Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-21
ST0CKSREACTIONARY
AFTER 4 RISE. PRICES BECOME
WEAK. GENERALLY.
MONEY OUTLOOK CONTINUES GOOD.
Lonn Rate Ranges from Ia Per
Cent. and Movement Of Exchange
II In Favor of New York-Produce
Markets.

NEW YORK. November 2O.-The stock
market confounded all the prophets to-
day by turning reactionary in tone. All
OF the fraternity Of professional specula-
tors came down 20 Wall street this morn
ing inclined 10 the bull side. Their ope-
rations. combined with an outside demand
through commisslon-houses. invited by
last weeks course Of events. carried
prices upward for a brief period. but rea-
lizing promptly became manifest. and
Manhattan developed such conspicuous
weakness as TO affect the whole list.
BY noon the weakness had become
marked in a number OF the Industrial
specialtles. This was attributed TO the ex-
pcctation Of a decision by the United
States Supreme Court in a case bearing
on the validity OF the new form Of indus
trial combination. which has been so
widely used In the last year The indus
trials rallied considerably when the news
came from Washington that the decision
had not been handed down to-day. The
rally was due 10 operations by room
traders and the explanation of the early
weakness which came from the same
source was simply an effort to interpret
the weakness Of stocks which was a
palpable fact.
The weakness after the rally showed
that the explanation had been rather wide
Of the mark 4 sufficient explanation of
the downward course Of prices was hat
large holdings Of stocks We're thrown over
last week 10 take advantage Of the
strong market caused by the bond re-
demptiOn plan Of the Treasury Depart
ment. Last weeks buyers find no wide
spread demand for stocks from the public
at large. and the market IS considerably
Oyerwc ighed with speculative holdings
waiting 10 realize.
MONEY MARKET OUTLOOK.
The outlook I'm the New York money
market continues favorable although
the offerings OF government bonds for r.
demption to-day were much smaller than
on previous days. The easier money rate
caused by the redemption money already
realized. and the higher prices that gov
eminent bonds have attained have en-
cOuraged bOndhOlders 10 hold them. To-
days loan rate ranged from Z 10 per
cent. and the movement Of exchange M
interior points continued In favor of New
York promising relief from the pressure
for funds from that source. The probable
! future demands of the Sub-Treasury are
more i'm doubt The governments sur
plus tends 10 increase again as the month
progresses. and the Sub-Trcasury debit
balance 40 the Clearing House to-day was
small. in spite Of the governments checks
for payments of the redeemed bonds.
There was some prOiit-taking in specu-
lative bonds. but az other points I'm the
list strength was shown. Total sales
par value, S1715.0)O. United states new
as advanced IA and old as. registered.
is. I'm the bid price.
TOTAL SALES.
The total sales Of stocks We're 45l 800
shares. including Atchison. q 1856; do, pre-
ferred. Hoo. Chicago. Burlington and
Quincy. eX-dvidend $3.50; Manhattan, So
80: Northern Pacific $50; Norfolk and
Western. 1850. 81. Paul, 5.3f. Southern
Pacific. 38. 49,; Union Pacific, II Z2J; do,
preferred. $3.50. Wabash. preferred. 52il;
American Hoop. $50. American Steel and
Wire 1885. American Tobacco, 20257;
Brooklyn Rapid Transit. 1900; Contnen-
tai Tobacco. $3.50; Federal steel. 1910,
Pacific Mail 5975; Peoples Gas $3.50;
Sugar $3.50, United States Leather H.
5lj; do. preferred, 1000.
MONEY AND EXCHANGE.
Money on call hrmer at sac per cent;
last loan at 3 per cent; prime mercantile
paper Las per cent.
Sterling exchange heavy. with actual
business in bankers bills at SiNJ Us for
demand and at SiSi 3-f1SfSi rs for sixty
days, posted rates. SLS21-2 and NS1, COM
mercill bills. $lN
Silver certificates. IS 2-f059 10. bar sill
yer. IS J-0. Mexican dollars. 81 -
Government bonds strong; state bonds
inactive; railroad bonds irregular