Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-09-12
MARKET QUOTATIONS.
REPORTS FROM ALI. GREAT nUsr-
NESS CENTRES OF THE WORLD.
Prices OF Money. Donds, Stocks,
Grain, Tobacco, Cotton, Cattle,
country r&a.c.. sc. rer.,sa
and Domestic.
and Domestic.

NEW YORK, September 1.-THE gene
raj tone Of the market for stocks wa,
strong to-day, and there was no heav,
pressure OF realizing sales. But Their,
was more or less weakness at dlfferen,
points. The Northern Pacific issues were
heavy. on the continued bad Showing
OF earnings. the fourth week In August
showing a decrease. and the months de.
crease in gross earnings amounting 10
I2lsL This showing is in marked con-
trast 70 the heavy increases which are
shown by other railroads almost with
out exception. Some OF the roads I'm the
Southern group were unfavorably affect
a. b. fear that the yellow-fever quaran-
tine would interfere with their traffic.
and also by the government bureaus
report OF the unfavorable condition OF
The cotton crop. The effect was notice
able In Louisville. Southern Pacific, and
Mobile and Ohio. Missouri Pacific was
under more or less pressure OF profit
taking. The Coalers were also weak,
tho Reading issues being under pres
sure TO marked degree. The bulk Of
Granger and Kansas and Texas stocks,
and these were strong. with the ex-
ccptiOn OF Chicago Great Western and
Northwest. which closed at a fractional
decline, after having risen a point net
Kansas and Texas preferred, closed at
q net advance OF 11-2. All Of these
stocks closed fractionally below the best.
but at net advances.
The result in the list generally was
somewhat mixed. Outside gas stocks,
especially Bay State Gas. were weak
and local gas stocks were strong Brook
Ign Union Gas gained nine points. Con-
solidated Gas advanced at one time three
points. but closed at a fractional do
cline.
Manhattan ranged freely over two
points. and lost a fraction net. Toledo
and Ohio Central rose over three points.
and Pullman two points.
A feature Of the day was the sharp
recovery in silver OF half penny to
BIZ pence in London. and Of / cent to
s In New York This was due TO the
decision OF the Bank of England authori-
ties to hold one fifth of the banks re-
serve IN silver. To-day's price is pence
above the lowest In London, and 31-2
cents above the lowest in New York.
REVIEW OF THE WEEK.
The week In Wall street has witnessed
the resumption I'm force Of the bull move
ment. the buying through commission
houses being again in full tide. Evil
dences are abundant also. of buying on
q large scale Cor individual and corpo-
rate holdings Of capital There has been
abundant liquidation OF other large hold
ings. whose owners seem content to take
profits. and whose belief is expressed
that prices I'm leading stocks have adj
Vanced as far as is warranted. There is
some ground for a belief that large
blocks of new securities OF reorganized
companies, which had come into the
hands Of large capitalists through their
membership in underwriting syndicates,
have been passed TO other hands. or are
being passed 20 other hands, in the cur
rent boom I'm Wall street. Offerings
have all been well absorbed, whatever
reaction was manifest being usually re-
covered before the trading day was finish |
ed.
The weeks speculation showed renewed |
activity in railroad securities, while the |
Industrial specialties were less firm. |
Manipulation boosting of individual |
stocks, which was a feature all last week, |
has been absent this week, except on
Tuesday, the first trading day. when
Northern Pacific preferred was thus en-
ployed. The development of new factors
of strength I'm the general situation has
done away with the necessity for the
daily brace of artificial stimulant to
the market. The most noticeable develop
ment has been the growing and immense
employment of English and Continental
capital The supply of Americans In
London has, I'm fact, become so small,
that they are easily affected by manipu-
lation, and the course of their prices
IS no longer accepted as a reliable index
in New York. That large sales Of Ameri-
can securities by foreigners have been In
cited by foreign authorities, and encour-
aged and aided by large backing and
financial interests. with a view TO their
effect in checking gold exports to this
and keeping down the money
rate in London. is now fully admitted
IL Is much doubted whether the expedi-
ents adopted by the Bank OF England to
check the outflow OF gold by contracting
loans and raising the discount rate will
be much longer successful. The bank
Is handicapped by its own desire to keep
down the money rate. in order to facili-
ate the success Of the India Government (,
oan. ]
lSut the evidence OF continued heavy \
ank clearings throughout the United !
tafes Is that uses are being found IN
usiness for the country's surplus re-
crye OF money. This is supplemented
v to-day's statement of the New York
banks. The decrease OF j
900 I'm the stock Of legal tenders
ldicates that the contraction in the re- [
Arye is due to the demand for currency
ON the interior. n
EXCHANGE MARKET WEAK. n
Meanwhile, tho exchange market has v
-own weak again, and offerings OF spot "
rain bills and cotton futures are heavy. .
thus point TO an early =,
ardenng OF rates for money, and an ~
auguration of gold imports. ri
The most important event Of the week
as tho action Of the st. Paul direc- a.
RS In declaring an extra dividend or A,
per cent, bringing the years distri-
ition up to per cent. This carried CT
TN st. Paul and Burlington more than "a
per cent. above par. led TO renewed ~
wing Of the Changers, and strength e.
ed the whole railroad list The deci- "
on 20 pay per cent on the adjust &c
ent bonds OF the Atchison company &c
as also strengthening factor. The III
lormous increase in August gross earn J
gs shown in Missouri Pacific ($fl7H0, AT
ew York Central (S456, 219. and other On
ilroads was tho most substantial en- NJ
engagement 10 the buying. The Finan- pa
al Chronicle estimates the total In RI
'easo for August OF thirty-eight roads "a
presenting gains In excess OF %ooVo. 50,
N&92S0. COZ
The hope that the strike Of soft-coal &c
liners was near a settlement was an {,
1couiaging factor as were the good &c
respects received in the trade reviews.
Inc total sales Of stock to-day were Cit