Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-11-30
STOCKS DECLINE
PROFIT-TAKING THE ORDER IL
WALL STREET.
ADVANCES At THE OPENING.
But They Soon Give Way TO the
General Downward Trend OF the
Mnrket-Wheat CONGRATULATIONS
Little Higher.

NEW YORK. November 29.--Profit-
taking was the order on the Stock Elk
change to-day. Some attempt was made
to resist the declining tendency, but the
persistent selling to realize discouraged
the effort. and support was finally with
drawn throughout the list. Yesterdays
strong demand for London account fell
off to-day. as 1t was generally supposed
it would when the effect OF this buying
on the sterling exchange market was re-
marked. The approach Of exchange 10 the
gold import point resulted in an advance
in the private discount rate in LONDON
again to-day, and this caused a rise IN
London and at Berlin. The stiffening OF
the discount rate at.London did not avail,
however, TO prevent further weakening
in sterling exchange. Posted rates were
reduced &c. This Is the lever lor eN-
change. which brought gold on the recent
movement, and there Is little DOUBT tndt
gold would have been engaged in LONDON
for import to-day had it not been for
further rise in the price of the metal IN
that market
London ceased to buy Americans under
the stress Of this threatening condition
in the exchange market Nevertheless
the stock market showed advances ~ the
opening here, and was sustained Dy heaVy
buying OF the trdIBeLS on TIE buA4ii5 No'
statement. 1t was evident, however, that
a part OF the recent buying OF the Gran
gers was in anticipation OF TINS state
ment and the same was evidently true
Of Union Pacific, which, with a large IN
crease i'm gross earnings ana reductlon IN
operating expenses, showed an ADDITION
to the surplus Of 1901 ,s9l. The publication
of these statements was, therefore, met
with heavy realizing.
POINTS OF STRENGTH.
There was strength among the South
westerns and some Southern railroads,
Central and Southern Pacific and num-
her of Specialtics including an extreme
rise OF SIC in Sugar, and an upward
movement also OF some of the stocks re-
mote from any dividend changes Edison
Illuminating of New York made con-
spicuous advance of points
There was strength at Il few points In
the bond market, but the general ten
dency of prices was downward, IN sym
pathy with stocks. Total sales, Al05,0O.
United States 2's advanced Il, and the
3s y in the bid price.
Total sales Of stocks, 1880 shares, in
Guiding Atchison preferred), 1870; Cen
trail Pacific II 1884; Chesapeake and Ohio,
5725: Louisville and Nashville, B,1sS;
Manhattan, 7,l20; Metropolitan Traction
1886; Missouri Pacific, SSH North
American Company $40; Northern Pa
ciic. 16. 40; Northern Pacific Cpreferredl,
les; Rock Island, l,72S; st. Paul, 1923;
Southern Railway, 1872; Southern Rail
way preferred) 12.15l; Tobacco, il 225;
Union Pacific Dreferred). q, $50; National
Linseed Company, 1890; Sugar. $3.50
MONEY AND EXCHANGE.
Money on call steady at 2d2l2 per cent;
last loan at per cent; prime mercantile
paper 3HGiH per cent.
Sterling exchange easy, with actual bust
ness i'm bankers bills at S4&4nSiSi1s for
demand. and SiS2lk0$lS22t for sixty days;
posted rates. $lS2G$4.S3 and SLS5Q$4o6;
commercial bills $Sl.
silver certificates. G0laG6ll9. Bar silver,
592t. Mexican dollars, 1878.
Government bonds firm. State bonds
firm Railroad bonds irregular.