Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-06
STOCK MARKET WEAK
ADDITIONAL DIsrOuR AGEMENT TO
THE hull CONTINGENT.
LOAN CONTRACTION BY The BANKS.
Cali Money Reaches = Per Cent.
Early, Hut Hccedcs Ia G-CIosing of
stocks Generally Easy and Near
the Low poiut-producc Markets

NEW YORK. December 5-rO-dav's
events I'm tho stock market brought addi-
tional discouragement 10 those who had
been attempting 20 maintain or advance
the prices Of securities Liquidation was
the order Of the day. and many holders
who have waited for weeks on deferred
hopes Of the situations clearing up and
the bull market being inaugurated, threw
over their holdings to-day. The weakness
was most apparent IN the Industrials and
Specialties. but the railroad stocks were
very generally sold. There was some buy
ing Of stocks last week on the presump-
ton OF speculative professionals that the
Presidents message was 10 be n bullish
document. and its publication to-day
brought pr0fit-taking from those sources
I'm the natural order Of events The para
graphs Of the message bearing on the
subject OF Industrial combinations was
the ground OF the special weakness In the
Industrial Department
quite a number of those securities are
! 10 points lower on the day. single
lot Of United States Milling. preferred,
sold at II. against Ai4, the last preceding
sale This stock sold on September 18th
at 1sl3- But the principal influence IN the
days weakness was the money situation.
The spasmOdic character Of the selling,
and the exceeding dulness Of the interVen-
contraction by the banks, the successive
calling OflOans throwing blocks Of securi-
ties upon the market. which found no
support awaiting them.
SOME FGRMNESS.
There were some slight signs OF firm
ness in the early dealings. especially In
Sugar ana some Of the railroad stocks.
The trunk lines remained comparatively
firm throughout, but the slight evidences
of strength elsewhere gave way 10 the
tide of general weakness.
Call money reached ) per cent. early
i'm the day, and receded 10 before the
close. but the easing Of the rate did not
bring any strength 20 stocks. I'm View OF
the general outlook. Shipments OF money
are still being made TO New Orleans. and
the New York exchange rate at impor-
tant interior centres continues at ma
terial discount.
ments by the Sub-Treasury of over $SlI'-
900 on account Of bond redemption lnat
institution was a creditor az the clearing
house this morning 10 the extent of over
$4,000 It's gain from the banks since
last Friday has reached $l6j3,0W.
The majority OF the banks being sun
very near or below their legal reserve re-
qurements, this shrlnkage IN resources
is forcing still further contraction OF
loan liabilities. The tendency is increased
by the approach OF the annual retire.
ment period for corporations, ana pre-
paratiOn for the special demand Tor
money which will be made by 1t upon
the supply.
STERLING RATES STILL HIGHER.
Sterling rates again advanced to-day i'm
New York, Paris, ans Berlin. notWith-
standing a further easing of tho rate ior
call money at the English centre. Tho
New York rate is now within a lfactioH
of the gOld-expOrt point and II is papa
bic that only q sim rate FOR money IN
the local market will hold it below that
point.
The closing Of the stock market was
generally easy and near the low point.
The prices OF bonds declined, IN sympa-
thy with stocks. Total sales, par value,
81 10000. United States new IS ana OLD
As. registered, advanced i. ana 90; cou-
pom. and Is =. in the bid price. The IS
The total sales Of stocks to-day We're
t02 zoo shares. including Atchison, pre-
ferred, 1900 Chesapeake and ONO, u
1S5: Chicago. Burlington and quincy,
S2S5: Louisville and Nashville. 5.623, Man
haitian. l2250: Missouri Pacific, 500;
Northern Pacific. 1850. Southfsn Paclnc,
$3.50; Southern Railway preferred, t5Vy;
Union Pacific, 1880: American steel and
Wire $40: American Tobacco, 1890;
Brooklyn Rapid Transit 62,lb: Cont
mental Tobacco. 1915; Federal steel, 3d.
$50: Pacific Mail, l36l0; Peoples Gas,
500: Sugar. 1919; United States Leather,
"a 1G5: United States Leather preferred,
5.V5
MONEY AND EXCHANGE.
Money on call firm at cas- per cent;
last loan at 6 per cent; prime mercantile
paper 5iqli6 per cent.
Sterling exchange strong, with actual
business I'm bankers bills az Si.SjienSlH
for demand, and 6a,uANlE for sixty
days; posted rates. A.S2ie and S4.Slz; COM
mercial bills. $Ls0 lfSi6l.
Silver certificates, 5SI2nSSla Bar silver,
So Mexican dollars, IA.
Government bonds irregular state
bonds Inactive Railroad bonds weak.
New York stock Quotations.