Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-20
STOCK FURRY OVER.
UNDERGONE OF THE MARKET
STRONG THROUGHOUT.
CLOSE At GAINS OF 2 TO 10 POINTS.
Investment buying of Bonds I'm Evil
dence, This Market Responding to
Late Strength I'm stocks-Whent
Weak and Lower.

NEW YORK, December 1.-the con-
certed measures OF the most powerful
financial interests in the country proved
effective to-day in checking the progress
towards panic and collapse in the stock
market. Supporting orders were distri-
buted all through the list at the opening
and prices were advanced In an effort 10
restore confidence. But liquidation con-
tlnued. on a very heavy scale, and drove
prices lower again after the opening. The
advance in the Bank Of Germanys official
discount rate from 6 to per cent. and
the hardening Of the private discount rate
in London. with reports from that centre
OF further engagements OF gold from
New York for shipment this week helped
to unsettle confidence. Prices ebbed and
flowed between reaction and recovery
many times before the food Of liquidation
had been finally absorbed and the selling
brought to a standstill
The decision Of the banks to use all
their resources to accommodate the de-
pand for loans, the determination OF the
Secretary Of the Treasury TO largely IN
crease government deposits with depos-
TORY banks, and the course OF funds ffOm
domestic centres toward New York, In
response TO the acute needs developed
yesterday. all tended 20 reinsurance. Tne
interval since yeSltfOdy III llStn utlItu
to quiet somewhat the hysterlcal appre-
tensions Of yesterday and conditions at
no time to-day approached panic.
When the tide of liquidation was seen
to be stemmed by the abundant resources
afforded, prices set about violent re-
covery. under urgent demand from the
short interest and active bidding up by
the traders and insiders.
CLOSE AT NET GAINS
The sharp advances invited some realiz-
ing. but the undertone OF the market con-
tinued strong up to the close, which was
at net gains running from to IL points
for the principal active stocks.
Investment buying of bonds was in evil
dence and this market generally re-
sponded to the late strength in stocks
but there were a number of acute de-
clnes. which served TO make the tone as
whole irregular. Total sales. par value,
100000 United States new As. old As.
and rs advanced Il in the bid price.
The total sales of stocks to-day We're
$4,000 shares. including Atchison. u,23D:
DO; preferred. 1880; Chesapeake and
cy, 4.69S; Rock Island. 1880; Delaware and
Hudson. $3.50: Louisville and Nashville,
1l.0l6: Manhattan. 1850: Metropolitan. u
$50; Missouri Pacific. 2l,e50; New York Cen
tral, 1880; Northern Pacific, l2.4l5; do
preferred. Il .025; Ontario and Western,
1880: Pennsylvania u 4S0 Reading. lst
preferred, 1850: st. Paul, I,360; Southern
Pacific. 1850. Southern Railway. n,1n;
Southern preferred 9,251; Texas and Pa
cific. 5,5l5; Union Pacific, 8,7D; Union
Pacific. preferred, 20 $50; American Steel
and Wire, $3.50: American Tobacco, $500;
Brooklyn Rapid Transit. $500 Colorado
Fuel and Iron, $685. Continental Tobacco,
171S5; do, preferred, $3.50: Federal Steel.
%. $50: CO.. preferred. 1926; Tennessee Coal
and Iron, 1920: Leather. 126SJ; do, pre-
ferred, II $50; Sugar. 1920; Peoples Gas,
80 AS; Pacific Mail. $3.50.
MONEY AND EXCHANGE.
Money on call ranged from 2d30 per
cent; last loan az 3; ruling rate D; prime
mercantile paper. 5l2Q6 per cent.
Sterling exchange easier, with actual
business in bankers bills at $i.Sl40Si.N12
for demand and SiH for sixty days;
posted rates. Si.S2 and SLSSl5; commercial
bills, &.s0iaGA.d.
Silver certificates. 59d59i5; bar silver,
59ik Mexican dollars, Az.
Government bonds strong; State bonds
inactive; railroad bonds quiet.