Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-09
STOCKS DECLINE.
TOBACCO SHARES PROMINENT IN
THE BREAK.
BANKS CALL LOANS ALL DAY.
Improbable Bear story About In
terrafiOnal Dealings Adds to Ex-
Stronger and Higher.

NEW YORK, December S.-Nearly every
stock I'm the list declined to-day. The
Industrial losses ranged from 2 to nearly
Z points. The railways did not suffer SO
much. but number of them closed be-
tween l and 2 points lower than last
night.
The principal victims of the selling were
the Iron and Steel stocks, as has been the
case all week, and Tennessee Coal led
the group, with net loss of 6 IL points.
Quite q number OF other metal stocks
closed more than points lower Sugar
was very active, and weak throughout
the session, and closed at the low point,
with net loss OF IL. The Tobacco
stocks, the Rubber stocks, and the New
ork Specialtes were all prominent in
the break, and lost 3 points or upward.
Manhattan was rather an exception, and
its loss was only fraction.
The bears We're active and very agrees
siye, and had much TO do with starting
the decline, but they reaped rich return
I'm the uncoYering Of stop-loss orders as
margins were wiped out and heavy Of
ferngs were prec!pitated on the market.
The banks were calling loans all day.
and the conviction is unavoidable that
very drastic liquidation Of long accounts
was affected. A large part OF the selling
was forced by the calling of loans and
the difficulty Of obtaining new accommO-
dalton, the borrowing demand rushing
the call-loan rate up 10 u per cent on
the late dealings Tired holders, who have
hoped for an upward turn In prices, also
abandoned their position, and threw over
their stocks. When the preliminary esti-
mates OF the weekly cash changes made
their appearance the difficulties OF the
money market We're explained.
COCK-AND-BULL BEAR STORY.
The bears seized occasion to aggravate
the situation by setting forth a story that
the Associated Banks of the United
States" whatever that might mean, had
loaned tho Bank of England SD,VO0,WV.
No basis could be found for the story, but
its inherent improbability aid not prevent
IL from having considerable effect in add
ing TO the Generalization. The hardening
OF money in Berlin and Paris, ana the
heavy loss In gold By the Bank OF Eng
land for shipment 10 South America We're
evidences of the contraction OF the money
supply abroad This was sufficient TO keep
the sterling exchange rate firm, in spite
Of our stiffening money market, out
there was a significant decline in the eN-
change rate on Paris. In response TO the
London measures to shift pressure 10
that centre.
To-morrow's bank statement is expect.
ell TO show in cash over $4,000. C'
this 100000 IS on Sub-Treasury opera
tons on the direct interior movement
bv express the banks have increased their
shipments over 10000 over last week,
while their receipts from the same sources
have decreased 10000. $1,000 ,,u,.
Total sales OF bonds, I.725O0O. Market
steady. United States old as and os al
yanced a in the bid price. 80 ca,
Total sales of stocks to-day were 'J0oD
shares. including Atchson, preferred
I9Si5: Chicago, Burlington and quincy,
1880: Manhattan. Is, $50; Missouri Pacihc'
$3.50: Northern Pacific ZOO; Pennsyi-
wanna. GAS; Reading, lst preferred, 900;
ST. paul 1850; Southern Pacific, 3O,jdJ,
Union Pacific, 1880; Union Pacific, pre-
Yerred 1920: Wheeling and Lake Enc,
GEO: American Steel and Wire. SO,5oO'
American Tin-Plate, $40; American To-
bacco. $500: Brooklyn Rapid Transit,
81 eco: Continental Tobacco, AelO; Con-
tinental Tobacco, preferred. $500; Fede'
raj Steel IS 475: Federal Steel, preferred,
boo. Rubber gO47; Leather. 2O,s3; Lea
ther' preferred. 1865; Tennessee Coal ana
Iron H. $50: Sugar, 957Gj; Pacific Mail
7.2O: Peoples Gas, 1853; National Stee'
MONEY AND EXCHANGE.
Money on call strong at 5ql2 per cent;
last loan at per cent; ruling rate, ~
per cent; prime mercantile paper ol2d6
per cent. ..,.,, ,o,,..,
Sterling exchange Irregular, WIN acloal
business I'm bankers bills at Ao59sdA.oOA
for demand and AN4nA.A12 Tor Sixty
davs: posted rates. AS2G$ls2l2 and Sls'le;
commercial bills. &.@A: .,,..n
Silver certificates, 5sssGW; par sliFer'
50: Mexican dollars, 414.
Government bonds strong. state bonus