The times. [volume] (Richmond, Va.) 1890-1903, 1890-11-12
FINANCE AND COMMERCE.
QUOTATIONS. OF THE NEW YORK
COTTON MARKET.

situation of Tobacco At Richmond and
Other Important Centres-Cotton and
Farm Products Peanut Quotations
MisceIssneous.
NKw YORK. Nov. 1i.-Money was strin.
gent throughout the day, and closed at Il
q one Icr cent per diem In additional TO
the legal rate. The lowest was Is. Ex.
change closed steady posted rates, 5000
4S5lf actual rates, 479jl@ 479z. for sixty
DAYS. and isisI@4s5 for demand. Govern
mcnts closed steady currency 6's, il3 bid ;
IS. coupons, l2S bid AS do, lOi bid.
There was a general and important up
ward movement In stocks this morning
which was entirely due 20 the improvement
O, the financial aspect in London. Early
private cables announced that 100000
pounds OF gold were on the way from the
Continent 20 the Bank Of England, and that
confidence on the London Stock Exchange
had consequently TO a large extent been
restored. Money there was easier. and the
early London prices for American stocks
before the opening Of this market were all
from ! \ TO 81 points higher than the clos
Ing figures last night. OF course
NINNf AdNNlHhAt duNANtN n1N q
wholesome effect on this mornings mar
kct, and at the opening prices were firm
and an the first hour, although the market
was extremely wild and irregular, prices
advanced l 10 ~ per cent. Lake Shore.
Northern Pacific preferred and North
American were exceptions, declining, re-
spcctiyely. ~, 2lE and 55s per cent. The
transactions of the first hour were on an
enormous scale, and the largest mornings
business in years was done by noon, fully
$4,000 shares changing hands up 10 that
hour. At II o'clock there was another slump
i'm prices. but the weakness was only of short
duration aud about II 80 prices began adj
Yancing again. At noon they were up =. 70
Az per cent, the latter in sugar Trust
which was very firm on the announcement
of toe appointment OF the receivers. The
weakness in the hali-hOur 10 IL $50 was due
chiefly 10 the announcement Of the suspen-
sion of &. VI. Whitney & Co.. bankers and
hrokers. which was made on the Stock Ex-
change about II O'Clock. Twelve hundred
shares for their account were sold under
inc rl.. The rCcWery and advance
of flp forenoon was turned into
another panic aud large de-
cl.nes boo the afternoon in consequence OF
flr continued heavy selling and decline Of
Northern Pacific and North American.
The high rates for money aided the decline
900 onslaught was made on Northern Pa
ciic preferred and North American. Both
were unl0aded in large blocks and their
prices went down on almost every transac-
ton. BY , o'clock Northern Pacific pre-
ferrel had declined 12H TO 81, and North
American % 1881. This carried the whole
market down 10 points between ~ and 2
o'clock, and renewed the panicky feeling
and apprehensions Of further failures. In
the half hour 10 $3.50 there was steadier
feeling. The decline stopped, and some
stock. notably Northern Pacific, rallied =
% ~. But.mOst Of this was lost again on
the announcement Of the failure Of Decker,
Howell a Co. and Broker Richmond. The
news OF the failure of j. T. Walker,
Son * Co.. merchants and importers,
although n had no connection with
the street. caused considerable APP
prehension. and added to the general
feeling of insecurity. The rally in Union
Pacific early ia the day was said to be due
an understanding between the banking
house. OF DroNel. Morgan X Co., kiddeT,
Peabody a Co., and the Union Pacific
could interest. However this may be,
MON Pacific was firmly held despite the
general weakness, and closed TX per cent.
higher. Among the reports current was one
o. the effect that the Government was
endeaNOring 10 regulate the purchase OF
SOU OObl lOur per cents. 1IOm the
Nanderbits. But this was subsequently
denied in dispatches from Washington. The
closing prices as rule were near the low
est Of the day, the decline ranging from y
90 $40 per cent, the latter in Northern Pa
citi. preferred. The high rates for money
was one of the chief causes for the cOntinu-
aucc of the panic to-day, and the failures
were. no doubt. the result of this and the in
ability 20 borrow money in cOnse-
quence Of the banks desire to keep
AN they can. In view Of this the New York
Banks in the clearinghouse Association
have decided 10 issue clearinghouse certid-
Gates tomorrow. This will greatly relieve
the money market. and will no doubt stay
the panic. Tomorrow is looked forward TO
with much apprehension, but some Of che
more conservative brokers think the worst
is passed. The sales were larger than even
on yesterday, aggegating III, 1888 shares.