Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-11-28
NEW YORK STOCK MARKET.


NEW YORK, November 2.-During the
morning hour speculation at the STOCK
Exchange was practically at a standstill'
except for Erie and Northwestern, which
were affected by special causes. Erie was
pressed for sale on the general belief that
the statement for the year would be I'M
favorable, and Northwestern was inclined
10 weakness because Of sales by profess
sional traders and others, who were con-
ndent tina the dividend would have to
be reduced. Subsequent events proved the
correctness Of both theories.
There was a new and commendable de-
parture in the method OF making public
the Northwestern dividend, the railroad
officials having communicated the decision
10 the chairman OF the Stock EXchanSe'
who made a public announcement from
the rostrum. Just previous to 1880 =. NJ,
the time agreed upon for the announce
ment, brokers gathered around the chalt-
man, and everybody was on the qul wye
TO learn the decision Of the directors.
\ rumor then got ailoat that the regular
rate had been declared. This started a
nervous short into covering, and the pur-
chases for this account led TO a rise IRON
95s to 90. Chicago. Burlington ana quincy,
81. Paul, and other stocks. which are
heavily oversold, also moved up at THIS
time.
Then came the official announcement OF
the declaration Of ia per cent. quarterly
on the preferred and ~ per cent. SEMI
annually on the common the latter a
reduction OF a half per cent. for the six
months. Many brokers Misunderstood the
chairman, and thinking that the common
dividend had been reduced to Ia per cent,
sold the stock. They quickly realized
their mistake, n bought back their
stock. As a result. the common recovered
to 80. st. Paul, in the mean time sold
down to 5Sls, Rock Island to 6lli. ana
rlfannn D.sxlfpHtau nj Ir4innET 70 IN
The amount OF long stock sold after the
cut In the Northwestern dividend was
given out was a disappointment to the
bears. who have been predicting that
heavy liquidation would follow this action
by the Northwestern directors. This dis
turbed the shorts, and in the last hour
Of business a general covering movement
set in. Sugar moved up from SII TO eJ.,;
Delaware and Hudson from lZils to l2ys.'
New Jersey Central from 3i12 10 s0Af,
Reading from lj4s 10 l6l4. Manhattan
from lG5 to l06s, and Big Four from 5'4
to SSla.
The upward movement was stimulated
by reports that the anthracite coal COM
panies had decided TO reduce the output
fer December, and restore prices Tor
broken egg. stove. etc. Other favorable
factors were heavy receipts OF gold py
the sub-Treasury for the new bond issue
100000 having been turned In to-day,
making the total thus far $20,OOo.UO, the
decision OF Judge Bundy in the Nebraska
maximum freight case in favor OF the
railroads, and the more favorable railway
returns for the third week OF November.
Erie was heavy throughout, and sold
down to lO%. with a rally to III. The
annual report was very unfavorabie.
showing a decrease in gross earnings OF
S2,1Si.597. and a deficit Of l.l6I, 4v7.
Speculation closed strong. with inactive
Issues anywhere from Il 10 "a per Q
higher than on yesterday. Northwestern
gained * on the day. New York Central
~. Northern Pacific preferred =, ana
Erie rs per cent. Railway bonds were
irregular.
Just previous 10 the close at the Stock
Exchange small lots OF money on call
were lent at 2 per cent. This Is the nigh
est rate In months. and the advance IL
due 10 the preparation now making TO
pay for the new government bond issue.
The sales OF listed stocks aggregated
l24.0O shares. and of unlisted stocks. 2S,Wo
shares.
MONEY AND EXCHANGE.
Money on call easy at l per cent; last
loan at |, and closing offered at per
cent: prime mercantile paper, ga per
cent.
Bar silver. e2Hs. Silver at the board.
6224. bid.
Sterling exchange firm. with actual bust
ness In bankers bills at ASh4i.s5l1 for
sixty days, and A.GkmlS1h for demand;
posted rates. A&i4q4ss; commercial bills
A.S4I4S5.
Government bonds firm. State bonds
dull. Railroad bonds lower.
S1,ocx nr.xr.rtONa