Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-07-04
MARKET QUOTATIONS.
REPORTS FROM ALL GREAT BUsI-
NESS CENTRES OF THE WORLD.
Prices of Money, Bonds, Stocks,
Grain, Tobacco, Cotton, Cattle
Country Produce, &cr Foreign
and Domestic.


and Domestic.
NEW YORK, July 3.-Dealings were
small on the Exchange to-day in the
aggregate, and about one-third OF the
small total was absorbed by Tobacco.
in which there was heavy selling ana
notable decline In price. A halliday s
session Of the Stock Exchange, preced-
ing an interval Of two days suspension
OF trading, would naturally account Tor
the dulness. in part. Many dealers and
brokers left town yesterday, and took no
part in the trading to-day at all.
The decline in activity to-day, however,
cannot all be attributed TO the fact that
two days suspension of trading Is
10 follow. The heavy liquidation in To-
bacco. a sharp decline in Tennessee Coal
and Iron, and the influence of the lower
prices for American securities in Lon
don. affected the tone of the market
and were added 10 as far as possible by
the efforts of the bear contingent.
Manipulation for the decline and short
selling were quite palpable, and proved
effective in the narrow and rather neg
lected market. Nevertheless, there was
not lacking evidence of reiiuX OF conii-
dence in the general outlook for busi-
ness Improvement These results showed
no wide recesslOns, Notwithstanding the
heavy tone of the market outside of the
two special cases mentioned, and Reading
first prefeTred-the latter stock closing
point lower
Tobacco sagged at one time 31-2
points below yesterdays close, and
closed at "A Ia which is rally Of ga.
Tennessee Coal and Iron fell 2 3-S. and
recovered only a fraction Of that figure.
the weakness being due TO reports Of
labor troubles with the company's en-
ployees. Brooklyn Rapid Transit was a
marked exception to the general weak
ness. and gained "a, closing strong al
the top. Rio Grande Western preferred
also showed a further advance OF two
points.
The refiux Of confidence in the general
outlook for business, indicated as be-
ing a factor to-day. has been manifest
during the week. The recognized organs
I'm the iron and steel industry have ex-
pressed degree of dissatisfaction with
the progress made toward Improvement
I'm mat business a business which Wall
street habitually looks to as a fairly
reliable barometer of business at large.
The strike Of coal miners In the btu
minous coal districts of Pennsylvania,
Ohio. West Virginia, Indiana, and Hi
nois has grown in impressiveness 10 the
minds Of security The soft-coal
industry itself and the railroads which
transport its products have been recog-
nized as a drag on general improve
ment, and the prospect OF further dis
organization and decentralization in the
industry IS regarded as a serious draw
back TO Industrials in the revival. These
facts came TO reinforce the arguments
so constantly harped upon by the bears
during the period of the advance in
stocks. that the prices of securities were
outstrlpping the improvement in business.
As a result. the week has witnessed the
elimination, for the time being, at least,
Of the advance Of securities.
The market has. however. retained a
large degree Of steadiness, and even OF
nrmness I'm many leading stocks. Mon
day and Tuesday saw the heaviest trans
actions on the Stock Exchange OF any
day since that following the election
last fall. On Monday all offerings
seemed TO be well absorbed, and the SELL
ing seemed nothing more than the pro-
fessional proht-taking which has been q
feature at intervals of the steady adj
vance In stocks. But Tuesdays trans
actions made IL evident that the buying
which has led the advance had, to q
large extent, liquidated its holdings. and
was not prepared at once for another
upward step in the market
ST. Paul has been the leader OF the
market all week, in point of activity
and enormous speculative holdings II
Burlington have been sold out anc
transferred 10 ST. Paul. The weekly
statements OF gross earnings Of ST. Pau
have shown an excellent increase foi
each week in June over the correspond
ing period in any year since 1898. FOL
the fourth week In June the earnings re-
ported Yesterday are ia excess OF the
corresponding week for any year in the
history OF the road. ST. Paufs net gan
on the week is 1-2, and Burlington's net
loss is nearly equal. the former STOCK
having oyertaken and crossed the latter
IN price. and closing the week at the
same price. The statements or botf
roads for May were also notably good
The returns OF most Of the railroad COM
panies continue 10 show Improvement.
feature OF the week has been the de-
cline In sterling exchange TO below th'
point where gold exports are profitable
even with the consideration. amounting
TO a premium, which Is stu offered FOL
gold in Europe A special order fol
$4,000 in gold, which was received from
Europe on Thursday. found no takers
IL Is the general belief OF exchange ant
specie export houses. that this marks
the termination OF the outgoing goie
movement for this year.
The growth OF bank clearlngs In june
indicates an Increased activity In bust
ness. though It Is to be noted that tns
increase among banks outside OF New
York Is. according to the Financial
Chronicle, only per cent. over last year.
while for New York city the increase u
6 per cent supposed 10 be largely dus
to stock speculation. Deposits In New
York Clearing-Hous banks are several
xullllnns In excAss of the hlgheSl pre-