The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-10
LOSSES RULED IN
STOCK MARKET,
Buying for London Account Strength
ened Opening for Short While,
BUT The DRIFT WAS DOWNWARD
The Money situation Was Practically
Unchanged. Prices Hanging From
six to Eighteen Per Cent.-Eas-
Ter Money Predicted.

NEW YORK. oct 9-Buying by arb-
fraee houses for London account mace
he highest prices of the day IN the
general list al the opening. As soon as
that demand was SATISFIED the market
began TO drag. There was some support
when prices of the iron and steel stocks
were bid up. but the TACT was obvious
that there was no vital demand Tor Sc
curitics. ana the downward drift was re-
Hcwed Bv The close of the day the gains
were wiped out. except in Few cases,
and a number of Industrial stocks showed
quite large losses Steel and Wire was
notable exception, ana rise points on
reports OF new properties acquired, most
of the gain being retained at the close.
Sugar and Tobacco enjoyed their period
of strength, bat both of them closed at
met losses. There was some large buy
ing of United States Leather. but its gain
was not maintained. Omaha preferred,
which last sold az 1S5. was offered at 1S3,
and from that down TO 1IG without find
ing takers The bond market also was
rather weaker than had been the case
up 10 this time, rejecting the high-pre-
Vailing rates for money.
The situation I'm the local money showed
very little change, loans being made as
high as 10 per cent and as low as per
cent The majority Of loans were made
al from 10 10 per cent Predictions
were heard that money was 10 be easier
this week but no evidence was f0fihcon-
INK to cOrrOborate the prediction. COD
shipped from Europe Is now IN New y oik
vaults. and no more Is 10 ne eApccltu
FOR the present from that source.
II was reported that the Treasury De
partment had decided 10 anticipate lhe
done last year. but no announcement OF
such q decision came from w LShillE L'iis
The detailed statement OF New YORK
banks on Saturday showed thtt CONSUL
ably more than half the members or lng
clcerlng-hOuse are still below inc leEW
reserve limit. and the necessary conse-
quenco was a further calling OF loaiA.
Banks IN the West. and even IN 'unaut,
are reported 20 be placing can loans on
the Stock Exchange. III is tNlAtHl tlat
western banks are drawing on their de-
positS in New York banks 20 nl .t ot-
mauds upon them for moving inr ciot9
and for other commercial uses. me CAM
ing Of loans by New York banks, Whlch
H. TINS made necessary rushcs uD the
call-lOan rate in New York, and the west
crn banks are getting the advantage OF
their rate for their surplus FUNDS when
are placed IN Wall street Earlier ~ me
season Wall street expected TO be relieved
from the usual pressure for crop-mON-
ing money on account of the large re-
serves en- western banks but the latter
have found 10 more prontaDle methou Oh
conducting operations.
london too, "A more cheerful view Of
the outlook to-day. and the open market
discount rate fell below the banks rate.
Sterling exchange eascd on i'm ympatny
with PARIS and BeIlil. uAN HIi" SIN 81"
New York for demand bills.
Total sales Of bonds par value. Slolo-
900. United states bonds were easier on
~ TotaI sales of stocks. $50 900 shares. in
clu6lnq Atchlson. 17.447: Louisville and
Nashville u $40. Manhattan 52j0. 50.
Paul. $40; American Tobacco lo9s9;
American steel and Wire. 26tt1: Brook
lvn Rapid Transit. 2S39j; Federal steel
II 40. sugar. &c 800; United States
Leather. 52,4J1.
MONEY AND EXCHANGE Money on
call hrmer az GQig per cent; last ioah az
nar cent. prime mercantile paper. 5isU6
per cent Sterling exchange firm, with
actual business in bankers bills at 81 SGls
sixtv davs. posted rates. S4S2ia04S3 and
a s6ibd4 81: commercial bills. S4S00
eOib Silver certificates 5Sd59; bar sil-
Yer. $50: Mexican dollars, A. Govern
nent bonds steady; State bonds mac
tf-... ffro1H lou1e weak