Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-14
STOCKSDEMORALlZED
ru spEcTALTIEs GO DOWN
At A TERRIFIC RATE.
SUPPORTING ORDERS, HOWEVER,
these urIos About " Material ""''''
-. close in Above the Lowest
weak and Lowcr-ProNi-
.,ons Advance

..,,.. Work.. May lS.-Speculatlon open
NV t,slv demor0lizcd CONDITION TO-
90 D" . 40 the announcement OK the
cay. l..-b NJ former Governor tloWer'
si''. ..vs was scant. but many ru-
OtN,'' ..-,.ted with tho properties iden-
MOI. ..r tho late lnancicr were circu-
u''. ... good Of liQuiGating orders ana
la'e'' .....y after the initial break car
oet. 90 tic Flower specialtes down at
re' az ,..r The extreme breaks In
,.ics. as compared with yes
ih's' .r.. New York Air Brake, CD
ic'''' p..,blyn Transit, IS ga Peoples
- 1-.srnauonal Paper. IA Is; Fede-
Gas go .. MA. Rock Island, 5-S, and
'1' 49,, fre.trred. L.
w. me general railway list the extreme
. ~rrced IN the active shares UP
lis n burlington.
,ba SPECULATIVE specialties, American
s,.e, DROPPED Il rs; Sugar. IL; Colora-
~, r.el. la; Manhattan and Metropoh-
..o ss- each; American Smelters. 6, and
national steel, Continental Tobacco, ana
4rcVda Mining over points each.
a RALLY.
Tho apDearance OF supporting orders
And the absorption Of a large amount IN
IL aggregate by bargain hunters, TO-
gethcr with large covering or snort hnSs
brought about a very material laiiy,
which was emphasized in the properties
which had suffered most earlier. Fart
~ the extreme decline was due 10 inc
uncoyering of innumerabe stop-loss or
ders. as well as the wiping OUT OF
many marginal accounts: During w
carly violence the facilities or Drohei ,
handling large business were seNctSlS
taxed and few orders could be accep,eU
for execution, except "at the maTk1er CO.
The lowest point reached oy son tbo
day was In many instances dD' 49,
low point on Tuesday last. Inc Il w. md
specialties. however, were eXctplIo"7' TIC
touched the lowest IN SoIHSe tbo drrn of
announcement by nemDG II, % a., bad no
Flower * co. that air. fIO"' I'D for
stocks on hand that were hot pau ~
and that they would npl Oufasel,t ,rba4
morning had a reassuIlhs ,,c.t Sos Gov
firm moreover, was a Pun -, ~,
Tents Of a large line Of stocks on inc
'g I"nSon sold some 5000 shares at the
opening and later was slldlI
T'ro LARGE firms collectively purchaseu
INT N o0a shares, and many other large
,..,c,rns absorbed stocks the principal
.,Terers seemingly being those VINO held
stocks on margin. .,,,->,
BANK STATEMENT DlSAPPOlNIlN
u,ia hank statement was not fully up
~. .vncctation Of some, and realizing
s,d Inc uutting out Of fresh short lines
srqin depressed prices after the rally'
but still left quotations much above the
loWest .,,.. -. .,,,,,
hall ~ the extreme declines. In the
ir,Vr~ epecialties the net losses are:
New York Air Brake, p Brooklyn Tran
-- ri. Peoples Gas. Gla; Federal Steel
~. International Paper, 3k, and Atcnl-
s6g preferred and Rock Island, about 212
me- dealings for the day aggregated
about ur.e quarters OF million shaIes
ogrne the two hours trading ana the
re1frIng changes of quotations.. as ire
,r4-5oI- blocks Of stocks changed owner
Shin was leWildering to ordinary traders.
MA orirIors ~ many old operators Were
widely divergent, and the quotations
,,f.llv proved the uselc SSneSS OF attempt
~ f5 e.,..s the course Of prices. After
H. first ffc.n minutes comparative quiet
T.-urrlf ir- in comparison with other
days the dealings We're enormous.
CLOSE ABOVE LOWEST.
The market closed under pressure, but
materially above the lowest
STANDARD OIL 4SSd4S9.
Increase activity was noted in the
weeks bond market, and generauy
A.sAer level Of prices was estaDlsheo IpI
The GI-eige issues Speculative bonds,
boseg,r sIfgered moving pretty much in
ursos with stocks. United states new
4s4Itauced II; ditto, coupon. the 8 $, ana
the 5s coupon. 81 ditto registered anu
tas ol As. coupon, y. and ditto, register
e. g in the bid price.
The total sales of stocks to-day were
1851 shares, including Atchison, 9'4yO;
Citt1 preferred. sc $50; Burlington, LOO
louisville and Nashville. 1880; Manhat-
tr 065O: Metropolitan Street Railway
6sl. Reading, 1st preferred, 9lG1. Mis-
souri, Pacific. 400: New York Central,
100. Northern Pacific 800; Union Pa
dae II .925: Rock Island. 2i230; ST. Paul
gg0. Southern. preferred, 1900; Union Pa
of.. preferred 9425; American Steel and
Wire. 81 COO; Paper. 6.100; Tobacco, $500;
Teeral Steel. l0l, $50: ditto, preferred, 90
~ Peoples Gas, Il $50; Brooklyn Transit
$3.50. Continental Tobacco, 20.270. Sugar
o. 40: Tennessee Coal and Iron. GAO
MONEY AND EXCHANGE.
Money on call steady at 3ls per cent;
prime MERCANTILE paper, Si2@4i2 per cent
Sterling exchange steady, with actual
business i bankers bills at $i.S6$. lS4.S7
81 demand and S4S44G $40 FOR sixty
DAYS. posted rates, s4S5lkQ$4S6s and
s. s1i.0s4 sp l.. commercial bills. AA
Silver cer'GCates, GlN62c. Bar silver,
Ge Mexican dollars. 4Sl2c
Stale bonds inactive. Railroad bonds
weak G-yeument bonds strong.
BANK STATEMENT.
Tho weekly bank statement shows the
following changes:
surplus reserve. increase $,7S5,675.
Loans. decrease S5.956,700.
Specie Increase. IS. 800.
L5sa tenders, increase, $4,000.
Deposits increase. Sl,936,00O.
Circulation. decrease. $50 200.
The banks now hold $27, 1877 625 In excess
Or fLs r.q..remcnts Of the . per cent.
rule
a. VI g.oorr nunfaffona