Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-07-13

NEw YORX july l2-The temper OF the stock
marEet underwent sudden change to-dSy
from buOysncy 20 depression. and the resalt OF
operations Is 10 leave everything lower than last
evening and even 10 wipe out all the gains OF
yesterday. with something 70 spare. Foreign
houses were buyers u STOCK az the opening,
while LondOn prices we're materially higher Than
our figures of last evening. The market etartei
oc well but quickly struck a snag. am n marked
decline was inaugurated over the entire lisL
The sudden change begau with the lead trust
and ~ appears that while thore has really boon
no increase In the outstanding ceruncates OF the
trust, the amount IL actually fSiO)0OO as stated
yesterday. and the surprise over he announce
mont led 20 free sales for both sides OF the &C
count. The holders Of the lead truss became
dem0rAlizcd aud they were thrown over
rapidly, over 1900 shares changing
hands in the first hour Of business.
The price quickly dropped from 81 last eve
ming TO 26k, and sfterward got down to gjh at
the close. Tho decentralization spreai 10 the
other trusts lator in the day, ald sugar dropped
from ll5H 20 lOsf, though 10 rallied slightly
from tho lowest figure, and cottOn-ou broke from
So 10 53H. The weakness soon spread 10 the
regular list. the mpolliuC cause being tho an
noupccment that Tho Grand Trunk ha1 reduced
the grain rates from Chicago. aud this DID away
for q tire All the good effects OF the recent al
vices from the Trunk Line Association and inter-
state meeting. Grangers we're leaders IN the
decline. and st. Paul, Atchis0n, Missouri PACING.
aud others rapidly declined, and the losses IN the
regular lis' ranged M 10 per cent TO add 10
the general decentralization a million and half
gold was ordered for export by to-morroW's
steamers. and the hauSs raised the rates for
ans on trust stocks. The liluidations To AL
departments ~ the list we're very lsree to-day,
but there weie heavy sales for short account.
snJ both h-ar and ban brokers were conspicuous
sellers all day long. The first sales were made
tor Chicago account on the act, Of the Grnud
Trunk and Granger stocks. which jumped inn
med aiely into the lead both IN point ~ activity
and weakness Tho decline met with no set
back Of importance, though there were
periods Of comparative dulness when tho
selling Was SOW and prices hslted IN the
downward path. The clO.e, however, Was fairly
active and decidedly weak at tho lowest prices
OF the day. Sales ~ tho listed stocks were
2iS00 shares The most Important declines
were lead. A.: - Psul-preierred, 3, common.
20 Cotton OIL, %; Missouri Pacific ~ Ches-
apeakc and OHIO preferred. 20 New England,
4 Burlington. ~ Chicago Gas. IA North
western. r., AtcAs0n. Union Paihc, aud Lake
Shore, Is Jersey central, Canada southern,
aud Louisville AMI Nashville 81, Rock lslard.
Northern Pacific preferred, and southern Pa
cifr. I ror cent. and others fractional amounts.
RrenulJ.- Exchange quiet aud steaiv 10 asa
a9sl.. Money easy az 2Aa3s. Sub-lreasury
balances -GOld. $751; ls,, 206: currency y . no.
Governments dun and steady for Is; per cent?,
l1S4 OK. mt; a.. coupons, lOn',. state bonds