Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-16
STOCK MARKET WEAK
TRANSIT OCCUPIES THE CENTRE
OF THE STAGE.
CLOSE PEVERISH and IRREGULAR.
Net Losses Throughout, Extending
to Over Point I'm the Grangers
Tnd Some Other Rnilroads-The
Produce Markets.

NEW TURK, september D.-There was
pressure to sell Brooklyn Traction and
st. Paul at the outset of the day. Transit
occupied the centre Of the stage all day.
The dealings in this stock were on DIN
enormous scale, and the amount thrown
overheard on the decline made the fact
OF inside LIQUIDATION obvious The bears
OF course, were also very active In this
stock, and the occasional covering by this
element afforded the only effective checks
TO the downward plunges Of the stock.
Ihere seemed TO be no support accorded
at all until II had touched 90 From that
stage there were occasional checks and
rallies before 10 touched the extreme low
point, at Sc IS. After a final rally TO IS.
II closed again. under pressure, at a net
loss OF "a. The other members OF the
Flower group did not develop any keen
sympathy until late in the day, when
Peoples Gas, Federal Steel, and Rock Is
land were down from "a to points.
These stocks rallied somewhat before the
close.
Holders Of ST. Paul, disappointed over
yesterdays dividend action, broke the
price a point at the opening. There was
a subsequent recovery OF practically the
loss. and the whole railroad list moved
up nearly TO last nights level. in man
ner to suggest the inauguration Of an in
fiuential buying movement. The appear
ance of strength was increased by brisk
demand for the Coalers. which rose
from / TO 3 1-3. The upward movement
came to an abrupt end before noon, when
Brooklyn Transit, Sugar, Peoples Gas,
and the Western railroad shares general
~, led by st. Paul, fell away by rapid
stages. st. Paul dropped TO 1872, and
ruled below 100 for the rest Of the day.
Except in a few isolated cases, there was
no subsequent demonstration Of strength.
The closing was feverish and irregular,
at net losses throughout. extending TO
over a point in the Changers and some
other railroads.
The depression on foreign stock mar
kets had some effect here, on the drop
to the low point in ST. Paul, coming close
upon the announcement of the afternoon
weakness In British cOnsols.
BANK STATEMENT APPREHENSION.
The apprehension of an unfavorable
bank statement tomorrow had its effect
in the late break. Preliminary estimates
indicate that the banks have lost during
the week by shipments TO the interior
and by Sub Treasury operations ovel
S. 100000. Without taking account or the
reduction OF deposit liabilities by reduc-
tion of the weeks loan contraction, thls
would indicate a fan In bank reserves &c
q level about s. $4,000 below the legal re-
duirement. so that the loan contractor
must have proceeded to the extent of al
least $l4O00,000 in order that the legal re-
serves should be preserved intact, anf
loans must have been reduced as mucf
as S2i,000OCO in order to prevent de-
crease from last weeks small surplus re
serve of less than 81 no coo. The quiel
tone OF the money market curing the lat'
ter Dart of the week indicates pretty
clearly that the banks are within thell
legal reserve limit Whether TINS IS du'
10 the fact that the loans have been re
ouced as much as above Indicated, OF
whether there has been q supply or cast
from hidden sources, when is not renect
! ed in the known movement, VIII DC re
vealed by to-morrow's statement FOR
eign houses have loaned money durln.
/ the week, which was presumably DOT
| royod in London fOr that purpose I'M
! cperation may have gone fuftner thal
| has been suspected. ,-.
with stocks but changes, as rule, Wer'
not large. Total sales. par value, Sl,4so'
ga limited States new as, coupon, an
| the IS advanced Is in the bid price.
| The total sales OF stocks were .O5,vy
shares, including Chicago burlington an
| Quincy. % i1; Rock Island. u. 30; De!l
! y,,are Iackawanna and western. s'o-
! louisville and Nashville, 300; Mannat
! tan j. ex-dividend. 30.i00; missouri 4 u /,
! cifc. $3.50; Northern P9citc, e.5eo; head
! ~ first preferred, lG,400; ST. PAU, 30 lgV
ca,,tbern Paci6c. 13.120; Union Pacific
preferred. 500; American Tobacco NV
! Hrooklyn. 65757. Colorado Fuel ana 1Eyh
! 100. Peoples Gas, 3,29; sugar 80
| tennessee Coal and Iron, $500; Unlte'
states Leather lSo,SS; H and ZOO S.6'es Lea
MONEY AND EXCHANGE.
Money on call steady at 4ao per cent ett,
last loan at per cent; prime inercahui
Sterling exchange steady, with actna
business in bankers bills at A.SS 3-faA.
for demand ana A.sz 20 go "a ., .or >, -,
| DAYS. post6d rates, $4.S2 l-2p2 i.A ana $iSia
s4N 3: commercial bills. A.A l-ZgeiSz'
silver certificates. 59q59 Pa; bar silver
90 Mexican dollars, Al L.
Government bonds firm; state bonds IN
| active: railroad bonds weak.
| BANK CLEARlNGS.
nh total hank clearings for the wee
IN the United States were H,7l0,393, 26S; pc
cent. increase, 2s7; exclusive OF Ne'
York, 500 500, 81; per cent. Increase 2o.9'
New york stoc.s Quotations.