Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-01
SLUMP IN STOCKS.
BEARS IN COMPLETE POSSESSION
OF THE FIELD.
GOLD EXPORTS UNAVOIDABLE.
No Reason, However, Why Such Fact
should Excite AIarm-Whcat Closes
MT Net Gain of I 1851 1-2-Pro-
visions Decline.

'"NN'Ne"Nc VI DedI sentiment on the stock
Exchange to-day, in more formidable ar
ray than at any time hitherto since the
spring reactionary period has been in
force. This sentiment met n decisive
check after Mr.. Flowers death. when tho
most powerful financial interests in the
country combined TO support prices and
avert panic. IT had but newly inaugu-
rated n campaign last week when the
decision TO close the Exchange for three
days left the leaders in a rather timid
frame OF mind about carrying short con-
tracts over for so long "A period. To-
days slump in prices seemed to be dis
tinctly development OF the days opera
tons. Some Of the stocks which suffered
most severely In the later break showed
signs Of iirmness and even of strength
in the opening transactions. But the
signs of strength proved to be of short
duration, and by noon the bears were in
complete possession of the field.
The early declines were obviously due
to manipulation, but as the bears gained
courage and assurance and extended
their raid. they got richer and richer re-
turns and before the day was over
general process Of liquidation OF long
accounts had set in. The decline seemed
10 be a general acquiescence in the view
of the bear party that prices were. as
whole, unduly HIGH and that "A lower
level Of values must be accepted.
GOLD EXPORTS IMMINENT.
The belief that gold exports are UNI
avoidable and probably imminent played
an important part in the reactionary tenn
per of the street. With sterling exchange
at &.& for demand, which is within "A
fraction of cent of the gold export
point. and still rising, while discounts in
London continue to harden. and call
money lOaning in New York to-day at
l "a per cent. il is not easy to see how
an export movement Of gold is to be
avoided though it is just as difficult TO
understand why such a movement under
the circumstances, should excite alarm.
The report of case of yellow-fever at
New Orleans and the resulting quaran-
tines against Louisiana, gave more sub
stantial reasons for reaction i'm values.
and the railroads in that section were
severe sufferers.
STRIKING DECLINES.
Some of the striking declines at the ex-
IRENE low point were Metropolitan, Is;
Sugar, s ga: Brooklyn Transit 6 IA: Man
haitian, is, and long list of Specialties
from TO over points. In the railways
Burlington. Minneapolis and ST. Louis.
Southern Pacific, and Southern Railway
fell from to IL points, while n still
larger number of railroads. including
members of the Granger. the Pacific. and
the Trunk-Line groups fell between 2 and
points. In the outside market the new
ly-hoated Amalgamated Copper stock sold
at 81, against the subscription price of
100.
Bonds yielded in sympathy with stocks,
but were relatively frmer. Total sales,
par value 81 l65. 900. United States 9s,
the new As. and the old As. registered.
advanced Is, while the old AS, coupon,
declined IA. The 3's. coupon. sold at
109 1-2, which is the record price.
SALES. 66S 400 SHARES.
The sales of stocks were Sos, 400 shares,
including Atchison, preferred, 1880; Bur
lington and quincy. 1881: Louisville and
Nashville. 1850; Manhattan 26675 Me-
tropoltan Street Railway. 1850; Reading
LIST preferred, 1880; Missouri Pacific,
.925: New York Central. $3.50; Northern
Pacific, 2l150; Rock Island $3.50; Union
Pacific, 1926: ST. Paul, 1885; Southern
Pacific II .42O; Southern Railway. prefer
red 11674: American Steel and Wire,
q. 80; Federal Steel. S4.1S0; do. preferred.
s. $50: Peoples Gas. 1920; Consolidated
Gas. 1886; Brooklyn Transit, SO439; Con-
tinental Tobacco, 2l59O: Sugar 97.l30;
Western Union, 6.795; Tennessee Coal,
1880.
MONEY AND EXCHANGE.
Money on call steady, al 21-2d2 81 pen
cent: last loan at 2 IL; prime mercantile
paper. 3 1-2q4 IA.
Sterling exchange firm. with actual bus
mess in bankers bills at S4.SS IA for de-
mand and slS5 3-i0s4.S6 for sixty days;
posted rates. $i.S6 1-2Q$iS7 and $LS9; COM
merciaI bills. $4.S5 LA A.Sj -.
Silver certificates, 6l@62. Bar silver, 81.
Mexican dollars. IS H.
Government bonds irregular. State
bonds inactive. Railroad bonds weak