Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-06-02
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.


sation Of trading on the stock Exchange
yesterday. London took hold of Ameri-
can railroad stocks and brought up the
price of all those which are International
ly listed to a point materially above
New Yorks close OF Saturday. Prompt
~ upon the opening Of the market
hero this morning, large orders to buy
for London account were executed, TO
cover sales made I'm London at the adj
vance. The consequence was jump at
the opening to the London parity for
nearly all the internationals st. Paul
was the favorite in these arbitrage
operations. but there were purchases Of
all the internationals. London reports
indicated that traders there laid much
stress upon the speech of Secretary-of-
the-Treasury Gage, and his optimistic
opinion of the business outlook.
Some reaction followed upon this
early jump in prices, the depression
spreading sympathetically from one or
two centres. The Cincinnati, Cleveland.
Chicago, and st. Louis shares con-
tinued TO sag, without any good buy
ing to sustain them. Admissions that
the earnings have been insufficient to
cover tho dividend on the preferred stock
have led TO suppositiOns that the
dividend rate would be reduced. The
additional fall in the common stock of
IL points was a drag upon the mar
ket, though a later recovery left the
net loss only IL. This was supple
mented by some heaviness In the Gram
ger group. caused by reports of crop
damage by frosts. Burlington's in
crease in net earnings of over 100000
was compared i'm the minds of dealers.
with the greater increase exceeding $780,
900. shown last month, and caused re-
action in the stock. The bears also fell
back upon their old resource Of attack
ing New Jersey Central and the Gould
shares. and thus worked reaction I'm
the general list to below the opening
prices.
The market fell into dulness at the
decline, Sugar showing a loss on Wash
ington reports OF danger TO the sugar
schedule Of the tariff bill Realizing sales
in Chicago Gas helped the reaction
10 some extent These elements failed
TO hold the market from a rising ten
dency. and closing prices were, as
rule. the best of the day. The buying
by commission-house was on quite
large scale and the outside interest In
the market was more in evidence than
for many months past. The dealings
were remarkably well distributed, and
the speculative low-priced stocks. espe-'
cially those OF reorganiZed companies,
were i'm special demand, Union Pacific
leading i'm the activity of this class of
securities. with sales OF over ll.0)O
shares The demand from London for
this line of stocks was particularly
marked. The number OF shares bought
for London account was estimated TO
exceed 5000
The increase in net earnings for April
helped TO strengthen the market. Dem
yer and Rio Grande. Louisville and
Nashville, and Southern Pacific all
showing substantial gains. Some stocks
escaped entirely the early reactionary
tendency Of the market and in others
Il did not exceed fractional limits, but
extended to II in Sugar, with only par
tial recovery q point in Burlington. and
II I'm Omaha. which also closed ii be-
low Saturdays close. Net gains were
the rule throughout the list, losses being
confined to Il few cases.
The total sale of stocks for the day
amounted TO III 1863 shares including
American Sugar Refinery, 1920; Burling-
ton and Quincy, $500; Chicago Gas, S5,-
500: Louisville and Nashville. 1900;
Northwest. $500; Omaha, $500; Reading,
97O): Rock Island. 1900; st. Paul, 300;
Union Pacific. H. POO; Southern preferred,
: 100. New Jersey Central, 1000.
The bond market displayed considera-
ble strength and animation. with the
gains very pronounced in some of the
international shares. which were helped
bv foreign support. The sales were Sl,6l3,-
"a, Government bonds tended upward,
with the new As rising 1-2 per cent. The
transactions were 5000.
MONEY AND EXCHANGE.
Money on call easy at l-4nl 1-2 per
cont last loan at l IA; closing offered
At ia; prime mercantile paper, 1921
per cent. ~,
sterling exchange steady, with actual
,,,sinoss in bankers bills at siSS for de-
I'D and A.S6GA.SS for sixty days;
nosted rates, siS6 l-2aSiSl. and $LSS0
:, 90 -. commercial bills. A.S5 IL.
Bar silver, COILS; silver certificates.
Government bonds strong; State bonds
drll. railroad bonds strong.
NEW YORK STOCK QUOTATIONS.