence of demand Tor
the large stocks Of idle money held are
furthre influences 20 dcpress the markets
With a large surplus reserve OF gold IN
me United states this year, and an I'M
usually large stock OF the metal IN the
country outside the Treasury, and with
the current receipts of the Government In
excess Of expenditures on account or
heavy customs receipts. confidence IS OK
pressed that the I'M effects of the out
ward gold movement Will not be severe
nCr long continued, even II the exports
reach considerably larger proportions and
are continued for quite time. In the
stock market the stagnaucv has restricted
the changes in the standard shares TO
narrow limits either way.
The bond market was devoid OF feature
during the week. and prices OF the lead
ing issues show but little net changes
The main trend of values was toward a
lower plane IN sympathy with the inllu-
cnces governing the share market. but
the losses are not extreme, except I'm
Nv OF the usually neglected mortgages.
The total sales Of stocks to-day were 3D.
59J shares. including. American Sugar he
inery 200. Western Union Telegraph
Company. 100.
MONEY AND EXCHANGE: Money on
call easy at 40h per cent; prime mer-
camille paper. 3HM4 per cent. Sterling OK
change steady. with actual business In
bankers bills at iS7hdiS7i5 for demand
and 4S6i N4SGia for sixty days; posted
rates. 4S7N4SSia, commercial bills, 4s5l2
Bar silver 62ia. Mexican dollars. 4S 3-lG
state bonds dull. raiir cad bonds easier;
Government bonds weak
STOCK QUOTATIONS..
Closing Stocks.
htchison ...... .................... 1Oh
Adau,a I,xnraes .............. 100