Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-21
STOCKS UNCERTAIN.
,sr OF THEIR FLUCTUATIONS
,,.r,t,Crs Much HESITATION.
ClNSg or The HARKET FIRM.
,..-cs small Except I'm Spccini
,o.cs-EcVicw of the Flower
-,N heat Dali and Easy
r.o,iSions Decline.

apparently tNialil'u " Nfssh-
,, nal room-traders. who seek
.,n prices. either mp or down
h. majority Of cases are con-
.r.e changed from those OF
.. CID. course OF their fluctuations
,re tvo hours trading reflected
...t.. Hesitation and uncertainty
.t. minds ol the trading element The
I... -,.rance was closed for a holt
and there were no quotations from
o.. ....-..r .. give an indication OF the
....r., prices. Many stocks opened
.nsrE. a quotation or moved only
e., either way. Stocks of corporations
,.h cnn, franchise privileges in this
.... Vcr. weak. on the prospect OF the
...n.~.-tlN bill becoming "a law, the
-...r ot material modification not
t.. considered likely. The American
.r- ~.ock was also under pressure
...tuucd rather weak all day. Ana
- o. the other hand. continued it's
Shaw. .l strength. and ended the day l-2
HIGHER. Sugar made an aggressive
.rre TO the pressure against II, and
.. hove Yesterdays level. after the
decline.
EESISTANCE FROM RAILROADS.
~.-e was "a dun resistance TO the oc-
,-.ual attacks on the market, also.
Dr.. .lc railroad stocks. especially those
f.c south and West. Manhattan ana
.rrl Avenue were firm early. but Yield
t ltcr. the latter breaking points.
f.. bears were disposed TO caution. IN
..I.iudtiOn of a favorable bank state
I.uL but when the market failed 70 re
>oud TO this, an attack was maue W.
values So little stock was brought ou'
.a the decline that the bears ooV mali
making the close trm, al S' TII
changes except IN special cases ~, ~
bank statement showed q larkg i'' heoyv
IN cash than was expected -
contraction in loans was, OF a. 'E,,,ido-
r.ecrffor la p1ri OF the drastic hQ"lu'-
fIou az last saturday. IS q cog, -, 90
the increase in cash almost az ~" 49,, "
..,on rho surplus reserve oi tlt p.iH~'
-r,i..,.. as "a marked continuance OF ne
'.rf h.a,,y absorption of new issues ol
.r.ld bonds. several individual trans
..ilr- 81 from $4,000 TO over s''0No' De
Ills recorded.
THE FLOWER FLURRY.
-, stock market has been So much
.--.l during the week by the
..rd.rg struggles of the bulls
m bears over the Flower group
stocks that there has been little OPP
o...r.tr 90 discern any reflection OF gen
ts conditions I'm its movements. 1nefe
~ -na slight continuation on Monday
n .. eager selling pressure IN those
- which had been marvellously al
,r F.. value under the fostering oil
... Nfr Flower But the determined
..s extensive buying by the deceased
...rs associates. who had joined Tor
o.. ...-tction of values. alayed the APP
.snus Of tmid holders. and induced
H. shorts 20 cover.
-.. movement towards recovery seem
D. -. meet with no opposition from the
f.,. understanding the pronounced
f.- position assumed 10y one Of the
t.-.- OCCASIONAL operators in the
...- hut the bear element was look
r- coward only a short lime as Inc
,.. r,.v.j. FOR an opportunity TO attack
,- They offered no very vigorous OPP
.....r -l the progress of reconstruction
-tr.- while IL was pursued with set
,r. Tut the rise Of Wednesday,
t-.r-ht the Flower speciaties back
~ .,.r, the prices Of the preceding
l-. Tore Mr.. Flowers death. SEEM
o. .fy the bull element for the
- and on Thursday there was
realizing on seine OF the large
rs which il had been necessary 10
l-e earlier in order TO check the
larri tendency Of the market. This
I@-.kug had the advantage OF
--rIency I'm the railway list, due TO
Gic returns, 10 sustain 1t.
ATTACK OK SPECIALTIES.
Else in wheat and the talk OF crop
f-... caused the railroads TO waVer.
e.. t..u the bears attacked the Special
ts notably Sugar. Brooklyn Transit
n- t.o New York Traction shares, with
l-tt violence and determination, causing
..ble recessiOns. The uncertainties
r.- engendered led TO subsequent dul-
. IL seemed to be demonstrated that
-r of prices were held over the market,
en- a powerful bear force stood ready 10
rke the market from any attempt at
B. dt-taking.
-.ere are enough uncertainties in the
general outlook TO confirm the hesitation
n -rtoulatiOn and "A disposition 10 wait
fr further Developments to indicate
whether the present level OF prices Is
c..-.raut with the conditions Of money
a.. t. ness There is the inevitable un-
r.r..- regarding the crops at this
'u. .. The year Talk of crOp-damaGe
I ring on the future earnings OF
r.I...s and 10 Is not an answer 10 this
f. ...... the present low price or
wheat u.. last years level. when the
I.. rr.. was due 10 the clamor Of the
r. r.rl Tor our very abundant pro-
.r. 20 the purpose are the cur
r..t .'.r of railroad earnings, which
.., R.. u. excess of those of last year
t -I In-carrying roads, I'm spite OF
f l..llmenally heavy movement or
Wheat that time in connection with
te Letter dead.
BALANCE OF TRADE.
Great attention is given. also, to the
condition of our international trade bal
as bearing on the dominance OF the
r.lls money markets, recently enjoyed
New York. The financing of the $20.-
go payment 10 Spain, completed on
nday without the expectation Of dol
Of gold, was striking evidence of
lue OF our exchange credit balance.
- The question arises whether the resi-
Us not exhausted by this important
t0n. and whether the present move
t.t of international trade gives any
Mise Of renewing il.
rate of exchange on London had
i.t. Sic. on the pound at New York
- Doe week and the supply Of bills
Irted scanty Imports continue well
not only last years Level, but the
OF recent years. Still exports,
FAR below last year unprecedent-
..0. owing 70 the reduced prices of
'I,is. are still well above the ave
'lr This time of the year, and the
If exports for April holds the
I for that month. II last years is
. ,.4 As this continued advantage OF
is due u the increased exports
- manufactured products. the future
. Irlu trade has an important bear
,ae future trade balance. and the
..l upward tendency OF iron ana
product is expected to curtail eX-
u that line. Under the clrcum-
- he disposition OF the London
-.t towards American securities IS
-cruuuiZed. as a selling move
NJ large proportions there HhSht
.ate gold exports.
MONEY STILL ABUNDANT.
.~-.y continues in abundance, both at
.E York and az interior points, ana
lo suggestion Of scarcity in the
.. future.
-u.-e BIAS been large buying Of railroad
during the week, the large ihdl-
" transactions indicating buying Tor
-'0t.lIl interests. Inc new or con-
'.l issues for reorganization or
bearing l-204 per cent, nave
'.- .IYortes United States Is ad-
l- and thc new as II, ana lne
t .. registered, and the 3s, Is IN the
~ l. total sales Of stocks to-day were
AfgllgOn.