The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-03
MARKET FEELS
THE DEWEY SPREE
Accumulated Depression in London
Sends Prices Down.
CALL MONEY GOES TO g.
london Developments Indicate That
No More Gold viii be Forthcom-
ing and Local Holders Act
in Accordance.
CALL MONEY GOES TO 35'

NEW YORK. oct. THE stock mar
kct had 90 face this morning the accu-
mulatcd depression of three days trad
iHg ia Cd sagging market IN London WINE
The exchange Was closed here. Ihc drop
in prices al the opening was "a wide one
numerous railroad stocks howins a loss
OF a point OF over. and Tennessee Coal
showing an extreme decline of I points.
The local traders were inclined 10 ieei
that London was umduly depressed, ana
especially with reference TO American
securities. and started TO bid prices up
aEains The first loan of me day was
made at q per cent, TINS encouraged
AN optimistic view OF the money outlook.
The rally was snort-iived. n the course
was quite consistently downward for the
rest OF the day. A sharp advance In the
coalcrs on the advance in the price OF
anthracite was Intellectual 10 check the
decline. London sold not only during the
nrst hour. but as long as offices there
were open for business. Liquidation from
that source reached between 10000 and
5000 shares. Tho violent decline In Brit
ism cons0is had an important sentimental
effect. although 10 was afterwards eX-
planned that this was partly due 10 the
expectation OF "a new issue. But the new
issue is as significant OF the practical
certainty of war as n incident that mas
thus far occurred, So mat the eNpltut-
zion did not afford relief 90 the stock
market depression. The sharp rise I'm
London rates caused an advance OF rsc.
iu tho actual rate for demand sterling
here. and had am equally marked cuect
ON the sterling exchange rate both az
Berlin and Paris. This Development is
cquNals Q go notice that London Is not
prepare % part with more gold to New
York vs. 1out making every possible ei-
fort 90 event 3D. Long sterling was
weak on selling against sterling loans.
The local money rate quickly moved
upwards when the renewal of loans car
ried over from last Thursday began 10
H.n..-... HLm wa.mHm.H TIm coll loon nufn
was carried mp to II per cent. while
the money market WAS still i'm full ac-
tiyity. 10 was then rushed mp TO 20 per
cent. after which there We've violent
fluctuations down 10 10 per cent, and up
again 60 - per cent, al which rate the
last loan OF the day was made. The clos
ing was 80 bid and 80 asked. None of
the expected relief 10 the money market
was in sight to-day The developments
I'm London lessen the probability or
further gold imports and the condition
of New York exchange at interior points
indicates "a continuance OF the demand for
funds from that source. The money left
in the city by the visitors to the Dewey
celebration was not I'm evidence I'm Wall
street though much had been made of
this prospect of relief by the speculative
contingent. Tho Sub-Treasury has gain~
I'd nearly ST 500 600 from the market
supply a. The higher rate from the pro-
Cccds Of time loans made some time ago.
but the l0aniue resources OF the banks
are practically exhausted AT present.
The decline in prices was made without
any evidences OF decentralization. but last
prices were tho lowest. Net losses IN the
railroads are QUITE generally between I
uud % points. and the selling was well
distributed through The list. Among the
leading specialue- losses ranged from >
t0 81. the latter I'm Sugar.
THE bond market was not active, but
was weak On sympathy with stocks. To-
tad sales. par value. &~1.23oO0O.
The toni sales OF stocks were 4oj. 300
shares. including AtchIson preferred.
l20. Burlington. 1O,uj2. Louisville and
Nashville. 1890: Manhattan. 900;
metropolitan Street railway. 5,671; North
ern Pacific. 1OSGO: Reading first pre-
f-rred. 1880. 81. Paul 2412o: southern
Pacific. 16, $50. Union Pacific. lO1Sl;
American Tobacco. obs. Anaconda
Mining. 500. Brooklyn Rapid Transit,
4H. eco. Federal Steel. 1Tfj. Peoples Gas.
3 $50. Sugar. jO.52j. Tennessee Coal and
Iron. COO. United States Lead, ZOO
United States Leather preferred. $3.50.
MONEY AND E%CHANGE-Money or
call unsettled az GQ3j per cent, last loan
at 35 per cent. prime mercantile paper.
per cent. Sterling exchange irreg- |
uiar with actual business in bankers
bills az ASJEOIS5ie for demand. and ut
81 S01-Q4.Sl for sixty days. posted rates. |
and SfSG04 Sii4: commercial
bills. SfS0QfSli4. Silver certificates. 59n
l0is. bar silver. 5S<. Mexican dollars.
AL. Government bonds easy. State |