Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-03-07
STOCK PRICES DROP.
THE DOWNWARD MOVEMENT
STEADY ON SMALL DEALINGS.
MONEY EXCEPTIONALLY FIRM
IL Touches "a for GILL Loans, mt
winch Point IL CIosed-Tobncco
breaks 3 Points, on RcnIizinz-
Wheat Weak and Lower.

NEW YORK, March s.-Prices dropped
steadily to-day. on small restricted deal
ings, each rally afording the bears an
other level from which TO attack prices.
with some exceptions. leading shares
opened below Saturdays close. London
sold some 12l 900 shares on balance. and
arbitrage houses made purchases In Lon
don before our opening, and sold here.
Speculation was purely professional, and
much was made OF the firmness OF money.
which at / o'clock touched Sz for call
loans. at which price It closed. The
best authorities were quoted as terming
the money furry as only a flash IN the
pan" The improvement in demand for
money in the dry-goods and other lines.
with the preparations TO fnancier the
Central Pacific settlement with the gov
eminent, the Chicago and Alton deal, and
some industrial combinations, were re-
sponsible for the improved tone. 1t was
argued that a sustained advance from cur
rent rates would be followed by gold
Imports, but 1t was pointed out that many
interior banks have supplies OF money
above their previous records. OF the
gold on the way from the Pacific coast,
which failed to arrive in time TO figure
in the bank statement, a round mount
arrived to-day.
The anthracite coal shares, which were
strong in the early dealings. eased off
sympathetically with the general mar
ket, except for Delaware. Lackawanna
and Western, which in the final dealings
ran up over 8 points. TO 1927. Chicago,
indianapolis, and Louisville preferred
was exceptionally strong. going up over 3
points. on rumors that the coming divi-
dend might be larger than had been eN-
pected. General Electric also was strong
In the early part or the day gong up ~.
to 12O, a part Of which it subsequently
lost. 1t was said that the company had
secured some new contracts and that the
earnings were improving. Sugar was
rather steady most of the day. on the
advance in the refincd article, but fell off
in the late dealings.
REALIZING IN TOBACCO.
Some realizing appeared in American
Tobacco. which broke some > points, az
ter an initial rise. The Changers were
inclined TO %heaviness. with Burlington
making q net loss Of 23s. Most stocks
showed considerable loss. and the closing
was weak.
Standard Oil closed 4750477.
To-day's bOnd trading was at the oX-
pense of values. many OF the active Is
sues giving way smartly. Total sales,
$3,1S0.OOO. United States old as. regis
tered. declined = in the bid price.
The total sales of stocks were 5S3.i 100,
including S.4O AtchisOn; 1918 DO. pre-
ferred: 1850 Central Pacific; i57D Chi
cago. Burlington and Quincy. $50 Della
ware. Lackawanna and Western; TlZ
Reading first preferred; $50 Missouri Pa
cihc; 1919 Chicago. Indianapolis and st.
Louis; 5000 New Jersey Central; Jl0J New
York Central; II 400 Northern Pacific; 49,
JGj Omaha and Western; 2l.5O Reading
1909 Rock Island; 1f135 Union Pacific
1876 do. preferred; 1920 -. Paul; $50
Southern Pacific; 1850 American To-
bacco: $3.50 Federal Steel; 1888 do. pre-
ferred; $3.50 General Electric; 400 Brook
lyn Rapid Transit; 6.19j Pacific Mail; D.
1886 Sugar.
MONEY AND EXCHANGE.
Money on call frmer at 303l2 per cent.
last loan at 3 per cent; prime mercantile
paper. 3n3i2 per cent.
Sterling exchange easier. with actua
business I'm bankers bills at A.S5i2uN.Sj@
for demand and SiS3i2d$4.S3at for sixty
DAYS; posted rates. SiSilzd$iS and $4.S6i.
mS4S7: commercial bills. $i.S0$LS5la.
Silver certificates. nominally o5lgdUi2
bar silver. 59&4: Mexican dollars. a. ,
Government bonds easier. state Dond'
steady. Railroad bonds weak.