Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-07
STOCKS ARE HEAVY.
NOTABLE HARDENING OF VALUES
IN RAILROADS, HOWEVER.
ATTENTION CENTRED ON SUGAR.
Uncertainty Regarding To-Dny's DE-
vfdcnd Actf0n-Furthcr shipment
of Gold without Infucnce-Whcat
Declines.

NEW YORK, June 6-Buslness was ON
far too small scale on the Stock Ex-
change to-day to warrant any very well
defined conclusion as 10 the general tenn
per of speculation or any just reflection
OF business and financial conditions, but
there was gery notable hardening of
values In railroad securities, which was
followed up as the day progressed by
rise in prices which embraced pretty much
all the railroad stocks dealt in. This
strength started In Louisville, which was
very confidently bought for London ac-
count. The bidding up of the price In this
stock in the course OF executing buy
ing orders impaired strength to the whole
railroad group. Southern Railway, pre-
ferred. and Norfolk and Western, prefer
red. being the first to respond, and the
Grangers Pacifics, Southwesterns. and
even some of the Trunk lines following
this lead. Pennsylvania and Pittsburg
and Cleveland, Cincinnati, Chicago and
st. Louis rose from / TO IA. the latter
stock losing all but IL. The motive as
signed by the buyers was the possibility
that "a more liberal policy towards stock
holders and less insistence upon reinvest-
ment in sources of equipment might TO-
low the change in administration made
necessary by President Thomsons death.
but the trading was apathetic, and there
were times when no trades came on the
ticker.
SUGAR.
The attention OF professionals was cen
tered ON Sugar and the movements OF
this stock disclosed the uncertainty re-
garding to-morrow's dividend action Ad-
vocates of the regular dividend ana OF
reduction seemed equally CONFIDENT ana
equally numerous so that the stock dip
heinxr la AZ niQhfg laXel ana
rebounded far above ii. The extreme
range was A., points. and the close was az
"A net gain of L., and within u Of the
tcU.
An incident Of the trading to-day was
some large wagers on the one hand thdt
tO-mOrrow's Sugar dividend declaration
would be al the regular rate, ana offers
on the other hand TO sell the dividend on
large amounts of stock for less than the
regular rate.
The same distrustful attitude Is main
tanned towards the iron and steel stocks,
Notwithstanding semi-official limitations
as 10 the rate of coming dividend decla-
rations, and informal assurances that
current earnings sare far in excess OF the
proposed dividend disbursement. Even
the preferred stocks OF Industrtais. now.
ever regular may have been their dividend
records, continue Tar below the prices OF
ordinary dividend-payips railroad stocks,
which make the same returns OIL the
money invested. This diStrust OF In
dustrials seems 10 be the most important
element in the present dulnesS ana neaVi-
ness Of the market.
SHIPMENT OF GOLD.
A further small shipment OF gold to-day
was as wholly without influence in the
stock market. as well as in the foreign
exchange market, as those that preceded
II from the same institution. The cOnyic-
ton is general that the outflow is the
result of special conditions, and not OF
the general market situation.
The bond market was dull and general
" firm, though there were few yielding
spots. Total sales. s2,2l0.000 United States
old As. registered and the 5s advanced
Us in the bid price.
The total sales of stocks were 800
shares. including Atchison, preferred, ~,
675: Chicago. Burlington and Quincy, TO-
$50: Louisville and Nashville. 1880: Man
haitian. $50; Missouri Pacific. LAB;
Northern Pacific. 800; Union Paciic,
$50; st. Paul. $780, Southern Railway,
preferred $50; American Steel. 25,9tSi
Federal Steel, 1850; Peoples Gas, $50;
Consolidated Gas $40: Continental To-
bacco. $3.50 Brooklyn Transit, H,l@; SUI
gar, 1880 Tennessee Coal and Iron, S,lia
MONEY AND EXCHANGE.
Money on call steady at 242A per cent;
last loan at per cent; prime mercantile
paper, 3H44 per cent.
sterling exchange firm. with actual bust.
ness In bankers bills at A.sS for demand
rates. SL8l@Qs4H and N.S9; commercial
bills, A.S4AMs4sii1
Silver certificates 6idi62c. Bar silver,
G0lLc. Mexican dollars. 4sHc.
Government bonds strong. State bonds
inactive. Railroad bonds irregular.