The times. [volume] (Richmond, Va.) 1890-1903, 1890-11-20
FINANCE AND COMMERCE.
QUOTATIONS OF THE NEW YORK
COTTON MARKET.
situation of Tobacco At Richmsnd and
other Important Cestres-Cottsn and
Farm Products Peanut Quotatiens--
miscellaneous.

bv the banks. The closing rate was the
lowest Of the day, but most OF the business
was a. 20 $. Exchange closed steady;
posted rates, 4sO1l@4s7; actual rates, 4S7Il
@l37x for forty days, and for demand.
Governments closed steady; currency Gs,
ll8 bid; Is, coupons, 100 bid; as do,
lol bid
The rumor mill was busy on Wall street
This morning, and long before the opening
at the Exchange all sorts of stories were
current. Most Of them were too absurd for
crodence. but. nevertheless, in the present
nervous state Of affairs, they had the effect
az increasing existing apprehensions. From
London there was little comfort to
he got. In fact, the early advices
from that financial centre, TO say the least,
were domOralZing. Gables from there re-
-ortcd that all securities had declined
heavily: that the rumOrs in circulation yes
iorday of a large banking house being in
dt1irrltv. owing 10 its ability 20 rediscOunt
maturing bills, were being circulated with
even greater zeal than this morning; that
ilc Bank of England was making loans at
cicht per cent, and that the Bank OF Eng
lands Board Of Directors would probably
raise the rate Of discount 70 eight per cent
tomorrow. Further cables stated that
London stock Exchange extended to per
cont. and that Louisville and Nashville,
ST. Paul. Union Pacific, and Atchis0n
showed the greatest declines. One OF the
rum0rs ina circulation on Wall street was
that some OF the strongest houses IN the
street were about 10 fail. Another rumor
,,ss that a new trust company was In
,rT,blo. This was investigated and could
not be- traced 10 any very reliable source.
Those rumors probably arose from fears con-
coming the condition Of an investment COM
,,ny outside Of New York. The combined
,N.ct of street rumors and the unfavorable
odyiras from abroad was 10 create feeling
I'd fn,crish anxiety as TO the course the
.,o.l market would take. 1t was pre-
dic,ed last night at the hotels that a serious
lr.ik might be looked for, md this was full
flm. At the opening there was a rush TO
~.u and great excitement prevailed
auring the first few minutes after
opening prices declining sharply on
almost every transaction. The weak
ness VASE increased, and the alarm
-lmcwhat intensified by the selling OF
fhirty-hye thousand shares by the London
firms i'm the first six minutes. After the
selling had continued for about half hour
prices had fallen / 10 4 points, Northern
Pacific, Louisville. Missouri Pacific, Atchi-
son. and the Nanderbilts leading the decline.
As the morning wore on more reassurlng
news was received from abroad. Ii was
stated that all the foreign discount houses
were i'm good shape. and well secured,
and that 100000 pounds sterling
had gone into the Bank OF England
ON balance to-day. This, together with
some covering by the bears and the placing
OF supporting orders bv the larger houses,
resulted in checking the selling, and values
took an upward turn. BY midday the early
declines were recovered in most cases, ana
prices were at about where they closed last
night. At meeting of 1.-The Pacific Mall
Board Of Directors to-day the designations
az Colonel Magee, o. .. Payne,
and Nice-President Lauterback were
handed i'm and accepted. and Russell
SAGE and JAY Gould elected 10 the Board.
George j. Gould was elected president, and
JB. Houston, the former president, was
made yice-president. The reason for these
changes are given out as follows: First, MI.
Gould has become the controlling factor IN
the trans-continental business of this
conptrv and ii was important that
be should also control the Pacific
Mail. which is an important link
IN the general chain. second, that Mr..
Souid was DESTROYS of indicating himself
by again gaining control; and third, that
r.prescntatiye interests in the stock were
anxious that harmonious relations should De
established with the GOulds, and 1t was
in "a quiet and peaceaDle way. Al the
clearing house the same silence that
prevailed since Saturday was notlcea-
be today. The Loan Committee still
adhere 10 the concerted plan, and Will not
give out the names of the banks that nave
ayailed themselves of the use OF the certih-
Gates. The report that S3,OOO,OOO had been
granted 10 the banks Yesterday was said 10
be- under the mark. and it was asserted that
the certificates now out would aggregate
over $1,000. 900. The sales for the morning
amounted 10 $4,000 shares. during the
afternoon the market steadily advanced,
and Tie depression Of the morning gave
place 10 a buOyant tone. There were TWO
leading causes for the recovery OF confidence
and prices in the afternoon. The first was
the action taken by the Bank Of England In
posting notice officially denying that the
bank will call in loans, and also advising
the banks generally 10 continue their loans
"a brokers until the next iOrtnlghtly settle
ment. The result Of this was that dis
counts were easier in the afternoon IN
London. and the stock market there closed
firm al large recovery, with good BUY
ing by their capitalists for investments, and
with the belief that the Bank OF England's
rate OF discount would not be increased To-
morrow. as was thought earlier in the day.
second. the revolution in the Pacific Mail
directory was regarded as the index OF
most important harmonizatiOn OF interests
ON larger scale i'm the whole Granger and
traus-cOntinental systems, but especially
in the matter of the Union
Pacific aud Northwestern Alliance and
theattltude of the other Granger roads to-
wards H.. 1t is now believed that Mr..
Gould. i'm connection with Mr.. Rockefeller
and other large Union Pacific stockholders,
and acting i'm accordance with Mr.. Morgan
as the representative of the Vanderbilt ill.,
tercst- iu the Northwestern and with refer
cnce o. the Union Pacific, Northwestern
Alliance. have, at least, settled the
question that the Alliance shall not any
longer DE made an obstacle TO the
formation Of stronger association
among AN the roads west of Chicago. One
great point in all OF this harmonizatlon VIII
Doe the removal from the stock market OF a
most powerful bear factor. Prices ad-
yanced steadily 10 the close, and the final
figures were generally a TO 80 per cent.
above those of Yesterday. The sales for the
day Were 33s.5l3 shares. The day closed
without any failures.
bid. Asked.