Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-10
STOCKS ARE LOWER.
4 NUMBER OF INDUsTRIALs SHOW
QUITE LARGE LOSSES.
MONEY MARKET NOT MUCH CHANGED.
Looms Made ut MS High n Rate ms 10
Fer Cent. and ut as Low n Rate as
C-The Produce md other Mar
Epfs


NEW YORK. October 9.-Buying by
aroitrage houses for London account
made the highest prices Of the day I'm
the general list at the opening. As soon
as that demand was satisfied the market
Logan 10 drag. There was some sup
port when prices Of the Iron and Steel
stocks were bid up. but the fact was oh
Vious that there was no vital demand
for securities, and the downward DRIFT
was renewed. BY the close Of tho day
the gains were wiped out. except in n
few cases, and number OF Industrial
stocks showed quite large losses. steel
and Wire was n notable exception, and
rose 3 points on reports OF new pro-
perties acquired, most Of the gain being
retained at the close.
Sugar and Tobacco enjoyed A period Of
strength, but both Of them closed at net
losses. There was some large buying
OF United States Leather. but its gam
was not maintained. Omaha. preferred,
which last sold at rs. was offered at 1873,
and from that down to 176, without finding
takers.
The bond market also was rather weak
.I tHah hdq been the case up TO this
tline rejecting the high prevailing rates
for money.
MONEY MARKET UNCHANGED.
The situation I'm the local money mar
Fet showed very little change, loans be-
ing made az high as 10 per cent. and as
low as per cent The majority Of loans
were made at from TO 10 per cent. Pre-
dlcuons were heard that money was TO
be easier this week, but no evidence was
forthcoming TO COrrObOrate the predic-
lion. Gold shipped from Europe is now
IN New York vaults, and no more Is TO
Ia I'D for
source.
1t was reported that the Treasury De-
partment had decided 10 anticipate the
November LIST payment of interest, as was
done last year but no announcement OF
such q decision came from Washington.
The detailed statement Of New York
banks on Saturday showed that cOnsd-
erably more than half the members Of
the Clearing-House are still below the
regal reserve limit, and the necessary
consequence was further calling Of
loans. Banks in the West, and even jan
canada, are reported TO be placing call
loans on the Stock Exchange
1t is evident that western banks are
drawing on their deposits i'm New York
banks 10 meet demands upon them for
moving the crops. and for other COM
mercial uses. The calling Of loans by
New York banks which is thus made
necessary rushes up the call-loan rate IN
New York. and the western banks are
getting the advantage OF the rate for
their surplus funds which are placed in
Wall street.
FUNDS FOR THE CROPS.
Earlier In the season Wall street ex-
pected TO DE relieved from the usual pres
sure for crOp-mOVing money, on account
Of the large reserves I'm western banks.
but the latter have found the present q
more profitable method Of conducting
operations.
London took q more cheerful view Of
the outlook to-day, and the open market
discount rate there fell below the banks
rate. Sterling exchange eased off I'm SYM
pathy in Paris and Berlin. but held stiff
in New York for demand bills.
Total sales Of bonds, par value. $l5l0O0O
United States bonds were easier in bid
quotations.
Total sales Of stocks. $4,000 shares, in
Guiding Atchlson, T4l7: Louisville and
Nashville. H.S1O; Manhattan, $3.50; ST.
Paul. $40; American Tobacco. i09SO;
American steel and wire. 2G,O65. Brooklyn
Rapid Transit 1885, Federal Steel, 17.4l0;
Sugar. 1890; United States Leather, %, i5l.
MONEY AND EXCHANGE.
Money on call hrmer at G0l9 per cent;
last loan az 8; prime mercantile paper,
Ji2Q6 per cent
Sterling exchange firm. with actual BUSH
demand and $4.N&.W4.S2 for sixty days;
posted rates. SiS2ibQ$4S3 and S4S6ihG$AS7;
commercial bills. $iS0d$iSOla.
Silver certificates, 5sQ5y, bar silver, 5o9s;
Mexican dollars. a.
Government bonds steady; State bonds
Inactive railroad bonds weak.