Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-30
STOCKS ARE FIRM.
THIS IN SPITE OF UNEAsINEss
OVER MONEY OUTLOOK.
MUCH BUYING FOR LONDON ACCOUNT.
This the Mafnstny Of the Market,
pnd II Causes Strength Here and
OF Them Obscure.

NEW YORK. November 2s.-The prices
OF stocks were on the whole very well
sustained to-day, in spite of some factors
making for reaction. Chief OF these was
/ the continued hardness OF the money
market the further slump I'm Leather.
and the movement 10 take profits in the
Trunk-Line stocks. which have advanced
so aggressively for some time past. This
pront-taking movement was the nearest
10 official confirmation that could be had
Of the numerous published reports and
rumOrs of consolidation Of control OF
the great trunk lines Those favored
with advance information OF such a pro-
ject would naturally be sellers when the
news became public property, and brought
in outside buyers.
\ good proportion Of to-day's outside
buying thus invited was on cabled orders
from London. Americans shared IN that
market on account of reports OF British
military success against the Beers. Lon
don buying was also attracted by the
publication OF the currency-reform mea-
sure 10 be pursued by the dominant party
at the coming session OF Congress This
buying for London account was the main
stay Of the market. and spOtty strength
displayed here and there by individual
stocks. many Of them very obscure, Kept
the market firm I'm spite OF the uneasiness
over the money outlook. Tomorrow
holiday also prompted some closing up Of
short accounts. While I.ondOns buying
was the main supporting factor. the hard
ening IN the London money rate, ana the
fears Of an advance In the Bank of Eng
land rate tomorrow discouraged opera
lions for the long account
MONEY RATE DECLINES.
The demand for money kept the rate at
I per cent. and above until II had been
mostly satisfied. when II fell below per
cent. in the last dealings. and the stock
market hardened I'm response. The Sub
Troasury's disbursements on account OF
bond redemptiOns were considerably be-
low 5000 90 and the Treasury statement
from Washington showed the days reye-
nue. receipts nearly $4,000 in excess or
expenditures. As this IS the last day Tor
which the Treasury Department offer 10
redeem bonds holds good the total dis
bursements for redemption are but little
over half the amount OF the total offered.
The feeling H. general IN Wall street. how
ever. that the period Of the offer Will be
extended. and a safety valve against
pressure Of money rates thus supplied.
4 further decline in New York eN-
change at Chicago TO 80 cents discount,
against ~ cents yesterday. and down
ward movement in New York exchange
at other domestic centres. We're against
the suppositon that New York is gaining
this week on the interior currency move
ment. as was the case last week. Frac-
tiOnal net gains are the rule I'm stocks.
and they rise TO a point or over only IN
q few exceptional cases.
The bond market was quiet, and prices
showed some Improvement as the day
progressed. Total sales par value, ST.
$4,000. United States IS advanced Is In
the bid price.
TOTAL SALES.
The total sales Of stocks were $500
shares. including AtchisOn, 1900: Atchi-
son. preferred. 151l0: Baltimore and Ohio,
IN: Chesapeake and Ohio, 1910. Bur
lington 6172: Louisville and Nashville,
517O: Manhattan, 11.lJO; New York Cen
trial. 6I-S. Northern Pacific $3.50; North
em Pacific. preferred. 1927; Pennsyl-
vania. 22Ss5; Southern Pacific. l2lW;
Southern railway preferred. $50; Union
Pacific. 1900: Federal steel. l4l62. North
American, G1SO; Sugar, 1900; Leather,
220 $50.
MONEY AND EXCHANGE.
Money on call closed easier at 3lfi per
cent: last loan at per cent; ruling
rate. por cent; prime mercantile paper
u as per cent
Sterling exchange steady, with actual
business i'm bankers bills at $iS57susio5
for demand and SiS07s u<i.Sl for sixty
DAYS: posted rates. Sis2USi&i2 and $751;
commercial bills. $i.S0G N.Nl5.
Silver certificates $3.50 N5si2; bar silver,
5Oi.: Mexican dollars 47i4.
Government bonds strong State bonds
inactive. Railroad bonds firm.