Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-11-25
The WEATHER IN RICHMOND YESTERDAY
was clear and cold.
The skies were clear at midnight.
Stata nf tharmometar.
Mean temperature. ...S5 1
NEW YORK STOCK MARKET

NEW YORK. November 2.-The glut OF
money. the demand for first-class rail-
way bonds a reduction In sterling ex-
change, and purchases OF stocks for Lon
don account produced a better condition
of affairs at the Stock Exchange to-day
Some of the shrewdest manipulators on
the street discovered early In the week
that the market had been heavily over
sold and that a latent short interest ex-
isted that could be forced to cover. An
other contingent of operators was adj
yislng caution because of the tariff revis-
ion and the lack OF knowledge as to the
result OF the deliberations OF the ways
and Means Committee. The chronic bears
were adding to their short lines. while the
bulls were gradually getting into a po-
sitlon to bid up prices sharply. This
happened to-day, and the shorts were
badly punished.
The great backlog to the market Is the
extraordinary ease in money. Already
investors are putting their surplus funds
into gilt-edged bonds. AS the supply ID
limited buyers are forced TO pick up the
second grade Of mortgages. which are
reasonably sure OF paying their interest
charges By and by 1t is expected by ths
bulls that this demand will make itself
felt in the stock market.
As a rule. stocks opened higher Sub
sequently, American Sugar fell ia, and
General Electric ~ per cent Sugar was
heavy on statements from Washington
that the Ways and Means Committee
would recommend certain revisions in the
tariff which would weaken the carrying
capacity of the concern. General Electric
weakened on a rumor via Boston that
the company would pass into the hands
OF receiver. This was promptly denied
by President Coffin.
The general market was strong from
start to finish Western Union moved
up 10 9O1s. and this stock was strength
ensd by an unfounded report that the
company had obtained control OF tbs
Postal Telegraph Company. Reading wa
In better demand on rumors that the
statement for October would make a fine
showing. on the other hand, the ST
Paul road reported loss of s65.l65 foi
the third week Of the current month
but this did not have the slightest enec
on the market.
The Improvement for the day ranged
from a 10 per cent, and was mos
pronounced In Manhattan. General Elec
trio. the Changers. the Coalers, Westerr
Union, Texas Paclnc, MISSOURI racine
and the Vanderbilt issues. In the mac
tive stocks, St. Paul and Omaha pre-
ferred rose 4; Pullman Palace, 3; United
states Rubber preferred. g. Rome an(
Ogdensburg ~. Evansville and Terri
Iiaute brought H. against 81 at the las
sale.
The total transactions were 232,0o
shares. a brisk demand prevailed 70
railroad securities throughout the day
The transactions were heavier than ~
some time past.
MONEY AND EXCHANGE.
Money on call has been easy, rangini
! from l 10 ~: last loan at ~. and clos
| INK offered at ~ per cent; prime mer
camille paper, f2q5l5 per cent.
Bar silver, 70. Mexican dollars, 56s.
| Silver at the Stock Exchange was neg
| lected.
Sterling exchange weaker with actua
| business in bankers bills at N8ai.8i
| for sixty days, and sLS5ihl4s5N for dc
| mand. posted rates, A&laQ4s6ls; com
| mercial bills $iS2G4S2A for sixty day!
| and 81 SihaHf SiA for demand.
| Government bonds steady. State bond
! dun Railroad bonds strong.
Treasury balances: Coin, $50, $4,000; cur
| rency, ;2L2i7O0).
4