Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-08
THE WEATHER IN RICHMOND YESTERDAY
was balmy and pleasant.
Mean temperature ......
NM YORK STOCK MARKET.

WV v INN . NNSfN FtFNfhfN-'s
NEw YORK. November THE stock
market to-day, especially during the
forenoon and portion Of the afternoon,
was weaker than at any time during the
present decline in values was started,
and it acted as il the last final raid was
in progress. The whole market had a
semi-panicky appearance, and long and
short sellers We'd with each other, it
seemed, to bring prices down as quickly
as possible to the lowest level The
final changes of the day, however,
owing to q material rally in the latter
portion OF the afternoon, are not so
large as might be expected, and few
of the stronger shares are even higher,
though only in one OF them is the I'M
proyement of importance.
CAUSE OF THE STAMPEDE.
Tho original cause of the stampede on
the part of holders of long stock is to be
found in the action of the governors of
the Bank OF England, who, at q special
meeting this morning, advanced the
minimum rnte OF discount from 8 to 6
per cent. after leaving it unchanged at
the regular meeting yesterday. This
action indicated some sudden emergency,
the importance of which was augmented
by the unexpected nature of the action.
Selling by London operators was very
heavy at the opening and domestic
operators construed the action Of
the bank as foreshadowing a greater
scarcity of money here and probable
further export of gold to London, and
they joined quickly in the selling
movement, which soon assumed larger
proportions than have been seen for
months IN this market.
CITY BANKS AGGRAyATE THE SITUATION.
The city banks at the same time ag-
gravated the situation by refusing TO
lend on many stocks and in some cases on
any at all, the oyer-conseryatism result
Ing in tho bidding mp of many TO % per
cent, though aiterward when the ex-
element had been allayed to some de-
gree the rate went OFF to legal figures,
! thus demonstrating the fact that there
was no real scarcity Of funds.
London opening prices were all from
Z to lower than last night, while North
American and Atchison were down 4
each, and Louisville and Nashville one
/ per cent. The selling went on uninter-
ruptedly and with constantly gathering
| force, slight rallies amounting TO inter
ruptions of the downward movement
only occurring while the bears added
then efforts 10 increase the general de-
moralization.
/ SUPPRESSED EXCITEMENT.
There was "a sort OF suppressed excite
ment, and, notwithstanding enormous
| transactions, there was very little noise,
and, what was more remarkable in the
| face of the marked declines OF the past
/ three days. there were no failures 10
record. The downward movement con-
tinued until about I. NJ, and its violence
may be measured by tho losses sus-
tanned in that time, Pullman bearing the
banner with o drop OF II per cent. TO
lSS, while Illinois Central followed with
81 to So, st. Paul to 49,, Cleveland,
Columbus, Chicago and st. Louis Al
TO 60t, Rock Island 4 to 60, New Eng
land 81 to 35s, and others in proportion.
THE LOWEST PRICES N YEARS.
/ In many stocks the lowest prices to-
day were the lowest reached in years,
and while Reading lost only per cent.
to 81, the decline was accompanied by
q renewal of a old story OF a dissolution
of the pool, and the figure has certainly
not been reached for long time before.
Missouri Pacific was dropped quickly
Some ono bought large lines of Union
Pacific to-day when the market was
weak, and that stock held up remarkably
well and did not follow the rest Of the
list down, never getting more than ! per
cent. below its opening price, and 1t is
one OF the few stocks which show an adj
vance for tine day. Sugar was also strong
and showed evidence OF good buying.
although it was let off with the general
list in the early portion OF the afternoon
only to recover all the concession.
A FEATURE.
One of the features OF the day was
the strength exhibited by the Wander
bits, and when the rally came 1t
strengthened the impression held III some
quarters that the Vanderbilts have been
buyers OF large lines OF stocks on the
decline. However that may be, the re-
action was sharp and material, some
stocks actually reGaining all OF theii
early losses, while the weakest stock;
made large gains in the last hours
trading. Evidence Of inside support
was very marked, and in many instances
served to create the impression that the
downward movement has eliminated.
THE CLOSE WEAK.
The close. however, was again weak
leaving most OF the list at materIa
losses for the day. The unlisted de
partment was not specially prominent in
the market, although there was larger
trading in lead, and sugar showed somt
of its accustomed activity IN the after
noon. The List is almost invariably
lower, the only marked exception beinG
Lake Shore, with q gain o. l per cent
Sales OF listed stocks, 55l, 600 shares
of unlisted, $4,000.
MONEY AND EXCHANGE
Eucning. Exchange quiet and veal
nt 4S0ia 1864. Money tight at 5s25
last loan at 6, closing offered at .. Sub
Treasury balances Sl45, 33l, 600
currency, Si,6O4,O 900. Governments dull
and heavy /; per cents, 1871; AS, lOi
State bonds neglected.
STOCK QUOTATIONS..
Alabama-Class A, 2 to 5..........I O5'
b, 5's...........-.lOo
Georgia rs, mortgage. ....-..:,:;::
North Carolina consol 6s. lex. Int )l20
North Carolina As. aluminium. ~
South Carolina Browns. ...........l0i
Tennessee 6's. ............... .I04
Tennessee SIS. ..lOo
Tennessee's settlement. .........:,; y
Virginia 6's. .(bid) 90
Virginia Ga consols ....s....... ~