Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-12-29
PRICES D ECLIN ED.
NEW YORK STOCK MARKET WAS
SOMETHING OF A SURPRISE.
FIGURES SURPASSED IN LONDON.
The GrnnEers and CoaIers Were
strong-ssgar Was Weak, Owing to
Of Interest I'm Federal Steel.


to the course Of the market for some
weeks. prices showed a pronounced de-
cline on the days trading. and this was
opposed TO the tendency abroad, London
having bought some 5000 shares on
balance.
The volume OF business was large, al
though not up to yesterdays record
breaking ngures. Inc greater part of the
business to-day was during the morning
rise. while the afternoons decline was
also accompanied by burst Of ANNA
ton. There was no change In the favor
able tenor OF the news market, except
that the Vanderbilt's reports were not
considered to De up to bullish expecta-
lions.
DIVIDENDS DECLARED.
The regular dividends were declared on
Vanderbilt stocks and American Tobacco.
Traffic reports were generally gratifying,
Burlington's surplus for November In
creased nearly $23s.0o0. New Jersey Gen.
trails November net earnings increased
over ssl, OcO. while the net increase OF
Northern Pacific for five months was
over $685., 900
While stocks were strong at the open
ing, prices were not up to those OF Lon
don, where Americans were buoyant. In
ternational Paper. General Electric, ana
some other Industrials made new high
records. The Changers and Coa!ers were
strong. The advance in the latter stocks,
n VI
throughout, was prejudiced by a SUISSE
ouent announcement that Anthracite
prices had been ordered advanced at
Buffalo and Chicago. 1t became evident
that Their had been large relaxing sales
on Yesterday, and to-day's bulge IN prices
and traders attacked the general list
with considerable success. Prices raj
lied somewhat from the lowest but
sharp furry in call money, which Tor
time advanced to 6 per cent, although
subsequently It eased off to about yes
terday's quotations gave the bears an
opportunity to effect marked declines IN
prices. but the securities sold were
rapidly absorbed
SUGAR WAS WEAK
Sugar was weak, owing to the trade
situation I'm the early dealings, when the
rest of the list was strong, ana at the
close was an exception TO the general
weakness.
Pittsburg. Cleveland, Chicago and St
Louis was strong on the idea that the
PENNSYLVANIA system was to be unlhed
IN a manner similar to that In progress
in the Vanderbilts.
An incident of the speculation at the
outset was the apparent subsistence Oh
interest in Federal Steel TRANSACTIONS
were in small amounts, and In marked
contrast to Yesterdays enormous deal
in9s at the opening. The stock also
manifested weakness. and later In the
day assumed prominence in the reactioh
offerings being on a large scale.
BOND MARKET IRREGULAR.
The bond market was irregular In spots
but active issues suffered somewhat IN
the late transactions, $ $4,000 total sales:
United States old coupons, AS, advanced
Is. T.,
Total sales Of stocks, $1,000 shares, In
Guiding 7,145 Atchison; 25lSO Atchison
preferred: 1850 Chicago, Burlington and
Quincy; $3.50 Denver preferred; 5,725 HI
nois Central; 10. $50 Louisville ana Nash
Vile. rs. $40 Northern Pacific; $40 North
ern Pacific preferred; $40 Reading; 26OlO
Rock Island: 1920 Union Pacific; $500
ST Paul: $50 Southern Railway pre-
ferred. 1920 Texas and Pacihc; 26'Zzo
Union Pacific preferred; $3.50 American
Tobacco; 4LO2O Federal Steel; $500 Fede-
raj steel preferred; 1920 Bay State Gas;
70. 100 American Cottonseed; 1920 Peoples
Gas; II 500 Tennessee Coal and iron; 4o'Vzo
Sugar; 1850 Leather preferred.
MONEY AND EXCHANGE.
Money on call firmer at 2g6; last
loan at 2 1-2; prime mercantile paper
"a per cent.
sterling exchange steady, with actual
business I'm bankers bills, at Aa La
s4S1-2 for demand, and at A3 9-ig
si.s2 for sixty days; posted rates. a.s2 IL
and s4.S5 IL; commercial bills, A.SO Sag
$4.S IA.
silver certificates, SO 1-2d60c.; bar silver,
20 1-2c.: Mexican dollars, 46 5-sc.
Government bonds firmer; State ponds
strong; railroad bonds irregular