Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-09
MARKET QUOTATIONS.
REPORTS FROM ALL GREAT BUsr-
NESS CENTRES OF THE WORLD.
Prices OF Money, bonds. stochs,
Grain, Tobacco, Cotton, Cattle,
Country Produce, &C., Foreign
and Domestic.
and Domestic.

That there should be a taking OF quick
profits after such a sharp rise as that
of the Lass two days was to be expected.
and the professional dealers who bought
stocks late on Wednesday and Thursday
sold their holdings OF the most active and
strongest issues. The realizing was quite
pronounced In its effect on New York
| Central and Sugar. which reacted more
than point from the high level of the
morning.
/ There was evidence Of continued realiz-
ing in the local traction companies. Some
/ Of the Anthracite group also continued
under depression to-day. Notwi. hstanding
these reactionary tendencies, the gem
eral tone of the speculation continued
strong and confident. Business was on a
large scale. and embraced a large num-
Der OF different issues, some OF the usually
| inactive stocks being brought into promi-
hence by sharp advances.
The pressure OF large sums Of newly
disbursed money seeking reinvestment
was reelected in the demand for high
grade investment stocks. The demand
Tor bonds also continued very heavy.
There was one transaction OF 800 coo in
-NtW lOThs CulCuBO 81. LOUIS > dN
l07. Prices OF high-grade bonds generally
are now at the highest, and the pressure
of investment funds forces money into
the middle and lower grade issues.
Realizing at the close reduced prices
considerably from the best, and In some
cases wiped out earlier gains. This caused
an easy closing, with net changes mixed
between gains and losses.
The expected has happened In the stock
market this week, in an outbreak OF
something very like a Juror Of specula-
ton, and an inward rush OF prices of
pretty much all grades of securities.
There was a halt in the anticipated
awakening of Monday and Tuesday, and
some declines, due to several causes, but
primarily to disappointment at the con-
tinued stiffness Of the money market.
pending the final payment Of the Union
Pacific settlement. This involved the
withdrawal from the market Of $S.5SS, 4M
and its payment into the Treasury, and
this operation. together with the accu-
mutation Of funds incident to regular
January disbursements. resulted in raising
the rate Of money 10 per cent on Mon
day. BY Wednesday afternoon the funds
thus disbursed began to come back into
the market for investment and the gov
ernments outgo of interest and redemp
ton had offset Union Pacific payments.
The declines in prices of stocks earlier
in the week were quickly retrieved, and
professional operators and commission
house brokers. acting for outside specu-
lators and investors, began to vie with
each other in marking up prices.
MONEY PLENTIFUL.
To-day's bank statement shows the
complete rehabilitation OF the New York
money market, which has been accom-
plished, not only by the release OF funds
at this centre, but by large inflow OF
money from interior points, invited by the
recent high rates for money. NotWith-
standing the fact that additional deposits
Of sl0,52S3O0 have lifted the level OF the
legal reserve by 81, O75. the heavy cash
increase Of $9,l07.s00 leaves the surplus
reserve S5, Az, S25 higher than last week.
Conditions, indeed, promise such pleni-
tude of money that money-lenders see
their prospects marred, and there is
talk OF releasing to the government its
deposits. which were left in New York
banks at the time Of the first part OF the
Union Pacific payments. These deposits
amount TO something over S33, 100000. Part
of them are secured by government bonds,
whose redemption is already provided
for. so that their surrender would involve
simply a bookkeeping exchange. But
the taking up by the government of the
total amount would probably involve the
withdrawal OF sufficient sum in the
money market TO serve quite effectively
to steady rates Of interest.
The high rate for money was reinforced
as factor Of stock market depression
by the forebodings expressed by two
prominent railroad presidents on Monday
that there would be no profit in com
petitive railroad business, as there had
been none, unless Congress would autho-
rize pooling. The railroad earnings re-
ported for the week, however, were an
effective cure for much Of the gloomy
apprehension Of the railroad officials.
In the foreign exchange market the
feature Of the week has been a demand in
speculation based on the prevailing low
rate Of exchange and a belief that the
need for exchange will grow within the
next few weeks. The average level of
stock prices has risen between one and
two points during the week.
Business in bonds has been Of large
proportions since Wednesday, and some
large advances are recorded. Prices
throughout are higher. sales OF the
week. 81. 10000 Government bonds are
all higher on the week, prices having been
bid up 3-S for the As, old coupon; Ia for
the SIS. and IA for new As.
Total sales Of stocks, 224, 400 shares to-
dav. including Atchison preferred, > 3l5;
Chicago. Burlington and quincy, 1890;
Manhattan, 1861; Missouri Pacific, 1915;
New York Central, 500 Northern Pacific
preferred. II. 1876: Rock Island. $3.50; st.
paul. l2.31O; Union Pacific. $500; Union
Pacific. Denver and Gulf. $3.50; Chicago,
Great Western, G.320; General Electric,
6.1S5; Sugar, 1910; Western Union, 1875.
MONEY AND EXCHANGE.
Money on call steady at per cent.
last loan at per cent; closing offered at
3; prime mercantile paper, 31-244i-2 per
cent.
Sterling exchange steady, with actual
business in bankers bills at A.S5 Is for
demand and $AS27-S for sixty days;
posted rates. $4.S3 1-2QA.S4; commercial
bills, S4.82 IL.
Silver certificates, 81 l-AQoS Bar silver,
81. Mexican dollars, 45 ga.
state bonds quiet Railroad bonds
strong. Government bonds firm.
NEW YORK STOCK QUOTATIONS.
co.oS. AM SANTA gs 49, -. 1874
At;n son. preferred .....''''...''''' 1865 az
Baltimore and Oalo.... ...'..'...'''''''-'- "a
Cansoe Pa ,inc.... ...... -..-.'.' 90
Canada SOuth6rl..... ".........-'''''''' ia
Central Pacific. ....'''''''''' 91,t
Chesap eaKe ana OAtc...... ......'-. ''.'' ,1.,r
chicago Anc A ioh ..... 60 '''' ,1tT |
Cat,eso. burIlnKIOnrif - hncy. ''''"A Az "a /
Srteaoo ana Eastern Illinois. ........'... 90
q o. G.. and ST. Louis.... .......''''' Sc1s |
O. O. 4. aud 81. Louis preferred.......'.',
Delaware and HUDSON. .....:.,......'''" ,2s !
Da,aware, Lacxaranna and Wesfern..... 100
Danyer srd Rio Grande............... t1sN |
Lar