Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-15
GAINS WIPED OUT.
STOCK MARKET LATER BECOMES
ALMOST sTAGyANT.
A RALLY FROM TIE LOWEST POINT.
Money Rate Not Mfted--Wednesdny'
Upward Movement Reduced to It's
True Proportions of a Benr scrum-
Bile to Covcr-Produce Markets,

49," 'NiNN' september l4.--Ihe great
er part Of the gains in prices, which were
established yesterday and during the
earlier part OF to-day, were wiped out in
the latter part of the days trading. A
period OF what was almost stagnation
succeeded. until the announcement CT
the fixing Of the St Paul dividend at the
regular rate. The large selling of the
Changers induced by this news was met
by supporting orders, which rallied prices
from the lowest. Losses are the rule on
the day. however, and extend TO a point
In many active stocks. The rate for
money was not lifted above the lower
level established in yesterdays relapse.
and the reaction in prices cannot be at
tributed to calling Of loans. 1t was rather
due TO a reconsideration of the optimistic
view engendered yesterday by the easing
Of the money rate. and the sentimental
eitects OF the Treasury Department de-
cislon TO anticipate the payment of the
october interest on government bonds.
Yesterdays upward movement has been
reduced 10 Its true proportions or bear
scramble TO cover short contracts after
having oversod the market in the rush
of heavy liquidation on preceding days.
Estimates varied widely as to whether
the liquidation had proceeded to suf-
iicient lengths to REINFORCE the banks
upon their cash resources. Money
continues TO move 10 the inte-
rior, and the banks have part
ed with upwards of 100000 to the
was no evidence to-day of further
urgent contraction of credit, but the out
look for the future is that further liqui-
dalton may become necessary. Foreign
houses are reported to have put out con-
siderable sums in loans yesterday and to-
day, and this may account for the com
parative firmness OF the foreign exchange
market. Discounts hardened to-day in
London and Berlin. in spite of the inn
proved condition reflected by the Bank
of England's weekly statement. and Lon
don bought stocks moderately in New
York in continuation Of the fortnightly
settlement The failure to increase the
ST. Paul dividend is accepted as an inu-
nation that the present prosperous con,
ditions Of the railroads are not so Wen
established, but that ample provision
must be made against recession.
EXTREME DECLINE, ! TO PER CT.
1rha oxtreme decline from the early
high noint ranged from 10 per cehtsi'
very generally amongst the active III, tn.
roads The Changers ana rum n. ~
were especially affected. In the ope1SiiS,,
lies movements were Wider. broONi! ~ ~
amid Transit was under pressure an
daY. and in the final dealings broke ~
yreyious low record of the movement a,u ~
fen 10 9nA, at which point u -, ciVseu vod II
below yesterday. tennessee la &c, Set
over al points and closed WIN noi
! loss Of 2 Sugar, Tobacco. ana tne 0ed,
! traction Peoples Gas ana IRON .1u o'eS
stocI[s we're all weak before the ciose; -
number of obscure stocks sho"I Y,,,tnaa,
! movements than the average; ~ n,i
! Tvyin CITY. Rapid Transit, Mophs anu nI
| onto and pacific Coast, common anu
cond preferred. gained between Y CO.
noints. and Knickerbocker Ice uiV tPppi,s
poi Tbs United States Milling STOCKS
continued their upward course ana s"''''O
! IL each. oaorot1,, active. and
sLou. mixed changes. Total Sa4es, pa
! vaIue &. eSj. 600. United states poiiO' va
| changed in bid quotations. -oo .,,o-os in
NJ total sales were zSitUO sudteS' ~ ~
olnd'no Atchison. preferred, 5s's2O, IN IN,
cago. Burlington and quincy, W. ;os,h,'iiIe
island. $3.50: Louisville ana Na cant,sai
! ton. Iranhattan, % 275; Mexican CENT ia
e 5oO Niissn,ri Pacific, 6,71O; Northern "a
oi31V' 30. Pennsvlvania 1850; keadlng
GO nreferred 1880 ST. Paul, 44l5V' S ti
pnoidc o70: American Steel ana W IRE
| ( Ia. American Steel Hoop, 2.2oy' A Pa,ii5
can G;li,,sit a. 7S0; Colorado Fuel and IRON ron
Li,VsV' 40. Sugar. II .l25; Tennessee Goa
Gas 10 49, 100: United States Leather
| 1850 ,-,,x, AND EXCHANGE.
Money ON call firm at sac per cent.
last loan at 81; prime mercahli'e p"P0'
| 1903 per cent steodv with actual
,ninass I'm bankers bills at A.SJAlS+,o'
for demand and As2lS,91S$is;ss1 % Ia q ga
doys. nosted rates, &.SSl2qSi;S4 an S5 Sf'o'u
Si an. commercial bllls Si'olt2 s;i-,or 70
| silver certihcates. 29@0'|' 49,
M e ,Tarnm Sor bonds steady; state bonds
1 q.