Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-12
STOCK PRICES LOWER
u,xx STATEMENT MUCH WORSE
THAN wAs-ExPECTED.
LOSS IN CASH RESERVES, S5,2i7,49O.
The Result Is nm Increase Of the De-
felt Below the Legal Requirement
IN .o,O-The Produce Mar
kets.

| NEW YORK. November n.-To-day
| bank statement proved worse 'hah IN
most extreme estimates had foretoid' nc
| loss In cash reserves ran up 10 $''-iHf0''
whereas the extreme estimate mad peeh
| for only S45OOO0O. Some sangune per
| sons had hoped that the cash losses woulu
| be Offset by n loan contraction as hish
as 100000 Instead Of that, the decrease
| in loans reached only Nl5l.lC0. As ms
only reduced the reserve requirements TO
the extent Of S2760G00. the cash losses
have resulted In increasing the deHclt pc
low the legal requirement 20 - 'SSsJv II
was not 10 be expected that so Formidable
an encrOachment on the already depleted
reserves Of the banks should be without
effect, and prices gave way al around.
The losses I'm the railroad list are
strikingly small I'm spite Of a large vol
ume OF dealings. This department onered
a stubborn resistance 20 the pr ssure, ana
there were evidently heavy buying orders
10 Doe executed.
In the specialties. especially those re-
Gently active in speculation the losses
were more severe. In Sugar, the Coalers
the local traction stocks, and especially
I'm Manhattan. Tobacco ana tennessee
Coal. there were wide breaches In prices
Even in these the bears were eager 10
cover al the decline. and some sharp raj
lies were achieved
MONEY MARKET NOMINAL.
As loans made on Friday on the stock
Exchange carry over III Monday, the
days money market was nominal. Llqui-
dalton was in anticipation OF Monday
money market. and was not fOIced by
actual calling of loans. Yesterdays large
calling of loans Is probably not iuly re-
fiected IN the statement. so thal the dc
tual condition Of the banks may De
slightly better than indicated. but me
course Of the money movement makes the
necessity OF further loan contraction
practical certainty. The foreign eAcndhse
market. Ike the money market, is almost
wholly nominal on Saturday, but the
nominal rates for sterling exchange were
marked down an additional Y.
Bonds have moved slightly IN sympathy
been narrow. United States old AS. regis
tered advanced Y; do. coupon new : 5
and SIS a. and the 3s Is in the bid price
The rs declined.
TOTAL SALES.
The total sales Of stocks to-day were
az 600 shares, including Atchison, pre-
ferred. 1850: Chicago, Burlington ana
Quincy. 7.M5; Manhattan, 23,165; Metro
poliian. $780, Missouri PACING, SlVV h sesat
ING rs preferred, 1906; 81. PAU, lZ'oio'
Southern Pacific MSSo; h hsS! BTookIyn
RaDid Transit. $3.50; Federal Steel, S,OVJ'
cndar 10 gg5. Tennessee Coal and IRON
SiG. United States Leather, S6,45O; Peo-
pies Gas. 5.2i3.
MONEY AND EXCHANGE.
Money on call easy az S46 per cent
prime mercantile paper 5aosl per csn i,,o,
Sterling exchange irregular, with actual
bnsiness I'm bankers bills at AS5A4A.e5
for demand and $Hi9aA.sl& for SHY
days; posted rates. A@aA@' and $tso'2p
S4.S7; commercial bills, Na. ,,
silver certificates. .9i4qSOi9. Bar silver.
59i,. Mexican dollars, Az
State bonds inactive. Railroad bonds
irregular. Government bonds lrregllar'
BANK STATEMENT.
The weekly bank statement SHOWS the
following changes:
Loans. decrease. Nl5l.lOO
Specie. decrease, $},3SS,9OJ.
Legal tenders. decrease. 81. $50 800
Deposits. decrease llc6L2CO.
Circulation Increase, N5l,NO.
The banks now hold $2,7SS.95O less than
the legal requirements