Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-11
STOCKS AT FIRST SAG.
EXPECTED LARGE ORDERS TO BUY
RECEIVED.
LATER IN The DAY PRICES HARDEN
Most of the Earlier Declines Re-
covered on This-Wheat strong
ana characterization Lower
Other Markets.

NEW YORK, June I0.-Yesterday's no.
table rise IN stocks brought the expected
result In large orders TO commission
houses. by wire and mall, 70 buy stocks.
These were put I'm at the opening, and
executed at the high prices to which
values vcrc marked. The professional
operators who hove been buying stocks
IN the last few days met this demand
with sales 10 realize. After this trading
had been concluded It looked az though
the large operators who have started to
buy stocks In the last few days were in
disposed 10 pursue their activities, and
the market began to sag on light trans
actions. rhe low point was reached just
before the publication Of the bank state
ment, when prices IN many cases were
below last nights level.
American Steel and Wire Sugar. Atchi-
son. preferred: st. Louis and Southwest
ern, preferred; Brooklyn Transit. and
Manhattan were the severest sufferers
from the reaction. The experts had
figured that the bank statement would
show q decrease OF S5,0p co.. II ,ush hoid-
ings. although II was known that only
T@O,0D Of the weeks gold shipments
would figure i'm the statement. The losses
OF the banks 10 the Treasury were
expected 10 be heaYy.
EASY FEELING AS TO MONEY.
Instead Of this there was a decrease I'm
cash Of less than million and half,
and the liberal expansion In loans OF over
Sl0OW,OW was evidence OF the easy feel
Ing OF bankers over the outlook for
money The prices Of stocks hardened as
a consequence, and recovered most OF the
earlier decline. Sugar touched the top
price for the day. and Consolidated Gas
rose about - points. Pennsylvania was
consistently stronger throughout on the
selection Of the new president, and st.
Paul enjoyed the benefit of its increase
OF 10000 in gross earnings for the first
week in June. The bull leaders are un-
ooubtcdly counting on the favorable eff
feet 10 be produced by coming reports or
railroad earnings, which, for the next few
weeks. will compare with the period last
year when the Letter wheat deal reached
its collapse the price Of wheat suddenly
dropped, and the movement of grain, and
consequently. the earnings OF the ran-
roads. had the only notable setback OF
the year.
BULL MOVEMENT ABORTIVE.
The bull movement sought to be inau-
gtrated yesterday in American steel and
Wire proved abOrtive and the stock
tailed 10 rally from its weakness to-day.
Sugar was comparatively quiet, but re-
sisted all attempts TO force II down. Inc
selling for London account, because OF
the Transvaal crisis was ignored
In the bond market there has been
some increase Of activity I'm the latter part
of the week and Improvement in prices.
United States rs advanced Is; the old IS,
registered. g; do. coupon, 4, ana the
new As and the SIS, Is in the BID Price.
The IS declined IS.
The total sales of stocks to-day were
3il.700 shares, including Atchisou, pre-
ferred % 100: Burlington, 14,OOQ; Reading,
first, $780, Manhattan, 1900; ST. Paul.
1880: American Steel and Wire, 2V5O;
Federal Steel 1l,075; Peoples Gas. 900;
Brooklyn Transit. q. $50; Continental To-
bacco G,27O; Sugar, 1850.
MONEY AND EXCHANGE
Money on call steady at 2d2ls rer cent:
last loan at per cent; prime melcah;ile
paper, 2a2i4 per cent.
Sterling exchange steady, with actual
business in bankers bills At AN3sm
AS77s for demand and A.o5SspHS.s Tor
sixty days: posted rates, $Ao6&HSLS' and
SlS9; commercial bills. SIS5h.
Silver certificates, GGl4u63; bar silver,
CO.'S: Mexican dollars. 49,.
State bonds inactive. RAILROAD bonds
irregular Government bonds firm.
BANK STATEMENT.
The weekly bank statement shows the
following changes;
Surplus reserve, decrease, S,0Si,oy
Loans, increase. $40 so6,1D.
Specie decrease, 1881. so,
Iegal-tendeTs. increase, $3.50.
Deposits, increase, SIU0,O)O
Circulation, decrease, $50 lUJ.
The banks now hold $39,}23 100 In excess
Of legal requirements.