Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-22
STOCKS RECOVER
TONE OF TRADING MUCH BETfER
THAN FOR DAYS.
BEAR EFFORTS WERE UNAYAlLIKG.
Favorable Eject Produced by Re-
ported Purchase in London of
s5OO,000 Gold for New York-wheat
Excited and Higher.

or tie trading in stocks was much better
To-Day than for some days past Not
so much pressure and forced liquidation
were observable as yesterday. and for
aeVera. preceding days As result there
was very general and substantial recovery
IN prices. There was a large demand
rom the extensive outstanding short in
terest, and probably this constituted a
principal element in the recovery. but
there was also a very good absorption OF
some Of the railroad stocks, which had
the appearance Of coming from large in
terests, who were satisfied TO take en-
stocks at the present level
a revised Interpretation OF New York S
new franchise tax bill. which makes ii
bear less heavily on corporations than
has been estimated. found general ac-
ceptance among spectators.
The enormous selling for some time
past OF Brooklyn Rapid Transit gives
color 10 some current rumors that the
control OF the property has changed TO
new and stronger hands. Those two in
nuences were effective in relieving the
local Traction stocks from the fierce at
JACKS TO which they have been subjected
Tor many days past. and removed from
me situation the most potent element
of depression.
SOME VULNERABLE SPOTS.
The bears made some effort to con-
test the advance and they found vulner-
able spots in Peoples Gas, Sugar, To-
Dacco. and Tennessee Coal. But their
success in affecting the general market
was very moderate, and their efforts 10
cover in the very stocks which they nd
attacked helped on the late advance.
In the railroad list aggressive buying
first developed in Southern Pacific. but
an excellent demand spread to other
points in the list-nOtably. the Granger
which were up TO ~ on the day. There
were notable movements i'm Pullman,
which rose SIS, and Anaconda. when
jumped AZ points in the late dealings on
the extra dividend declaration. The
Chicago, indianapolis and Louisville
stocks gained 2Ia and pa, respectively.
The Chicago Great Western stocks show
ed some rather sensational declines, but
later rose above yesterdays level eX-
cept for the debentures, which are of
4 points.
London was seller in the early deal
ings, owing to the anxiety over to-mor-
rows meeting of the British Cabinet, and
thus aided the bears in the early part OF
The DAY. a favorable effect was cXer-
cisco by the reported purchase in Lon
don of 100000 gold I'm the open market
for shipment to New York. No trace
could be found Of the destination OF this
shipment, and foreign exchange houses
mdlulul0tu Ildl SOlu COulu lDl yet W IN
ported at a profit.
Sterling exchange dropped n fraction
nearer the gold import point, but Is stu
well over lc above that level.
CALIrLOAN RATE LOWER.
The call-lOan rate in New York dropped
late in The day, after the days demand
for money had been practically all met.
but the condition Of the local money
market was not materially changed.
a drop I'm New York exchange IN Chi
cago indicated renewed pressure from
that source for funds.
Saturdays bank statement is now eX-
pected 10 show the New York banks In
a somewhat stronger position. owing 10
the weeks large contraction Of loans, bur
there has been no known replenShment
of cash resources. and the future of the
money market depends on the prospec-
tive needs of the interior and the pros
pectivc demand from the Sub-Tredsury
for revenue payments.
BOND MARKET FIRM
The bond market was firm in tone, ex-
cept for a late reaction in 81. Louis
Southwestern issues. Total sales, per
United States 3s and old As, registered,
declined Il, and old As, coupon, a IN the
bid price.
The total sales Of stocks to-day were
7O7 100 shares. including Atchison, pre-
ferred, $3.50; Burlington, 2ilO; ROCK
Island $3.50; Lackawanna, $40; Louisville
S iS5. Manhattan. $1,000: New York Cen
trail 5000: Northern Pacific, $50; Read
ing, LIST preferred $500; 81. Paul, &.l25;
Southern Pacific $3.50; Union Pacific,
$3.50: Tobacco. a.1S0; Anaconda, 12,2l0;
Rrooklyn. 20G. SO: Colorado Fuel and Iron,
G 76O; Continental Tobacco. G060 Federal
steel. 1888; Peoples Gas, 22,$I2; Sugar
34125: Tennessee Coal and Iron, $50;
United States Leather 5,lI5.
MONEY AND EXCHANGE.
Money on call 4a7 per cent; last loan,
; per cent; mercantile paper, 6p| per
cent
Sterling exchange weak, with actual
business in bankers bills at ASltmAS1s
ana $.NikdA.Sl24 for sixty days posted
rates. SlS3ls and SLS6144S4.S7; commercial
Silver certificates 5Yzq5sis; bar silver.
IS 9-16: Mexican dollars. 47l4.
Government bonds weak. state bonds
inactive Railroad bonds firmer.