Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-10-21

out of the entire surplus OF bank re-
serves again rs shown 10y the statement /
Of Saturday once more brings the |
question before Wall street /
as a subject for discussion and uneasiness,
and the calculations OF the habitues OF
the street ale again hinged upon the
Of easy money or the re-
verse.
THE GOVERNMENT EXPENDITURES.
II is estimated that the expenditures
of the Government, taken in conIunc-
ton with the issue OF silver certificates,
from this time on will exceed the amount
Of funds absorbed by the Government
for customs end revenue, but accusa-
tions of the locking up OF money for
speculative purposes by some large in
ter, sts are heard again, and theabsorptlon
OF over $40, 600, 900 surplus in short time
with no speculation OF moment Is rather
1t Is assumed that any Inn
proyement in the monetary situation
abroad will induce the buying OF Ameri-
can securities whenever our market
gives any encouragement The bank
statement had no appreciaole effect here
Saturday, but foreigners We're inclined
10 think that it settled the question as
to whether there would be any marked
improvement there, and the market
there was lower this morning.
FURTHER DIFFICULTIES IN SOUTH AMERICA.
Reports were circulated also that there
was news in London Of further financial
difficulties in South America, and the
selling in this market apparently for
London account, was the most inhuen-
tial factor in our market, to-day. This
selling WAS ably seconded by the bear
party and the room-traders, who were
ECONOMICALLY bearish this morning, aud
the temper of the market was, therefore,
weak and declining throughout the day.
The market was active only IN spots and
those spots were where the greatest
pressure of short stock was felt. The
opening followed London, all stocks
being from ! to 3 per cent. lower than
Saturdays closing figures. Prices here
in the early dealings clearly showed a
tendency to continue the upward move
ment OF Saturday, although there was
little actual strength shown anywhere
except in Chicago Gas and North Amerl-
can.
ADVANCES IN THE FIRST HOUR.
But the fact remains that in spite Of
lower London figures and the lower
opening. fractional advances were
scored in the first hour. Special pres
sure was brought to bear upon Union
Pacific. Louisville and Nashville, and
Atchison. however, and the course OF
prices was reversed, when new element
Of weakness appeared in the sugar re-
tineries, in which the prospects OF
further legal impediments to reorganlza-
ton were made the most OF to shake out
speculative holders of certificates. Large
amounts Of the stock changed hands and
O decline Of 2l per cent was forced III 1t.
THE REGULAR LIST DOWN.
The stocks of the regular list men
toned, with some Of the Changers,
notably Rock Island and Burlington,
also felt the influence and scored de-
clines from the best figures Of the first
hour OF from ! TO / per cent. In the
mean time the remainder Of the list was
dull and heavy within exceedingly mar
row limits. the fluctuations being barely
sufficient TO mark the tendency IN prices.
The downward movement, however, was
not allowed to lag in the leaders and
ceased only with the close Of business,
the close being quiet, bat heavy TO weak
at or near the lowest prices OF the day IN
most stocks notwithstanding a rally OF
Il per cent in sugar refineries. The
final changes in most Of the list, while
almost invariably IN the direction OF
lower figures, are for small fractions,
and the only important losses were
Louisville and Nashville II; Union Pa
cific, Il; sugar Il !; Burlington and
Quincy, l., and Rock Island, Il. The
sales aggregated lS7, 900 shares OF listed,
and 1900 OF unlisted stocks.
MONEY AND EXCHANGE
Erenin0. -Exchange quiet and steady
at 4sla4s6I. Money easy at 3a5, closing
offered at p. Sub-Treasury balances
Coin. sl46, 30j, goo; currency, 1929
600 Governments dull but steady to
firm; per cents, l23f AS, 1919. State
bonds neglected.