The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-11-21
The Tumble III stocks.
WHAT THE NEW YORK Z. rosT'' sAYs


NEW YORK, November 2n.--The Posts
financial article says: At the Stock Ex-
change II has thus far been o bad day for
t'tbe lambs S--thHt vast number OF ont.
siders who have IN the last few months
sought sudden riches by buy Ing stocks oil
all kinds and descriptions. The stock mar.
ket, which closed yesterday at = consider
able recovery from the lowest prices OF the
day previous, this morning opened ct de-
cline OF to 81 per cent. 1t was soon evil
dent that the mails and the telegraph
bad brought orders from all over
the country 10 sell, and there was
pressure Of stocks without much
regard to prices. Up to the time. we
write there has been quick succession OF
"slumps" and recoveries, but the dency
has been downward, and the decline from
the opening has been to II per cent. The
lowest prices thus far made from the lead
ing stocks have been as follows: Erie, All
the preferred, 6's, Del, Lack. and W., 804 ;
Lake Shore, 994; Han. and St. Joe, 81
and SO respectively; C. e. and /. O., 17s ;
Kansas and Texas, 2S4; jersey Central
79l; Northwest, 8I4 Pacific Mail. 263 .; Iron
Min. At; St. Paul, IA; Wabash, 53t; w
u, 104; Northern Pacific, % and 56t; Man
haitian, Ga 7. e. and L., 8; Louisville and
Nashville, S24; Ohio and Mississippi, 264
Union Pacific, S7}; Sutro, AZ; Read
ing, 6Ss; and Oregon Nevada, 1lSs.
AS we noted early in the week the stu.
alton, so far as speculation is concerned,
was thus: The large SPECTATORS directly
| responsible for the enormous rise OF the last
few months had sold their stocks. Several
Of them sold two or three or four weeks
ago. while others did not sell until last
week. The bulk OF their stocks were
bought by ''the lambs" whose aggregate
purchases were sufficient to carry prices UP
after the large professional spectators had
unloaded. The latter have not, il is be.
lieyed, ceased to be "bulls," but they
wanted their stocks back at lower prices
than those It which they sold. They once
or twice tried locking up money They fail
ed, and they finally resorted to the ordinary
tactics necessary to topple over top-heavy
speculation, and their success is now u mat
ter OF record. 1t will be strange il they
are not now taking their stocks back, AND
il they did not buy largely al the low prices
OF Yesterday. 1t may not be that the mar
kct will Immediately start for another
grand rise. 1t would be natural to have il
feyerish and uncertain for some time, il
ii is to be taken hold of for grand move
ment in December or January; but thai
the present break was to bu, stocks anG
make turn is the opinion Of many close
observers Of experience. The mouey mar
ket is thus far less stringent thar
might be supposed from the changing
prices of stock-eXchanSe collateral. The
ruling rate for call loans is per cent.
although money-lcnders prefer to have
United States bonds collateral, even at 5@t
per cent. When the present stock exchange
furry passes away the money marke
ought to be easier for local reasons. II there
should be breakdown in grain and cot
ton gambling, double relief would be a
hand-tirst, because vi the decline II
prices, and second, because gold import
would be renewed. Whatever disturbance
| the breaks in stocks will cause will be or
account or the shifting OF loans, its mar
tendency being TO easier money. Time
loans on approved collateral are 506 pei
cent. Mercantile paper isnominal.