Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-06
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
ana Domestic.

stock market was lifted TO a higher level
by the conspicuous strength of COM
paratively few stocks. 1t was notable
that the Vanderbilts, which gave tho
initial impetus to yesterdays advance.
showed the effects to-day of proft-taking,
Lake Shore losing points and New
York Central a small fraction. Michi-
gan Central, after bounding upward at
the opening. reacted over a point, but
closed with a substantial gain. The far
reaching importance OF the merging of
New York Central and Lake Shore and
the prospect OF additions to the plan. con-
tinued to have marked sentimental ef-
| feet on the whole market. The possi-
bilities in the way of reduced expendi-
lures for administration. and Of stability
Of rates for traffic, from the consolida-
ton, are canvassed with eager attention
by dealers in securities.
Pennsylvania was conspicuously affect
ed, and the long-sustained advance in
the. stock OF its subsidiary company,
Pittsburg. c., c. and st. Louis, is point
ed to as evidence of closer relations to
come.
Burlington rose strongly on rumors Of
the ripeniEg of the refunding plan and
a pending increase in the dividend rate.
General Electric, Lake Erie and Western
preferred, and Lackawanna were marked
ly strong, and Norfolk and Western pre-
ferred continued its upward movement.
There was a reactionary tendency In
the Erie and Susquehanna and Western
stocks. on realizing. The recent ad-
vance Is accounted for by well-dehned
reports of a plan for exchanging the Sus-
quehanna stocks for an undetermined
percentage of the Erie stocks.
Great Northern preferred sold at a
further decline Of 2 points. and was bid
down still further, the various reports
Of plans for increased capitalization and
distribution of the company's accumulated
resources being so conflicting as to lead
to the conviction that no plan has as yet
been formed.
Although business was on a large scale
and widely distributed, the fluctuations
in prices were exceedingly narrow, out
side of special cases, the most important
of which have been indicated.
The heavy increase of over 100000
in deposits in clearinghouse banks for
the week marks the continued flow of
funds to this centre, and the withdrawal
OF government deposits must be allowed
for, in addition. in estimating this move
ment. The expansion Of nearly 100000
in loans, though heavy, falls far short of
absorbing the total increase in deposits
The activity in the stock market I'M
doubtedly involved a large amount of
borrowed money and 1t is possible that
other speculative markets have drawn
on this centre for funds during the week
There is reported also a good supply of
attractive names in the commercial paper
market
Under the circumstances, the decrease
In the surplus reserve is disregarded in
the stock market, as being simply the re-
suit Of failure Of the cash reserves to
keep pace with the rise in the legal re-
serve level
The cheapness OF money has lead TO the
Withholding Of maturing exchange obli-
cations, which are exchanged for long
bills, thus keeping up the rates Of ex-
change.
REVIEW OF THE WEEK.
The stock markets unusual activity this
week has been characterized by remark
able strength in spots. Apparently there
have been some few elements of strength
each day 10 sustain the market, although
very heavy realizing was in progress in
stocks that have been foremost in the
recent advance. At different times during
the week the market has been under the
influence of aggressive strength in Chesa-
peake and Ohio, Baltimore and Ohio,
Louisville, Pennsylvania, Northern Pa
cific preferred, the Coalers, Union Pacific,
and other less conspicuous stocks. Wide
advances have occurred In some Of the
high-priced closely-held invested stocks.
notably, Great Northern preferred, which
advanced an extreme of points, but
reached points.
The weeks heavy proft-taking sales
have been well absorbed and outside par
ticipation in the market has grown. Many
stocks have been at times below last
weeks closing level and some prominent
stocks end below, but the general level
of tho market is higher, principally as a
result Of the movement of yesterday and
to-day. The gains range between l and
points, with exceptions in active stocks
up to 6 points.
The bond market has continued to show
the phenomenal activity and strength
which it showed in January. The total
par value of sales in January was nearly
$93, 100000. This total was never exceeded
on Change, except in October, 1855. when
the sales exceeded $1Oi,OO0C0O.
In view Of the present Importance at
Shore consolidation, it is considered sig
niicant that the previous period of great
est activity was at the time of the West
Shore settlement. Kansas Pacific con-
soils showed an advance for the week of
u 1-S points, and the Kansas Pacific and
Union Pacific showed large advances.
Prices all around are markedly higher
Total sales, So, 100000
United States new As, registered, adj
vanced ia; do. coupon. ex-interest, ID;
the old As, registered, and the SIS. regis
tered, IA, and the old As, coupon, and
the SIS, coupon, ex-interest. is bid.
The total sales of stocks to-day were
$50. 400 shares. including the following:
Chicago. Burlington and Quincy, 1880;
Erie new first preferred, 6,250; Michigan
Central, 10000: Reading first preferred,
$40; New York Central $780, Northern
Pacific preferred. $685. St. Paul, TO- 400,
Union Pacific, 6,4SO; General Electric.
1880; Sugar, 1885.
MONEY AND EXCHANGE.
Money on call easy at 11-2Q1 "a per
cent; last loan at IL per cent; prime
mercantile paper, per cent.
Sterling exchange steady, with actual
business In bankers bills at 4-SG$iS s. IA
for demand and s4S3Q$iS3 Is for sixty
DAYS: posted rates, $4.SS 1-2Qs.S6; CONNER
cial bills, $4.S2qA.S2 1-2.
Silver certificates, Sc 1-2G57 IL; bar sill
yer. IS rs; Mexican dollars, a. 3-S.
state bonds duh. Railroad bonds strong.
Government bonds firm.
NEW YORK STOCK QUOTATIONS.
Closing Stocks.
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Atsn son. preferred .......'........ '''''' 31lss
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