Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-09-13
NEW YORK MONEY MARKET.
,s,oo,.t ,areornm 70 tho Dtspal,h.l

NEW YORK. September i2-The stringency In
the money market was greatly Increased to-day.
Loans were made at one time at ono halt OF
per cent. and interest, which ia equal TO is7x
per cent per year. IL was next TO Impossible 10
obtain loans at any rate.
CAUSE OF THE sBoRrSEss.
This shortness ia due to the large require
ments In the West and southwes, 70 move the
grain and cotton crops, and to the demands OF
importers for funds TO take goods that would be
affected by the now tariff out OF bond befors
the Mckinley bill goes into effect
STRONG APPEAIs.
Strong appeals have been sent by ths bankers
ana merchants to hsyo the timc for the imposi-
tion of the increased duties extended TO January
Let, but IL is difficult 90 see how the tarin man
ayers can Withstand tho pressure brought To
bear upon them. Secretary window is expected
here tomorrow.
AsYSDIc,rE OF 4 PER CENT. HOLDERS.
There Is a plan to organize a syndicate OF the
owners OF per cent. bonds % cell s2o,ON,OUO OF
these securities to the Government This mat
ter will BE- presented to Secretary WINDOW on
his arrival and the sale Will depend wholly upon
the prices. The owners want more than the
market price.
SERIOUS CONSEQUENCES FEAkFD.
Serious consequences are apprehenied both
in financial and mercantile communities unless
something Is quicsly done TO ease tho market.
THE STOCK MARKET.
by Associated Pressl
NEW YORK. september i2-The stock market
today was again Influenced by tho scarcity OF
money. while tho screws Of the bear manipula-
i 81, Incl -
/ sufficient Generalization Of weak holders Of
stock. The stringency has now continued longer
than was expected, aud holders are beginning
10 fear that the market viii interfere win ,he
business Of the whole country. but the oeliet
that the Administration would take hoid aiu
help to relieve tho scarcity, no matter to what
length It might 20. has helped TO keep the mar
ket ia their hands. whereas It would otherwise
have parted with them weeks ago.
MONEY = PER CENT. AND INTEREST.
The rate again went up TO per cent pre-
| MUM AMI interest, but later In the day, when
| runor was circulated that the Secretary OF the
! Treasury was In town and In conference WIN
| the BANKERS and hal been offered large block
! OF per cents tho rate again went down 20 near
/ the legal rate ami finally closed at ina. hsur"
THE STREET on THE BOND PURCHASES.
The drift Of opinion on the street Is that the
1 y
| cents or mat the surplus should be deposited IN
the national banks. Some Of tho most cohset-
yatiye figures on the purchase OF per cents are
that al least f25 O0O,OlO or s3OOOO,uOO should pe
purchased and that al figures hlgh enough u
secure them Immediately.
AwEAK OPENING.
Every one expected weak openings this morn
| ing and no one was disappoin tee IN thht respee'
| for there WAS rush TO sell, and IN many stock'
| the evident intention was 10 sen thom AS 10" q
] A.. md
| ~, Nor cent NJ on and sugar renneries Val y
| In the case OF the former AZ least thefo war "
! occurrence overnight which couid MAKE sucn
difference IN ia value. sugar was hlc.'cu ~
I ina announcement that the next dividend Wo1h
, | he uassed and The general opinion IS tnat III
stfers are again milking the street, SUI tna.
sudden turn may be expected In the STOCK az an
time.
There were heavy sales In the early traiin
and some stop-ordors. principally IN sugar, "er
met. which forced that stock on ~ per cen
farther, but the selling movement was over "
that time and a sharp rally took place on exon
siye covering Of shorts. which ran prices up
tho level u opening figures and IN some case
, beyond.
A SHARP RALLY.
The rumor In regard to the Secretary was the
circulated and induced some buying Tor ION
n,connt with fresh covering, and a stun sharpe
- ! rally occurred, even Chicago gas rising pfn'
. | per cent In less than ono hour lhe ruth'
% could not be traced 10 any eu'nouue sS ,.
, however, and the urgent demand soon slacke
! ! away,bnt the improved feeling, together VII
: me easing up OF money rates, kept the urn you
= going, aud IN some cases Still higher prices Wei
4 reached IN the last hour. Tho recoverier lto'
L. | IN, lowest figures extended 10 about2b per ecu
TIE CLOSE QUIET AND FIRM:
Tho market finally closed quiet and nrn, ger
= orally at small fractions better than opehln
!, priros. but at irregular changes from IN
l NIGHTS final prices. The safes sssrega'
r 23s.9o0 shares Of listed STOCKS snu 'o'OO"
A; unlisted.
g MONEY AND EXCHANGE.
g Frsnjna-Exchango active and weak AZ ~
o ts5S Money tight; last loan 9. closing oiiere
ara Sub-lreasury balances-Coin. Slo.'l w
d, currency. ss,2sl0o. Governments auh 80, %,
; stesdy:I per cents, l2lA; iAs, l4A' o'@
, bonds entirely neglected.
J. s~oru ofroPATIONg.