Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-09-10
STOCK LIQUIDATION.
DRASTIC PROCEEDING OF THIS
SORT At HEAVY EXPENSE
SEORT-LIYED PERIOD OF RlRHHESS.
by Noon. However, Price. Were
TumbIing Throughout the List
Wheat Rallies and Closes Higher
Provisions Rule Weak

NEW YORK. September 9.-There was
further drastic liquidation in the STOCK
market to-day. at Al expense to the price
Of stocks OF between 81 and 81 per share
In great many cases. Disappointmen
over the fixing Of the St Pau dividend a,
only 2 IL per cent. continued the prevail
ing influence, and no attention was paid
TO favorable developments or 10 the. indi.
cations OF an easier condition in money.
Selling was chiefly In the nature OF specu-
| lative proht-tahng. and came from an
I element that has persisted in the conf
I dence that prices were certain Of q fur
/ Their advance. y great part Of this conf
dence has been based On the supposition
I that the st. Paul dividend would be in
/ creased. and would awaken general ac-
/ tiyity and widespread outside intgres.. az
/ was the case with the increased Burning
I ton dividend
There was a short-lived period OF Arm
ness In prices early in the day on a de-
mand 10 cover some OF the shorts put out
yesterday. This movement was en-
couraged by the failure of the London
market 70 reflect any violent depression
on account Of the St. Paul dividend, but
the advance in prices was met by con-
1inued heavy offerings, and by noon the
movement TO throw over stocks was In
full force again. and prices were tumbling
throughout the list Early gains in a rev
special cases were almost completely
wiped out.
Among those stocks which have recent
~ been subject TO attack there was some
Improvement noticeable Ii was, in fact,
evident that fresh commitments, either
on the short or on the long side. were
not in order, and the activity of the
market was almost entirely liquidation
pure and simple, due to the hardness of
money.
PRICE RECOVERY.
The distinctly easier tone OF money
in the afternoon brought recovery in
prices, aside from that due 10 covering
by the room traders. The reduction of
the call-loan rate to 21-2 per cent re-
suited in the steadying of foreign ex-
change and a check TO the advance of
the London money rate. New York banks
continue to lose cash very heavily to
the Sub-Treasury, and the shipments of
currency TO the interior show a large in
crease over those OF last week
The bond market showed the effects OF
liquidation, though TO a less degree than |
in stocks. Total sales, 100000 United |
States rs advanced H. and the new As |
ii, while the 3's, when issued, declined |
is in the bid price There were large deal |
ings in the $s at from 1872 down TO /
105 IA at the close.
The total sales Of stocks to-day were /
$1,000 shares, including Atchison (prefer- |
red) 1410O: Baltimore and Ohio. $3.50: |
Chicago. Burlington and Quincy, 2gll0; |
Louisville and Nashville. $3.50; Manhat- !
tan. 1i.750: Metropolitan Street Railway, |
s $780, Missouri Pacific. G6O0; Northern Pa !
clfic, 2S,920; Union Pacific, 1886; St. Paul.
1854; Union Pacific (preferred), "a. 40;
American Tobacco. 1885: Chicago Great |
Western, 9240; Peoples Gas, 1906; Sugar
6sS. 40; Tennessee Coal and Iron. 1870
Leather (preferreO, 1920; United States
Rubber, 7275.
MONEY AND EXCHANGE.
Money on call firm at Lat per cent;
asst loan at 8 per cent; prime mercantile
paper, 4G4 IL per cent.
Sterling exchange frmer, with actual
business in bankers bills at SL4 La
4si1-2 for demand and As2 1-2q$iS2 81
or sixty days; posted rates, A8 ID and
1-21$is6; commercial bills. $3.50
4 81 IL.
Silver certificates. co 1-2q61. Bar silver,
o - Mexican dollars. IS 81
Government bonds irregular.
BANK CLEARING5.
The total bank clearings I'm the United
states for the week were 81, 1O6. S74. 1853. Ex-
lusive of New York, 1896, 1850.