Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-10
ST0CKSDEM0RALIZED
BEAR PRESSURE CONTINUES AND
VALUES MELT AWAY.
BOTH The YODACCoES DECLINE.
Loses II and Continental
Preferred 4i-Close Of the Market
Weak-Wheat Stronger and High.
cr-Provisions Lower.

NEW YORK, May 9.-The stock market
to-day was demoralized by liquidation.
both voluntary and forced. and values
melted away, with large interests APP
parently apathetic. Marginal accounts
were wiped out, and nothing escaped the
furious decline. The continuance OF bear
pressure disheartened many. and re-
suited in the shaking out of many COM
miss.on-house accounts. The market was
devoid OF general news features, but
local stocks reflected fear az to the prob
able effect OF the Ford franchise-tax Dill,
which it was the general belief would
be signed tomorrow.
London purchased some 5000 shares.
giving an easier tone 10 sterling exchange,
and acting as the sustaining factor in
the early dealings. Call money was
strong, ranging from 3iAqs. the latter be-
ing the quotation OF the last loan.
Standard shares were thrown over in
some instances to protect Specislties that
were receding at an alarming rate. Inc
forenoon show OF strength tempted re-
newal OF short pressure and liquidation
which was practically continuous. among
the weakest points were the fIoWer
stocks. which had risen the most during
smfrartna a net loss of 81. New York
Air-Brake one Of l2ia. and Peoples Gas
one OF over points.
THE TOBACCOES DOWN.
Other declines among the. .speciaities
were American Tobacco, IL; sugar ana
Steel, Il each; Metropohtan, o. a IJi',-
tan. Az: National Steel. 4. and consoH,
dated Gas, g. The railroads suffered
from l TO points loss, and there were
so many other weak spots that their
enumeration would be tedious.
Tne hear faction was constantly on the
alert for vulnerable points. and stop-loss
orders were freely uncovered. In some
quarters the expectation was entertained
that the government crop report 10 De Is
sued tomorrow would show little I'M
provemcnt In the winter-wheat belt me
cIearing-house ba.ances-Sls9,l1l,O ye-were
Tho largest on record. and the credit ball
ance Of over s13.UoOO OF the BANK whlch
managed the payment Of the spanish IN,
demnity was the largest ever nquidated
~ Tie clearing-house. The Sub-Treasury' s
debit balance Of over 100000 is the
largest since 1890.
CLOSE WEAK.
The closing Of the market was weak,
hut final prices were well above the low
est the total transactions Tor the oay
having been considerably over l'"''V'V
There were a few issues in the bond
market which ignored the downward ten
dency Of the semi-speculatiVe nOttsdseS'
Total sales. S.l25,No. 80, -.
limited states IS and the old :, regis
tered advanced Il in the bid price. 80 90
The total sales OF stocks were lV-e,Sp
shares Including 1000 AtchisOn; 600 At
cbfeon preferred: 5. 43i Central PACING; IL
ss0 Chicago. Burlington and quincy; lZ,oso
Townsville and Nashville; A,555 Manhat-
tan. n ~ Metropolitan; H,3Ze Reading.
FIRST nreferred: l2SS Missouri PACING; 20
Ney Jersey Central; $50 New YORK Cen
raj. rs go Northern Pacific; 1900 Omaha
and western; n ei5 Rock Island; l0so
T-nion PACING: 1il50 Union Paclhc, pre-
ferred. % 100 st. Paul: 900 Southern Pa
ci6c. 80 Southern Railway preferred I;
o. oe6 American steel and Wire; $40 IN
-e~nstionai paper; y. 30 Federal Steel; H.
o-0 Federal Steel. preferred; $3.50 People
cas-. III ss5 Brooklyn Rapid Transit; Sil45
Continental Tobacco; $3.50 sugar; 1871
tennessee Coal and Iron; S,i50 western
Standard Oil closed 4ssq4so.
MONEY AND EXCHANGE.
Money on call frmer at STAT per cent. f;
last loan AZ per cent; prime mercanlNe
paper. 3lkq4A per cent. -. .,,,,
Sterling exchange weak VII" VI. 80. GO "a
business in bankers bills az si;oi aSto. -
for demand, and ASgSl 500 Tor si ~
DAYS; posted rates, $500 si.e912 anu st'oSt
g. ssh: commercial bills. S.A
Silver certificates. 6lANo-3. Bar sll'ef'
e7is Mexican dollars, ass. -.
Government bonds strong. STATE pohus
steady Railroad bonds Irregular