Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-10-03
FINANCIAL and COMMERCIAL
nrw xopx srocg xARKEr.

NEW YORK. October Alt wouia % ~"
euit 10 select two brokerage houses on ~ ~
street that stood higher or whose creui,w We
better op Monday morning las. thnu u~S
Of souther a 90. and william Heatn q co.'
and Yet both houses have suspended pay
ment since "Wednesday morning, anu. =
the matter IL understood on Wall s'f<ct,
through the failure OF single customer.
who has been siuhborniy and prrsistentsy
short Of the market during the rise OF the
past two or tbre NOR tbs. 10 RESPOND
never before In the history OF Wall
street have there been such important
failures that were Immediately followed
by such slight changes In quotations as have
taken place this week. Although prices
this evening are lower than they were this
morning the changes compared with last
Tuesday evening. before there was any gen.
efal Suspicion OF trouble anywhere. are un.
important the number OF stocks being
iIactionally higher to night than then and
few immaterially lower. The settling OF
enormous short interest usually mas Tor the
INST immediate result q considerable ad-
vance. growing out OF the necessity OF
brokers connected with suspended hrn
purchasing 10 protect themselves YET tue
sock market to-day. which opened
somewf At irregular and rather lever
ih took no decided course In either
direction PRIOR to the announce nsne
at suspension. which was made shortly bs.
fore midday. advanced only Cor fractional
amounts aud before the close q; the Gay
all advances and something more were
lost. There Was manifestIy ap apparently
unlimited quantity Of stock on hand AT
current quotations. and when purchases
bad been made which closed accounts. 50
far as the stock Exchange was concerned.
of William Heath & Co, there was weak
hut dull market with only light spssms OF
activity until late. During the last hour
quotations settled down 10 figures generally
n little above the lowest Of the day. and 80
remained to the close. the market leaving
OF steady To firm at small fractions above
the lowest prices. and generally for active
shares at y 10 l below the fiDal figures
OF yesterday. Louisville and NashNllle
lost II. Omaha common ], and Denver IA,
and with these exceptions not single STOCK
not on the active list l per cent. and not
one Is higher, IL Is believed that some OF
the intimate friends OF the suspended firm
were cognizant ofthe impending announce
meut. and. before 10 became known on the
Exchange that the firm had suspended, had
bought In their stock; hence there was
quite an active market throughout the
forenoon. and during the time that transac-
tons were being made under the rule the
activity continued, but no one seemed dis
posed To continue business In the uncertain
and unsettled condition OF affairs after the
accounts for Heath 4 Go. were closed. and
there WAS therefore sudden relapse into
extreme dullness as already noted, which
continued during most OF the remainder OF
The day. IL is generally understood that
tDt ttcHln n W. WAS suott VI obSHe
100, 600 shares. IL TO the amount bid IN
for Heath q Co. I've added TO the short ae-
counts OF other bear operators, II Is proba-
BILE that purchases to-day for short account
were between Is 600 aud 70, 600 shares, or
nearly one-half OF the days business OF
423,O 900 shares. OF course this furnished
the bulls with u market for that amount OF
stock. thus placing them In position TO par
chase again at any material decline that
may follow. The railroad situation, they
claim, is more favorable than IL has been
for some time past. aud they ara conse-
Quently tonight predicting that result.
The failures OF the current week viii he de-
cdedly favorable 10 future operations, and
will also remove Henry Smith. the most
persistent bear.operator known 10 Wall
street tor several years.
BALTIMORE.
BALTIMORE, October 2.-Virginis SIS con-
SOS, 4s1s: past due coupons. 5s14; new
I0-40's. SO: new IS. so. Bra to-day.