Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-20
MONEY EASIER.
GREAT EXCITEMENT STILL, HOW
Ever, AT YESTERDAYS OPENING.
NAIL street Viotimized by Unscrupuious
Disscminators of sosndalous Stories
Better Feeling Finally.

NV YORK, NONemDcr l!.-Last night
rere wero cabled 20 London alarming
minors which had bcen current here
during the Jay about certain large and
Influential houses on the street being in
financial trouble, and predicting further
failures and a gloomy outlook altogether.
These were reflected back here this
morning in the shape Of minors that
large houses in London were on the
verge Of bankruptcy. and as the effect of
LIST nights cables were seen in the Lon
don market in a panicky feeling and
sharp losses in American stocks, this
market was opened from 10 - per cent
lover than last nights prices.
DEMAND ALL ALONG TIE LINE.
That the circulators of the rumors
fiood ready 20 take advantage OF the
situation created by their false reports,
l0vcyCr, was proved by the excellent
demand for stocks all along the line at
the concessions and the lowest prices Of
tho day were reached during the first
iya minutes, while only few stocks
vent below the opening. To many the
reason for the drive at tho market yes
friay through Pacific Mail, Missouri
Pacific, and Union Pacific was made
pan when il was announced that the
Pacific Mail people had surrendered TO
jas Gould and tina. his son George
would become president OF the company.
gcANDALoUs STORIES.
Tho stories circulated on the street in
regard to firms doing business here are
many of them scandalous in the extreme
fai some ~ them may initiate the ex-
fmple Of :. Y. White if they can collect
evidence enough against the dissent
yai0rs Of the rumors The market had
Id more than opened here when private
,Jciccs were received from London de
rvng the stories cent early, and the
tusiIng of a notice 10y the Bank of Eng
laad that il would not call loans created
materially better feeling there, which
was soon reflected here in purchases 10y
foreign houses and the cessation Of sales
hy orbitrage houses.
MONEY MUCH IMPGOvED.
Tho monetary situation here showed
marked improvement az the day wore
i1ug and buying assumed larger pro-
portions Immediately, while tho pur-
chas,s Of securities by investors show
ro diminution. The ovcrsold condition
of the market was revealed by high loan
ir, rates for stock. several commanding
premium Burlington l per cent, Jer-
r.y Central, New York Central, and
Lake Shore JIG, and Reading and
Louisville aud Nashville l-64.
PRONOUNCED ADVANCE IN PRICES.
The rush Of shorts 10 cover increased
I'D tho afternoon, and while the dealings
were not Of large volume the advance in
prices was most pronounced, end before
tho delivery hour there were few stocks
which had not recovered all Of the losses
both at the opening and III the early
Trading. The reaction in Jersey Central
was most marked. After dropping TO
go IT rose 70 100, though it shaded of 10
% at the close. Burlington and Quincy
and Northern Pacific preferred each
howcd about 3 per cent. difference be-
tween the lowest Of the forenoon, and
l,st figures and all the leading stocks
advanced IN proportion.
THE CLOSE ACTIVE AND STRONG.
The upward movement ceased only
with tho close Of business and final prices
were rs q rule the best of the day, the
close being active and strong. The final
changes arc quite Irregular, but advances
are largely i'll the majority and the losses
shown are very unimportant, while
among the advances Burlington and
Quincy is up 3., Jersey Central %, Pa
cite Mail 81, Chicago gas Il, Wheeling
onl Lake Erie l., Union Pacific !,
Lacknwanun il. Northern Pacific pre-
ferred I. New York Central and North
American each J per cent, and Others
generally large fractions Sales of listed
stocks, 302, 600 shares unlisted, 5000.
MONEY AND EXCHANGE.
ErcntRg. -EXchange active and firm
90 lS05alS1l. Money easier at 3aS
closing offered at 3. Sub-Treasury
iaances- Coin. SlA, 600; currency,
SL2i9,O0O. Governments dull but steady;
pcr cents, l20; 4i's, l0L. State bonds
.ll but steady.