Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-09-13
STOCK PRICES DOWN.
PRESSURE OF LIQUIDATION, HOW
EVER, RELIEVED by NOON.
LESS APPREHENSION ABOUT MONEY.
Growth of Conviction That There is
Large Available Surplus, Mt
Lenst Outside of New York-wheat
Stronger.
Stronger.

NEW YORK, September l2-There was
a continuation OF apparently urgent
liquidation on the Stock Exchange this
morning, which speedily wiped out the
recoveries Of Saturday, and carried
prices sharply below the lowest level nj
last Friday for nearly all standard
stocks But the pressure of liquidation
seemed to be relieved by noon. and there
was a disposition to pick I'D stocks
quietly, and to accord support TO weak
spots. notably. st. Paul. The dealing
in odd lots from the standard dividend
payers also became quite feature. in
dicatlng a supply OF money for invest
ment, Notwithstanding the stiffness Of
the local call money market.
Weakness in some Of the Industrial
speciaties caused the market to ease
of again before the close, but the last
prices of the railroads were, in many
cases, at sharp recoveries from the low
| est. Nevertheless, marked net losses re-
suited from the days trading owing 10
the severity Of the pressure early in the
| day.
OUTLOOK FOR MONEY.
There was continued apprehension over
the outlook for money, but the govern
ment crop report and the snow-storms
| in tie West were also material factors
| There was no actual development to ac-
| count for a decline of apprehension over
| the money market outlook, and how far
| this feeling was connected with a re-
| ported conference Of leading bankers is
| not certain. There was a growth Of the
conviction that there is a large available
| surplus Of money, at least outside Of
New York city. Money rates are
easy at interior points, and there is even
| buying of commercial paper in
the New York market by western banks
| 1t Is quite possible also, that a larger
amount Of the new government 3s might
| be made available, both for purposes Of
! circulation and as security for govern
ment deposits in the banks. than has
yet been the case. in the event Of any
real stringency Of money. Nevertheless
the drain Of cash from the banks TO The
Sub-Treasury, on account of subscrip-
tons TO the loan, continues, and the Sub
Treasury was even a creditor at the
clearinghouse to-day, on account of an
accumulation of drafts from interior de-
pository banks. in which government de
posts have exceeded their security by
reason Of heavy internal-revenue collec-
tons
There were rgmors all day OF engage
ments Of gold for import but none Of
these were confirmed. The easier tone
Of the money market and the consequent
recovery in the stock market were appa-
rently due TO other causes. The large for
eign demand for wheat and the evidence
Of n p1tr uf,s !,
ket I'm favor of the bearish crop report
had some influence
BONDS DULL.
The bond market was dull, and showed
some weakness. in sympathy with stocks
Total sales, Sl,6l0,0OO. United States rs
advanced IL, and the old As Gegistered)
IL in the bid price.
The total sales of stocks to-day were
S79,SO0 shares, including Atchison prefer
| rcd, II 1900; Chicago, Burlington and
Quincy, Is 4G5; Louisville and Nashville
6.492: Manhattan. n.3S5; Metropolitan
Traction, 1882; Northern Pacific, 1861;
do. preferred, 400; Rock Island. 1850;
Union Pacific, 2,105; ST. Paul. 4l.31S Union
Pacific Oreferred), 1850; American To.
bacco, 1864; Peoples Gas, 1850; Sugar,
23,4S
MONEY AND EXCHANGE.
Money on call firm at Sa4 per cent. I;
last loan at per cent; prime mercantile
paper 4Q5 per cent
Sterling exchange steady, with actual
business in bankers bills at SLSi1-4lP
1874 IL for demand, and SiS2 1-iq$i2 =
for sixty days; posted rates. $4.3 1-2Gf
sLS5 IL; commercial bills. A.H 1-2q$lS5
Bar silver, GOS-S. Mexican dollars,
463-