Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-24
STOCKS END STRONG.
PREDICTED PANIC IN LONDON
FAILS TO MATERI.LIZE.
BANK STATEMENT INTERPRETATIONS
They Are Decidedly Confused, and
the Market Runs on, on ReaIizing-
Uardcns Again. Materially.

NEW YORK. December 23-The first
day disclosed how much OF yesterdays
weakness must be attributed TO selling
for short account. The rush 10 cover
short contracts carried prices up without
regard 10 fractions in the Specialties
which had been the mark Of attack. Su-
gar. Metropolitan. Tobacco, Brooklyn
Rapid Transit. and Peoples Gas Jumped
from ID TO points on opening sales
The same buoyant tendency was shown
i'm the internatiOnally-listed railway
stocks. London had lifted these sharply
before the opening here. but they bound
ed above the London parity 10 level
from to points above last nights close
here.
The urgency of the demand from the
bears constituted a miniature panic, on
the belief that from the settlements on
the London Exchange panic would be
likely 10 result ON the contrary, the
earliest news from London showed that
the settlement i'm London was progressing
easily, and in an orderly manner, sentl-
ment there being much encouraged by
the shipments Of gold from New York.
RUMORS OF ENHANCEMENT.
Rumors Of financial ENHANCEMENT and
forced liquidation pursued prominent
figure in the financial world all day yes
terday. To-day, on the contrary, It was
affirmed that 100000 In government
bonds had been placed as additional Sc
curity for this man Of wealth, and that
his difficulties We're ended
The professional traders accepted the
one rumor with the same credence as
they had the other. and put in a lively
two hours, trying TO buy stocks 10 save
themselves from loss.
interpretations Of the bank statement
were decidedly confused and the market
ran of. on realizing. IL did not get back
10 the top, but hardened again material
ly, and closed strong. The cash increase
shown by the statement of 2,l32JD, came
as a surprise. in view of the gold ship
ments and the drain TO Boston. II Is an
evidence OF hidden resources brought out
in such n crisis as that Of the past week.
PASSING OF THE CRISIS.
The conviction is practically universal
that the completion of preparations for
the annual settlements will mark the
passing OF the crisis. Sentiment is not so
unanimous as TO whether such prepare
ton is yet completed.
Bonds have suffered In sympathy with
stocks but declines have not been so viO-
lent. nor the selling so large United
States old Is advanced a point. the rs
=, and the 2s, new As and 5s, y in the
bid price.
The total sales Of stocks to-day were
dDf,fVV SndktS, lnclu0luB AlcnlSOu, pre-
ferred. lS'175; Chicago. Burlington and
Quincy, j.. 4GO; Manhattan, $40; Northern
Pacific. $500 Southern Pacific, 1880;
Union Pacific, 1850; Union Pacific, pre-
ferred. 1925; American Steel and Wire,
$500, American Tobacco 1920; Anaconda,
2W0 Brooklyn Rapid Transit, $40; Con-
tinental Tobacco. 5000. Federal Steel.
715O; Sugar, $3.50; Gas G72J; Leather,
3 400.
MONEY AND EXCHANGE.
Money on call steady at 4 per cent;
prime mercantile paper, per cent.
Sterling exchange steady, with actual
business I'm bankers bills at $iS14 for
demand. and at $iNAn$iH for sixty
days: posted rates, $lSlian$lS2 and $SSn
S4SSla; commercial bills. Sb0n$AsJia.
Silver certificates, JSl2059l2. Bar silver.
591R. Mexican dollars, 4pi.
State bonds inactive. Railroad bonds
strong. Government bonds strong.