Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-11-06
MARKET QUOTATIONS.
REPORTS FROM ALL GREAT BUsI-
NESS CENTRES OF THE WORLD.
Prices of Money. bonds. Stocks,
Grain, Tobacco, Cotton, Cattle,
Country Produce, &C., Foreign
and Domestic.

NEW YORK, November 5.-The stock
market underwent a course OF verv dras-
tic liquidation to-day, as a result of which
prices ranged from 1 to points lower
than they were last night. That this
course of things was helped along by pro-
fessional bear pressure was made evident
by the very urgent covering movement
which developed in the final half hour of
dealings, and which rallied the prices OF
a great many stocks over a point from
the lowest point touched, reducing by so
much the losses which would otherwise
be shown by the days trading. But
this recovery at the close was on great
Iy diminished volume OF business, and
was apparently affected by the temporary
Withholding of liquidating offerings, as
was done once or twice previously during
the day, only to be succeeded by renewed
liquidation and decline.
There is no doubt that the motive for
a large part of the selling was the belief
that relations between the United States
and Spain were drifting towards an open
rupture. This has been bear argument
for some time, and has been quite ef-
fective In depressing TiceS whenever
anything that could be construed as
corroborative evidence was offered. APP
prehensions on this score received q po-
tent stimulus from the action of the New
York Chamber Of Commerce yesterday,
in appealing for an increase in the artil-
lery force of the United States army, as
necessary for the adequate protection or
New York and the proper operation OF
its harbor defences.
The published expressions from the late
United States Minister to Spain, disclGs-
ing the character of the diplomatic rela-
lions between the two countries, and his
outspoken advocacy OF Intervention by the
United States in Cuban affairs, intensified
the sentiment of apprehension amongst
security-holders. The near approach OF
the converting of Congress and the belief
that this event is TO crystalline the gov
ernment's policy towards Spain made the
prospect more vivid to the traders.
Some continued apprehension regarding
the health of the president of the Sugar
Company made that stock, with its
powerful influence on the whole market,
particularly weak.
This combination of factors was con-
elusive in inducing many large holders
of securities TO unload, under the con-
vlction that no immediate recovery in
prices. of any large dimensions, is likely
to occur. There was flood OF selling
orders. and very little disposition In any
quarter 10 buy. AS result, enormous
blocks of stock were allowed to go for
almost any price they would bring. In
the first rush of liquidation prices were
offered down very widely before eliciting
any buying. The extreme decline IN
Consolidated Gas reached points, IN
Sugar 3-S, in Lake Erie and western
preferred IL, do. common a. and In Man
haitian 43-S. There was scarcely an ac-
tive stock on the list That ala not re-
cede al least points below last nights
level.
There was a rush to sell bonds, as well
&C stocks and losses OF between / and
noints were frequent all through the
list The fact that the liquidation was
NOT precipitated Immediately at the open
inc was due to the fact that the LONDON
prIces of American securities advanced
sI,ghtlv. The enormous interests at that
money centre are usually so wei III
formed on international affairs that the
absence of apprehension there had the
effect of steadying prices here momehta-
IL, THE fact was not lost sight or,
either that there was buying for LONDON
account In this market, at almost All
stages of the decline. After the opening
hour prices fell In London to the Ne"
York parity. g.,
Aside from the general weakness IN
bonds the feature OF that market was
the strength of Kansas Pacinc cohsois'
which recovered IL per cent. from yes
terday's price. The total safes were
s., 075O00. ooo ,os
,ncIuding Atchison preferred. 1875; Bur-
i,ngton eiO5O: Louisville and Nashville,
~ 72O. Missouri Pacific, 1900; New Jer-
cav Central $500; New York Central
ioia5. Northern Pacific preferred, A,42O;
beading 12.715; Rock Island, ls'o5O; 81.
pauI 54s5O: Southern railway preferred
Q t1o. Union Pacific trust receipts, lz,l4o,
wabash preferred. 7.4ss; American To-
taoco II az. Chicago Gas, 1910; Lead
,oo. pacific Mail. 500; Sugar, S5.szo;
Tarnessee coal and Iron, 1851; western
Irn,on II $50; Chicago Great western
The total bank cearings for the week
- a a1s 54l rs; per cent. increase. Sz.
ExcIusive OF New York, s5SO,Sn,7sO; per
cent. increase. 81.
MONEY AND EXCHANGE.
,,o,av on call easy at 1-2q2 per cent;
Ia 81 loan at 2 per cent: closing offered
at 11-2Q2 per cent prime mercah'iie
naner Ss-4a4 IL per cent.
Sterling exchange firm, with actuai
.,,sinass in bankers bills at siso S-Sg
s.esIeo for demand. and at sLs2 l-29
siSSa-4 for sixty days; posted rates
"a SSSa ssl-2 and AssQA-ss IL; CONNER
cial bills s4a Ia. uu,~
silver certificates. 81 1-4q59. Bar silver,
71-2. Mexican dollars. Al IL.
Government bonds weak. state ponos
dull railroad bonds weak.
FOREIGN STOCK MARKETS.
The Evening Posts London financial
oahlegram says: The stock markets
,.sre idle. but steady. to-day, except
",nsr,cans. which were nat and demor-
a,,-sa al the opening. Dealers took the
an -c,te calmly, indeed. many bought
,'a,,.,.,,e that the relapse had gone far
ps' New York selling orders came
o in with reports OF Democratic
roins OF Hanna's possible vacation OF
s,s sanate seat of a firm note from
n,a,n IN washington, etc. Consequent
Sp", there was a further slump. and the
$50 was near the lowest. The other
'...rLsts were featureless.
Tha paris Boursc was hrm and the
berlin market better.
NRw YORK STOCK QUOTATIONS.
Closing stocxa
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