Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-07
STOCKS SHOW GAINS.
DOWNWARD MOVEMENT FOLLOW.
ED ny A RISE.
LEATHER SPECULATION CONTINUES
Many Soothing Explanations of SAT-
urday's Showing of Deficit In sur-
strong-provisionsu Unchanged.

NEW YORK, November 6.-The course
of the stock market to-day effectualy
dissipated the symptoms Of weakness
which were cngendered BIZ the Saturda =
bank statement. The course OF prices
was downward in the early dealings. but
practically all the declines were recovered
anG some striking net gains were estab-
lshed in a considerable list Of stocks.
The downward course proceeded 10 the
extent Of / 10 points in a number OF
prominent Industrials. and reached rs
much as a point I'm n number of the rail-
roads. including examples from tho Gran
gers, Southwesterns. SOutherns, COalers.
and Trunk lines. Northwestern dropped
at one time ~. In the leading Indus
trials level Of prices was subsequently,
established, reaching generally point
above Saturday. The railroad group was
not so resilient but it's downward course
OF the morning was very generally le-
traced, and fractional net gains are the
iuie I'm Southern Pacific. the recent
large and organized buying was resume
after the decline had reached "a. and Dr.
was advanced ~. and closed there
LEATHER.
The speculation I'M Leather continued
ON an enormous scale. the prices beihs
at the opening. from rs below 20 - above
Saturdays price. Subsequently the loss
of Saturday was more than recovered,
and the price lifted TO within a shade OF
Al There was heavy realizing ina the
stock i'm the late dealings, nut IT, was
firmly supported at ~. The renewed sup
port by the speculative pool ~ Leather
had no small influence i'm disslpatlnS inc
fears Of a general break.
There were many soothing eNplana-
lions offered OF the eNhinlt OF Il eeuoit ~
surplus reserves by Saturday s panh
statement The favOrte eNplaiatlo A
among Spectators was that IT was cue
to an error I'm the return OF q siltie
bank. or rather 10 the recuhcalon OF an
error made I'm the previous week letuti J..
IL was this error, 50 ii was silu, Whch
had caused the unduly favorable state
mont OF October 2Sth. and the allowance
for il which made the showing OF the n9-
felt Of last Saturday and upset the Stock
market. The comfort found IN lnl7 -
Narration was somewhat disturbed by the
rise in the call-nQney rate 10 j per cent?
and tho calling of loans by the banks,
But the conviction became BeheIai Lle
SATURDAYS bank statement was not ltli
index % the actual condition Of the BANKS.
The continued hardness OF New YORK
exchange at important interior points
aroused expectations that the moVemehs
Of money is about to turn in favor OF
Now York. The short contracts when
were put out in the morning were very
generally covered before the close.
INFLUENCE or ELECTIONS.
The eve Of the elections was also ING
occasion for the covering or some snort
contracts which had been put out on me
theory that this years elections mlshl De
the prelude TO the unsettled business con-
6ltiOns which are looked lof IH d. pi~'i
Dental year, $500.
The drop in the money rate to D per
cent. late in the day accumulated the Duy-
ing demand for stocks. An incident OF lhl
6sy was a sale of United states Milling
an II. compared with "a for tho last pre-
Cedina sale some time since. me price
az bonds only partly recovered rom the
carly decline. in sympathy Win 5loGhs;;
Total sales par value, N,OiVWN ChIleu
States old as, coupon, advanced - il tHe
bid .sice. .to ooe
sbares including Atchlson, preferred
7l5O: Huntington 0950; Colorado southern
a 400: louisville and Nashville. $500, Man
haitian. n 0G; READING nrst petctfen,
5000. Southern Pacific, 63.uoi southern
Halfway, gro; do. preferred, 500, Ame l.
can Steel and Wire, ll00; American To-
bgcco. n 80. Brooklyn Transit $3.50, Con
tinontal Tobacco. $40; Federal steel. ls.-
rs. Pacific Mail. $3.50; Sugar, h,5'); nlted
states Leather. 1SS1T; United States Lea
Their, preferred. lZ,01
MONEY AND EXCHANGE.
Money firm at 5d12 per cent, la-t loan
az per cent: ruling rate, 9 per cent
priYne mercantile paper 5Q0ta per cent.
Pe :i,1, exchange irregular, with acLIal
business I'm bankers bills az >tt0fi4Si.oi
Tor demand and $4S2siaA3 Tor Sky
days; posted rates, $f.6ihSt.oo' CONNIE -i'''
bills. $ls2 -,,..--,,,. ,... -,,,.o-
ISL. Mexican dollars, ga
Government bonds firm. state boais
inactive. Railroad bonds easier.
xo,v yorI. stScIS QnOfatiOrs.