Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-12-12
MARKET QUOTATIONS.
REPORTS FROM ALL GREAT BUsI-
HESS CENTRES OF THE WORLD.
frces of Money. Bonds, Stocks,
Grain, Tobacco, Cotton, Cattle,
Uountry Produce, &C.. Foreign
and Domestic.

Iesslonal traders to close up contracts at
the end Of week, rather than keep them
open over Sunday, and also a natural re-
action toward a higher level, after yes
terday's relapse in prices. There was
some bear pressure against prices at the
opening Manhattan being driven down
IL and Sugar yielding point, after
small gain. But this lead failed 10 IN
duce any large following, and 1t became
apparent that yesterdays liquidation had
run It's course for the present. The bull
contingent was prepared to offer vigorous
support to weak spots and large buying
orders for their account turned the tide
Sugar was the centre of the market s
strength, and the firm resistance of prices
drove the bears to cover.
There was noticeable sluggishness of
price movement In some of the most
prominent stocks in the market on the
rise. Sugar was quite buoyant. and rose
TO within about 3 points Of the highest
o. the week, and closed with a net gain
OF "a. It's range for the day was 3
points. Manhattan showed a good recu-
peratve power, and rallied within a frac-
ton of last nights close. Besides the
technical causes for the rise. the market
was aided by the recurring possibility
that decision may be handed down by
the Supreme Court on Monday in the
maximum freight-rate case. Wall-street
traders in railroad securities maintain an
abiding faith that when this decision does
come 1t will be in favor of the rail-
roads.
Northern Pacific preferred enjoyed the
benefit Of the first dividend declared yes
nv ha
ganizaton Of the company, and OF the
favorable statement Of earnings given out
at the same time.
The slight recessions from the best
figures al the close were probably induced
by the bank statement. The large shrink
age in the surplus is due, not alone TO
the raising of the legal reserve limit by
the heavy increase in deposits. but by
an actual decline in cash of S1.0127O0.
The price Of United States new As was
bid up 5-S per cent, and of the old As,
registered. Is
THE WEEKS OPERATIONS
The weeks net gains have been re-
duced, as was the case last week. by the
proft-takng of professional operators on
Friday. The manipulation of the market
by the large interest which has embarked
upon bull campaign was very obvious
during the week, and strenuous efforts
were made TO keep the course of prices
upwards by vigorous support at weak
points, and by melting sharp rises in in
dvldual stocks to sustain the general
list.
The weeks returns Of railroad earnings
have made a remarkably favorable show
ing the November statement of the New
York Central being notable exception.
Roads in the South and Southwest have
shown especially heavy increases, and
their stocks have shown the largest gains
in price
Money has continued cheap and easily
obtanable, and there have been offerings
of Chicago money on time loans in this
market. Notwithstanding the ease Of local
money rates. and in spite of a sharp stiff
ening Of discount rates in London and
Berlin, the foreign exchange market has
shown increasing weakness.
Actual rates for sterling exchange have
fallen 1-2c during the week, due 10 the
Offering Of bills against grain and cot
ton, and to an abatement Of the invest
ment demand for long sterling. Chicago
credits are to be loaned in Berlin TO the
amount Of several million dollars.
The strength and activity Of the bond
market during the week has been even
more remarkable than last week. High
grade bonds have been thoroughly gone
over. and lifted almost to prohibitive
prices. government bonds rising with the
Others. The demand has shifted TO mid
degrade bonds, which have shown mate
rial advances. Speculative issues have
moved in sympathy with stocks, but are
higher on the week.
limited States new As have been bid MP
during the week rs. the old As. registered
5-S: the 3s, 3-S, and the old As, coupon,
Ia
The total sales OF stocks were 126'9o
shares. including Chicago. Burlington and
Quincy. 5,50i; Manhattan l., 5,746; MIS-
souri, Pacific 5,16S; Northern Pacific, 5.265;
Northern Pacific preferred, 1O1OO; st. Paul,
s 40; Sugar. 5000.
MONEY AND EXCHANGE.
Money on call nominally at ! 1-2d2 per
cent: prime mercantile paper, 3Q4 IL per
cent. -
Sterling exchange steady, with actual
,ns,ness In bankers bills at $S5 $50
SIS 10 for demand, and $i& 1-2QsfS2 "a
for sixty days: posted rates, s4.S l-2q<4A
and $4S6 1-2q$4S7; commercial DIS
81 Silver certificates for 10000 ounces.
,s S-sc.: bar silver, 5S 1-4c.; Mexican dol
STATE bonds dull. Railroad bonds strong.
bonds strong 49,,
TInited States new AS, registered, ana
coupon, 129 5-S. ooc.r,ovs
NE" Closing stocks.