Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-10-10
MARKET QUOTATIONS.
REPORTS FROM ALL GREAT nUsI-
NESS CENTRES OF THE WORLD.
Prices of Honey. bonds, Stocks,
Grain, Tobacco, Cotton, Cattle,
Country Produce. &C, Forcign
and Domestic.


The course OF tho market yesterday had
led many 10 suppose that The bear cam
pa!gn had come TO an end, and that the
market would probably sink into mani
nation for a time. The usual end-of-
the-wcek covering OF short contracts
was expected TO stiffen prices, but quito
the contrary occurred. Prices did i'm
prove fraction in the first hour, on
very light volume OF dealings. But weak
ness developed in Chicago Gas, and
checked the rise. The room traders
soon afterwards detected selling by
houses with Washington connections.
and the bears seized upon this as
proof OF inside information Of a mystic
rlous something impending in Washing
ton. that might play havoc with values
when II becomes known. What the mys-
ferrous something was was not disclosed.
The stock market is peculiarly sensi-
tive TO limitations from Washington at
this time, owing 10 n conviction in many
minds that II is only question Of time
whom the Cuban question will lead to a
rupture with Spain. Much stress is
olso laid by traders in stocks on the
pending decision Of the Supreme Court
upon the Nebraskan maximum freight
rates case. and the case against the
Joint Traffic Association.
The market was evidently unprotect-
ed by supporting orders, and the ag-
gressive short selling by the boilers led
10 rapid declines. on light transactions.
only two stocks in the list show sales
as high as 10000. These are Chicago
Gas and Burlington. Chicago Gas.
Omaha. Manhattan. Missouri Pacific,
and Burlington were conspicuous In the
decline. Consolidated Gas fiuotuated, in
its Characteristic way, breaking 91-2
points at ono time. but ending with a
recovery OF 3 points. There were slight
recoveries in some stocks just at the
close. but most stocks closed at the
lowest, the prevailing tone being very
weak.
Probably n superficial view OF the
weekly statement of the New York
clearinghouse banks had something TO
do with to-day's selling movement Of
stocks. The professional trader usually
accepts a decrease in the surplus re-
serve as a specific admonton TO sell.
To-day's decrease Of {2.06i9OO in that
item was, IN fact, something Of a sur
prise. in view OF the rather strenuous
efforts by the banks in the last two
weeks 20 prevent q further shrinkage in
their surplus
THE GOLD IMPORTS.
But the small decrease in loans re-
ported this week-262. 300-indicates that
the banking authorities view with
equanlmity the decline in their reserve
surplus. confident in the streng .hcning
force of the S6350.0OO in gold now in
transit TO New York from England ard
France. The gold arrivals of the week
are reflected In the increase in specie Of
81 5SS. 400. but are moro man Offset by
tho decrease in legal tenders of s4.302cCe.
The demand for legal tenders is very
keen, and the best efforts Of thu banks
and the United States Treasury are not
equal 10 fully providing a supply. The
New York Sub-Treasury has been obliged
10 refuse to supply legal tenders in re-
turn for gold. except for telegraphic
transfer Of currency to other sub-trea-
Buries The New York banks have bean
BettlinR their balances at the clearing
house during the week in gold to q large
extent. and the prediction is made that
tho payment OF customs dues will soon
be made In gold. Chicago banks are
reported also 10 be presenting gold at
the sIb-treasury there, with a request
Washington is beginning TO find itself
embarrassed TO supply all these de-
mands upon 1t. Since September 1lth
the decrease in legal tenders in the
New York banks reserve has amount
ed to 81 S51.3O0 while specie has in
creased nearly 81. 100000 in the same
time, Notwithstanding large exchanges
Of specie for legal tenders at the sub
treasury.
The ample proportions Of the countrys
gold reserve has doubtless had much to
do IN deferring the import movement OF
gold. which was fairly inaugurated yes
terday. The stiffening Of exchange rates,
consequent upon the purchase Of bills
against these imports, IS believed to be
but temporary ana the movement Of
gold Is expected TO continue steadily for
some time 10 come
MONEY EASIER.
The effect on the money market OF the
gold engagements has been 10 impart a
distinctly easier tone. time money declin-
ing to per cent. for sixty days and to
per cent for four months and longer
periods. outside buyers OF commercial
paper have been in the New York mar
ket during the week. and though the
supply OF paper has been in increasing
volume rates have been easier, and are
at Ali 10 per cent. for prime grades.
The stock market has been singularly
unaffected by the beginning Of the gold
movement. which almost always has a
marked sentimental effect on prices.
The resistance Of the market 10 the ef-
feet Of the heavy slump in Chicago Gas
on Thursday and the hardening tendency
On Friday on the large shipments OF sold
announced on that day. led 10 the suppo-
gition that the reaction was at an end,
and that a rally would cnsue. But to-
5av's market has completely belied this
.xpectation. The market has been dull
and professional all this week sensa-
tional movements OF special stock failing
10 have any marked effect on the general
market. These included a jump ofg
polnts in Manh9ttan on Monday on a
Soueeze Of shorts. the slump in Chicago
Gas on the purchase of competing com
panies by the great gas syndicate,
and the usual mercurial course Of Con-
eoldated Gas Union Pacific. has fuctu-
ated widely, on different rumors regard
ing the adjustment between the reorgani-
zation committee and the government
The unprecedented gross earnings OF the
railroads for September. and the hand
some net returns for August. which have
besn reported during the week, have been
az Intellectual as the gold movement m
checking the reaction, ana prices are.
with few exceptions. lower, the losses in
the Changers extending up TO points In
Omaha and In Burlington.
BONDS.
The prices in bonds We're relatively firm,
.ome small gains being shown. Trans
actions were light. compared with recent
Ice f.l.l Nh