Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-10-24
MARKET QUOTATIONS.
xrronrs rRoN ALL omar susI-
MEAS CENTRES OF THE wonLD.
,rtces of Money, Donds, Stocks,
Grain, Tobacco, ccttons Cattle,
COUNTRY Preducs, &C.. ForeigH
suA nsxnesnc.
and Domestic.


professional traders. and this included
come selling for foreign account. Some
of the selling represented the placing OF
short contracts by bear traderA who
argued that the danger of the Cuban
questions leading to strained relations
with Spain. indicated that prices would
,ecline. The Sunday interval before
trading will be resumed made these ope-
rators cautious In their ventures. for fear
OF developments that may change the
situatson before Monday. Tho disposi-
ton TO restrict operations 70 short turns
was very obvious. and the only move
nent OF prices seems to be due to profess
sIonal manipulation.
The total sales we're less than 5000
shares, a figure lower than for any Satur-
day in mouths. The greater part OF these
sales were OF shares OF the Industrial
speclalties. the railway list being Ge-
r!dedly neglected. Some firmness was
manifested in the Granger shares, on tie
theory that they will benefit from the
favorable decision in the Nebraska maxi
mum freight-rate case, which is expected
from the Supreme Court on Monday-that
is TO say, decision denying the right OF
the State OF Nebraska to fix maximum
freight charges for the railways.
Sugar displayed some strength during
the day, and closed with a small net gain.
Chicago Gas and Union Pacific were the
only stocks traded in 10 the extent of
more than 1000 shares. The latter was
weak. on the doubt cast upon the success
OF the reorganization plan by talk or an
opposition syndicate, which continues to
be spoken OF IN an indefinite way. Net
losses are general. but reached point
or over in only few cases.
The increase OF the surplus reserve OF
the banks. with the legal reserve raised
by an Increase in deposits, was not count
ed a favorable factor in the stock mar
ket though It naturally tends to ease the
money market, and TO strengthen the po-
sitlon OF the banks technically. The in
crease In the holdings Of actual cash was'
SSe26 COO, the gold arriving from Europe
last Friday and Saturday being included.
The liquidation Of loans. In the face
OF this easy condition, reached the large
total OF coo. This was in large
part due 20 the buying Of commercial
paper in this market by western banks,
choice single-name short paper having
been placed with a Chicago bank during
the week at 81 per cent, according TO
a prominent authority Numerous other
western centres have offered money in
New York. and their deposits are reported
10 be high. on account Of large payments
OF Indebtedness by farmers and western
Businessmen. who have realized on the
grain crop The quick movement of the
grain crop has led to an early cessation
OF demand for funds for that purpose.
MONEY MARKET PLETHORIC.
abe fc oil rla
and the falling off in the demand for
funds is not looked upon in Wall street
as an altogether favorable indication OF
the progress Of general business 1t is
reported that a movement is on foot
among New York banks to reduce the
interest they pay on balances of out-of-
town banks from TO 1 IL per cent.
This condition Of the domestic money
market is coupled with something
very like strlngency in the Berlin
money market owing to keen activity in
business, and to a stiffening Of rates in
the London market, as a result of efforts
by the Bank of England to prevent gold
from coming to the United States. These
Efforts consisted I'm raising the price Of
gold bars and American eagles and in
borrowing largely with view to bring
ing up the open market rate of discount
20 a parity with that of the Bank, which
remains at 3 per cent. The open market
rate in London yesterday and to-day had
about reached that point, and 1t Is re-
ported that applications for loans are
making to the Bank itself.
The London rate of discount has crossed
the New York rate and the disparity
tends 10 increase, so that the import
movements OF gold has come to a stop,
IN spite OF the heavy trade balance in
favor Of this country Exchange is being
allowed TO accumulate at this centre.
Exchange bankers sell demand sterling
for future account at a rate which makes
Il profitable to buy these futures, and
borrow money on long sterling bills as
collateral until they mature. The effect
is the same as though gold due TO credi-
tors in this country were placed at
higher interest i'm London, instead OF be-
ing imported. The operation is based on
the tendency Of the balance Of trade 10
shift again later IN the season.
The greater ease in money has not re-
suited in any increase in speculation In
the stock market, the underlying senti-
ment being general that business has not
held its own. There has been improve
ment. railway earnings continue large,
but some question has begun to rise
whether general traffic will keep up the
earnings after the grain movement ana
the arrearages Of soft-coal traffic have
subsidized Some speculative activity has
been shifted TO the wheat market, with
the fresh advance there. The rise In
stocks early In the week seems 70 be
largely due TO covering OF shorts, and
the latter days have seen reaction, due
20 proft-taking and renewed short SELL
ing The market has been dull and pro-
fessional throughout. London was
buver early in the week. The advance
at the high point ranged from to
points I'm the leading active stocks. but
the later reaction has left the net
changes uniInpOrtant. Pullman, which
fell almost points on the announcement
OF the death OF the head of the company,
shows officially a small net change. Sugar
has risen over five points. Otherwise,
net gains of over three points are infre-
Quent
Ronds have been moderately active,
and have held their advances more
ARMY than stocks, the gains. ranging
I'D 10 per cent. Total sales S,l0,mo,
United States new AS. coupon, have sold
al l2s. the highest on record. The bid
prices of other issues have moved up
in correspondence with the ease In the
money market.
The total sales Of stock to-day were
81 800 shares. including Chicago. Burning
ION and Quincy. SOS; Bay State Gas
7,22o; Chicago Gas. 1502S; Sugar. oIio'
MONEY AND EXCHANGE.
Money on call easy at per cent;
prime mercantile paper, AGA 1-2 per cent.
Sterling exchange firm. with actual
business In bankers bills at A.S5 for
demand. and s482 IL for sixty days;
posted rates. siS3Gsi.S3 IL and S4SG; COM
mercial bills. %.a. =.