Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-09-22
MARKET QUOTATIONS.
REPORTS FROM ALL GREAT BUsI-
NESS CENTRES OF THE WORLD.
Prices OF Money, bonds, Stocks,
Grain, Tobacco, Cotton, Cattle,
Country Produce, &C, Foreign
and DCnestic.

resulted in the level of prices through
cut the whole list. The rate OF the de-
cline in different stocks will seem at
first glance out Of proportion, but more
careful scrutiny will reveal that the
heaviest losses are in those stocks that
have undergone the most marked ad-
vances.
That the movement OF the mar
ket to-day is a natural and inevitable de-
velopment Of the progress toward I'M
provement in business and industry which
is going on in this country is obvious.
A sustained upward course of prices Is
almost always unchecked until 1t has eX-
ceeded the reasonable valuation. The
impression has been gaining strength that
stocks were passing beyond this limit,
and reaction was imminent. Manipula-
ton by powerful interests is one thing
that has deferred it. Another thing has
been the continued plethora and cheap
ness of money. inviting to continued
speculation.
In the natural and orderly course OF
things, il was to be expected that the
expansion of business would absorb Idle
money and make its use more eXpen-
sive Bank statements for two weeks
past have reflected the certainty that
such a rise in the price OF money was
approaching. The marking up OF call
loan rates late in the day. and their con-
tinuance at a high level, crystallized INTO
certainty the impression of many months
that the prices Of stocks were excessive
Iv high and as a consequence. the de-
mand TO buy fell below the offerings 10
sell.
There was a spasmodic and Intellectual
effort shortly after the opening. on tne
mart of the bull contingent, 10 check tne
decline but it was apparently apdnuoheu,
and the market was left to itseit uhti
the heavy liquidation should exhaust IL
self This seemed TO have come 10 pass
a, about ? o'clock, when the market be-
came dull at a decline reaching from z
points upward. The cessation OF heaVy
realizing offers encouraged some renewed
buvina and a rally. extending TO over
a noint i'm many shares, ensued, but the
market sold off again before the close 10
the lowest point Of the day.
There is reason to believe that the rise
I'm the call-money rate was net entirely
free from manipulation. Ihere were
evidences of concerted action IN ,he
marking up Of the rates. IL was notice
| able that the sharp stiffening Of the
money rate did not result in as great
! fan i'm the rate of exchange as fhlshl
| have been expected, and the discount
| colo I'm London was rather easier, Wnlch
! was not to be expected.
| There was a disposition TO make much
of renorts of an ultmatum from our
government to that Of Spain on the
| Cnban question. Many commission
houses have been advising their Gus
toners TO sell, and their offerings came
| npon the market. Some erect was pro-
| duced on the stocks of transcontinehtal
lines by Attorney-General Mchenna
oninion against the validity of the dis
eliminating duties against Foreign goods
Unmarried through contiguous countries
| That there was heavy selling for short
account. also, was quite evident and
standing orders to sell. stop-loss, on
q decline were uncovered In large num-
| hers Some covering of shorts at the de-
cline helped the rally.
Such were the factors in the days
| market for stocks. The total sales oil
| stocks to-day amounted to 10000 shares
including Atchison, 600; do, preferred
q g05: Chesapeake and Ohio, 1850; Chi
cago, Burlington and Quincy. 1I42o; Cleve'
land. Chicago. Cincinnati and st
Louis, $500; Denver and Rio GrandS
preferred. 2.GO0; Louisville and Nash
vile 2sSiO; Manhattan l.. 1900; Mis-
souri Pacific, 26370; Missouri, Kan
sas and Texas preferred, 1900; New
Jersey Central, $500; New York Central
1920; Northern Pacific, R,2JO; do. prefer
| red. S9725; Chicago and Northwestern
lO.s20; Ontario and Western. $500; Read
ing. SO.lsO: Rock Island, 1920; st. Paul
81. 500: st Paul and Oregon. 1880; South
ern Railway preferred 1880; Unor
Pacific. s2 $50: Union Pa!ihc. Denver and
Gulf. 600. wabash preferred, $500
American Tobacco, $500; Bay State Gas
6.120; Chicago Cas- 25,N0: Consolidated
Gas. $500: General Electric, 1890; Lead
$500; Pacific Mail $500; Sugar 1890
Tennessee Coal and Iron, 800; do. pre-
ferred, $3.50; Western Union, 1920; Chi
cago and Great Western, $500.
The dealings in railroad bonds were
heavy. the par value of the sales reach
ing 50 $4,000, and prices declining II
sympathy with the weakness of the stocl
market. United States old As. regis
tered. were is lower bid, and the new
AS were Ii lower.
FOREIGN STOCK MARKETS.
The Evening Posts London financia
cablegram says: There was weake
tone In the stock markets to-day. Ameri
cans leading In the decline. The.
opened under the parity. The Cubaf
situation is not liked here. and II is be
lieyed that New York has overdone tn
ris. for the moment. Cable dispatche
were also printed from New York hint
ing at curtailment IN banking accom-
modations. etc. Prices of Americans raj
lied when the New York quotations wer
first cabled, but closed fiat, at lowe
prices. Still there is a disposition. on tn
whole. 10 buy on any material reaction
Mines were dull.
The Paris and Berlin markets wer
dull.
MONEY AND EXCHANGE.
Money on call firm at 3 1-2a4 per cent.
last loan. 3 l-2; closing offered at 3 LA
per cent; prime mercantile paper, ~
i1-2 per cent.
Sterling exchange weak. with actua
business In bankers bills at $i.A 5-Susi.c
for demand, and $i.2 l-2QA2 "a 70
sixty days: posted Rates. s4.S3 l-2qA.t
and A.s5 i-2QA.s5 l-2; commercial bill:
$4S IL.
silver certificates. 5000: bar silver
b9l-s; Mexican dollars, n.
Government bonds easier. State bond
dull Railroad bonds weak.
NEW luRK STOCK QUOTATIONS
Closing stock
Afcnfsva Topek1 sa1 Santa no &c.,. 81
Atch son, preferred .................. 1850. ~
baltimore And UoiJ ..-.....-............... IO0
8 Canada IA .iccs. 10
Canada South elm. ............-.......s. %
Central Pacific. ..s..s..........ss....ss 10
Cbs,aDe6ge a al Ouio. "a