Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-05

STOCK MARKET WEAK
uNFOUNDED RUM0Rs BRING ABOUT
SUBSTANTIAL DECLINES.
LONDON 4 LIBERAL SELLER.
Sugar Most Prominent I'm Period of
DepressfOn-Fractio Net Adj
vance I'm Continental Tobacco
Wheat Weak and Lower.

NEW YORK. May 4-The stock market
was weak most Of the day, then rallied,
recovering part of the earlier loss, and
left Off with an uncertain tone, and with
let losses of a substantial fraction pre-
vailing. Unfounded rumors were in cir
culation. including stories OF split be-
tween prominent bull interests. the death
OF prominent banker. and statements
that banks had called loans and refused
further accommodations TO a large in
terest. Each OF these rumors in turn
was positively denied, but not until sub
stantial declines In stocks had been eff
fected. London was liberal seller. SUI
gar was most prominent In the period OF
depression, dropping over 3 points. two
thirds Of which was afterward recovered.
The rest OF the market followed the fiuc-
tuations in Sugar to a minor extent.
The iron and steel stocks, local trans
portation shares. and Anaconda and a
number of other Specialties made an
average extreme drop of about 3 points.
while there were numerous declines OF
about l point. With the rally in Sugar
substantial recoveries- occurred elsewhere,
particularly in those stocks which were
most depressed previously. and the mar
ket thereafter became dull Consolidated
Gas was well taken. and rose over
points Among the railways Burlington
displayed the most strength.
ADVANCES IN TOBACCO.
There were fractional net advances in
Continental Tobacco, Tennessee Coal and
Iron, and General Electric. The more
prominent net declines were in New York
Central, the Coalers, the Traction com
panies, Iron and Steel shares, and most
of the Changers.
There were many of the opinion that
heavy liquidation for some important in
terests occurred to-day. and that much
of the later strength came from the COW
ering Of shorts. An interest which 1t was
reported was seeking to reduce its lines
in its Specialties denied that it had any
speculative ventures on foot just now.
Commission-house business was said TO
be one of the smallest for some time.
THE BOND MARKET.
Railroad bonds showed a reactionary
tendency for the greater part of the day,
but in the late trading conspicuous
strength in Wisconsin Central lists. and
support of other speculative issues, I'm
10000. United States As. coupon, and
the new As, coupon, declined -, but the
IS. coupon. advanced y in the bid price.
The total sales of stocks were 1870
shares. including 5,4S5 Atchison; H.5ZJ
Atchison, preferred; pho Chicago, Bur
lington and Quincy: 6.275 Louisville and
Nashville: 1915 Manhattan; $500 Metro
politan Street Railway; 1890 Reading
LIST preferred; 5.325 Northern Pacific: s.02l
Rock Island; $3.50 Union Pacific
65G5 Union Pacific. preferred; 800
Southern railway, preferred; 15,sl2 ST.
Paul: 66 $50 American Steel and Wire
l6. 4O5 Federal Steel; 5.0e5 Federal Steel,
preferred; 25275 Peoples Gas; 55,i2i
Brooklyn Rapid Transit 1880 Continental
Tobacco; l65 100 Sugar; CLEO Tennessee
Coal and Iron; $3.50 Chicago Great West
ern.
Standard Oil, 49Odi93
MONEY AND EXCHANGE.
Money on call steady at 3l2diia per
cent: last loan al per cent; prime mer-
camille paper 3i2aiii per cent.
Sterling exchange weak, with actual
business I'm bankers bills at A6ha
A.SIs for demand and N.S5A pASH for
sixty DAYS; posted rates, .Si2uSLSSl2
commercial bills. S4s6h.
Bar silver. 6las; silver certificates, 6li2u
62. Mexican dollars. 1875.
Government bonds irreg,lar. State
bonds steady. Railroad bonds Irregular