Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-03
STOCK MARKET WEAK
THERE u \ DECIDED D"of ~
PRICES GENER ALLY.
CALL MONEY 80 BID, IS ASKED.
None Of the Expected Relief I'm This
direction Forthcoming - Pr"spect
of Unr i'm Africn Causes Advances
In Grains aud Provisions.

NEW YORK. October 1.-The stock
market had 20 face this morning the ac-
cumulatcd depression Of three days
trading In sagging market I'm London,
while the Exchange was closed here the
drop iu prices at the opening was a wide
one numerous railroad stocks showing a
loss OF "a point or over. and Tennessee
Coal showing am extreme decline OF Z
points The local traders We're inclined 10
fccl that London was unduly depressed
especially with reference 90 American Sc
curties. and started 90 bid prices up
acain. The first loan Of the day was made
at per cent. and this encouraged an
optimistic view of the money outlook
The rally was short-livcd and the course
was quite consistently downward for the
rest OF the day.
4 sharp advance I'm the Coalers, on the
advance iu the price of anthracite was
Intellectual % check the decline. London
sold. not only during the first hour but
ass long as offices there were open Tor
business Liquidation grom that source
reached between 4O.0OV and 5000 mares
The violent decline In British consols had
au important sentimental ~ al
though DO was afterwards cNlldNl'u tiat
this was partly due TO the expectation
81 "a now issue But the new issue Is as
significant of the practical cerla4hl! VI
w.r aS auv incident That mas mus laI
occurred. So that the eNplanatloH g'u ~
AFFORD relief 10 the stock market u'
si0n The sharp rise IN I@3i'uVh US I'M
rates caused an advance az '-H OF a ySlie
d. the actual rate for demand SteIiuS
here and had am equally mafheu v"'
nu the sterling exchange lolc' UV'll a.
Berlin and in Paris. Ihls qeNelol 81, ~, 80
.,rivalaut to notice that London is nul
,r.nar,d to part with more gold 70 New
y,,ir without making every p'.Slplt 81
.N, nr.vont il. Long sterling was
weak. ON selling against sterling loah9'
CALI, MONEY % PER CENT.
The local money rate quickly moved up
,,.1r1s when the renewal Of loans cul livN
- fr.,, iast Thursday began 10 inliu-
.rea The market. The cal-loan rdle W.
r.rrfna mn 10 Il per ent. while the IIlJ ,. ,
market was still i'm full activity. IL -
then rushed mp 90 80 per C,ll., q. 49, -
which there were WORN. H.. n,,o,D to 3,
down to lO per cent. and up aEaI, u" -
rsr cent. M which rate the last loan Vi
The dqv was made. The closing was oJ uiu
and 81 asked None ot the eAlrCI'u ~, -,
to the money market was III Sient ~. 10 70
Tho g4y.lOpmcnts I'M London ieSSth wy
rv1h4bnitv of further gold lmpVItS' an.
fh. condition II New York exchange a,
Interior points indicates a contiHuahCe W
the demand for funds from mat soui u; -
Tho money left i'm the city by the Nlsi-
tors +o me Dewey celebration was not IN
evidence in wan street. though, much h al
be.n made of this prospect OF rehel pS
the speculative contingent. -i,.
The Sub-TreaSuIy haS saai.,co Friday
Slfooo from the Hla'hC' T,,,,I,. ar the
Money seemed 10 ne III ~ If time
higher rate from the procesus vi -, ~
loans made some time ago but I ie IN, III,
ing resources OF the banks are p'"0''O''''
exhausted at present.
so DECENTRALIZATION.
The decline I'm prices aas made without
"tit ''- .,.-. ~ Losses I'm the