Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-13
STOCKS LETHARGIC.
THIS CONDITION AN INVITATION TO
BEAR AGGRESSION.
MONEY OUTLOOK STILL USPAYOUADLE
bonds Moderately Active, and Show
General DecIine-Wbeat Weak
and Lower-Pro, Ions Decline.
Other Markets.

NEW YORK. October I2-The stock
market made a couple OF feeble efforts to
advance this morning. The lethargy OF
tho trading was an invitation TO bear ag-
gression and when a determined leader
ship developed for that faction the pro-
fessicnal element amongst the traders
was quick TO follow the lead. A single
block Of st. Paul of $500 shares was
quickly followed by another of 1900
shares. offered by brokers who are usual
ly employed by the acknowledged bear
leader.
Selling generally around the room WAS
the sequence. The two large blocks OF
ST. Paul went at 1914. and the price had
fallen to 123L I'm "A few minutes. The
| Changers. New York Central; Cleveland:
Cincinnati. Chicago and 81. Louis, ana
the leading high-priced Specialties were
the principal sufferers Brooklyn Rapid
Transit was under conspicuous pressure,
and dropped to S5ia. Pullman made a bril-
liant advance OF Sl2 points. on reports OF
the coming absorption Of the leading COM
| petitor. which were denied later. This
was an Isolated instance Of positive
| strength.
Louisville was the leader OF the early
abortive advance. and was rather firm
after having the advance wiped out
/ Otherwise. the heaViness was quite uni
| form. The news Of developments in
South Africa had very little effect on the
market.
MONEY SOMEWHAT EASIER.
Call money worked a shade easier. and
never touched a higher point than 7 per
| cent.
The money outlook is considered any
| thing but favorable. The violent upward
movement OF one-half per cent. in the
| pound sterling exchange. both for actual
! rates and posted rates. is regarded as an
| admOnition that an easing Of the money
| rate here IS likely to lead to a demand
J from London for gold.
The weekly statement Of the Bank OF
| England discloseS very slight increase
! Of the proportion of reserve to liability:
| and the statement for the same period OF
the Bank Of France shows loss Of $500 :
! 0o0 I'm gold. while demand for credits has
increased in its loans about $1,000 900.
| The sterling exchange rate at Paris drop
| ped off an additional one-half centlme. IL
| Is exceedingly significant that the Bank OF
! England parted with some fl6jOJ In gold
for shipment to Paris, which city has
been looked to from all points as the
available source Of relief for the need OF
gold.
THE ITALIAN TROUBLE
The financial upset I'm Italy had a dis
turbing effect IN all the European money
markets. The sharp upward movement
here, not only In sterling exchange, but
also in French exchange, suggests com
ing pressure on this centre.
The bond market was moderately active
and shows a general decline. Total sales
par value. sl6so00o. United States rs
advanced Z. and the new as. registered
regained u in the bid price.
The total sales Of stocks were 3i6.40f
shares. including Atchison, preferred, 49,
720: Chicago. Burlington and quincy. 49,
ss5; Rock Island, $500; Louisville and
Nashville. 1870: Manhattan. s.3i5; Mis-
souri, Pacific. 500O st. Paul. - $50; South
ern Pacific, $3.50; American Tobacco. TO-
200; Brooklyn Rapid Transit. 5S.s35; Fede
raj Steel. 800; Peoples Gas. $50; Sugar
| 1885; United States Leather. 1920.
MONEY AND EXCHANGE.
Money on call steady al Pal per cent.
last loan at per cent; prime mercantile
| paper 5i2E6 per cent.
Sterling exchar sc strong. with actual
business In bankers bills at 81 $50, asa 81
for demand. and SLS2izaSAs2& for sixty
days: posted rates SfSlzgs4s7is; com
mercial bills, H6ldA.Nlz.
Silver certificates, 5SqJ9. Bar silver, IS
Mexican dollars. AZ.
Government bonds Irregular State
bonds strong. Railroad bonds weak.