Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-06-06
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 Domestic.

NEW YORK, June 5.-There was no
mistaking the strong bull character OF
to-days market for stocks and bonds,
nor was there any room for doubt that
the motive for the buying was greatly
increased confidence over the general out
look for business In the country. The
bear element was not factor in the mar
ket at any time during the day, except
as urging buyers to cover short contracts
before prices should rise beyond their
reach. There was some proht-taking at
intervals by the more conservative-mind
traders. but apparently their only purpose
in selling one stock was to put the pro
ceeds into another. Such realizing sales
as were made were we'll absorbed. and
in consequence the upward course OF
prices went merrily on from opening TO
close of the days short session.
The dealings were remarkably well dis
tributed, Sugar showing the largest num-
Der Of shares OF any one stock sold. with
$500 shares. Chicago Gas and Buriing-
ton followed close. with over 1000 shares
EACH and St Paul was not far behind.
|
tent Of from 200 to 1000 shares. there
were about twenty of the usually inactive
stocks, the sales made up I'm part OF odd
lots bought by commission houses on out
side orders.
The general strength of the market was
doubtless assisted by the aggressive
strength shown by some of the most ac
tive stocks. notably Sugar, the Changers.
and New Jersey Central. Reports from
Washington that treaty with Spain was
being considered, looking to the regulation
of the naturalization of Spanish subjects
as citizens Of the United States. had their
effect in helping prices. as indicating a
purpose 10 eliminate causes OF friction be-
tween the two countries. - 3ur Pa
cihc and Western Union jo the list.
of speculative values. With the favorites
Of the bears thus ali shifted TO the bull
side of the market there was practically
no reason left for the advancing tendency
of the market.
The week has been most remarkable for
the manifestation of increased confidence
in the buying and holding of specaltles,
especially railroad stocks and bonds.
| The improved tone of speculation has
| been remarkable for the absence Of
specific influences on the stocks most af-
fected as for the confidence shown There
can be no doubt that a great part of the
buying Of stocks during the week has
been predicated upon a conviction that the
outlook for general business is greatly
| improved, and that the country has turn
ed the corner from depression towards
| Improvement. The cheerful confidence
shown by the Secretary OF the Treasury
I'm his public utterances has made a strong
impression in Wall street. Much account
is taken Of the contention that the volume
of business is equal 10 that in the most
prosperous years, although prices are
still low. Says Dun's review: Reports
from all parts OF the country show that
! the retail distribution OF products Is I'M
usually large and increasing" and "a,
comparison Of prices this week i'm the
leading branches of manufacture shows
a remarkable similarity to the course OF
prices in the earlier months of 1879, when
the most wonderful advance in production
and prices ever known in this or any
other country was close at hand"
This feeling has secured a hold on the
more sanguine element in Wall street dur
ing the week, and is largely responsible
for the bull market 1t is fed. to a
greater or less extent, by various de-
velopments. The effect OF gold exports
is no longer dreaded, as II IS seen that
the depletion Of the surplus gold reserve
in the Treasury is not measured by the
amount Of gold exports. The decrease
in the Treasury reserve since the gold ex-
port movement began is, I'm fact
considerably less than two thirds Of
the gold exports. The growing pros
| pect that the country's crops are to be
plentiful and OF good quality is accept
ed as giving the best possible assurance
| Of increased prosperity and expanded
business. The crop prospects have had
an especially beneficial effect on the
Granger group Of railroads. The reports
of earnings from these railroads for the
week have also added to their strength,
notably so in Northwest and Burlington.
A large portion Of the weeks specula-
ton, so far as the railroad list was con-
cerned. has conferred in this group. The
improved earnings Of southern and
| southwestern roads continue to reflect
the expansion OF business In those quar-
tiers, also.
In the money market there has been
an increase of activity in the -Mercan-
| tile paper department, indicating an in
creased use of credits in trade. There
have been. also, large Withdrawals OF
the money deposited with New York
banks by outside banks, for use in diff
| ferent localities. The action OF the Chi
cago banks in reducing the rate of in
terost paid on deposits by outside banks
| has served 10 check this tendency and
to increase again the accumulation of
outside bank deposits in New York
| banks.
The barometer OF the Stock Exchange,
| as usual, has been quick to respond to
these evidences OF awakening activity In
trade. The traders have shown them
| selves somewhat timid and distrustful OF
| the Improvement. as was natural after
| the long period of depression and re-
| curing reaction. They have been con-
| stantly watchful to take profits on a
short turn, and there have been halts
! during the week for this purpose, es-
peclally at the time OF the breaks In
| the shares of Rubber and Cleveland and
| cincinnati. Chicago. and st. Louis. due
10 a reduction of dividend In the for
| mer case and rumors OF a reduction In
the latter. But the offerings to realize
have been steady and confidently alb
sorbed. without notable reaction. and
each day of such developments has add
sd 70 the confidence Of the trading on
| tho hull side. Purchases for foreign ac-
count have been large and well distri-
huted. the lower priced shares OF reor-
| .,a ntzed companies being specially proml-