Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-29
.STOCKSSTR 0NGER.
CLOSE FEyERIsu, But W.T."
PRICES GENERALLY HIGHER.
BANK STATEMENT 4 SURPRISE.
IFS Favorable showing Mystery U"
the strcet-Mhcnt Down 70 ""a"'
Tor nccomr,er-Corn Unchanged
ProVisionS Advance.

NEW YORK. October 28.-The favor
able showing made hy The bank sla'c
ment was q complete surprise 10 wan
Street. and yenturcs0me bears "'ie
caught short. The result was seen IN soiho
violent price changes. The expectation Oh
an unfavorable statement was so uhiVer-
sal that the bears were very active IN the
first hour. and the bulls were llttie us
posed 10 push their ventures.
The early advance on buying by Lon
don. and a light demand from outsiders
through commission houses, was com
platey wiped out, and the Industrial spe-
clalties yielded easily. I'm sympathy with
the weakness manifest In Steel and Wire
which dropped 10 4Jss on continued hqul-
dalton and uncovering Of stop-loss orders
Pretty much all the stock Of compan.
In the metal industries were specially
vulnerable. The Leather stocks were sup
ported by the recently active pool and
prices were bid Up sharply. This prompted
some covering By the bears in other In
dustral stocks. but the scramble Tor
stocks, Immediately on the publication OF
the statement showed that large bear
contracts were uncovered.
The closing was feversh but strong
ana showed a higher level OF prices on
the day. The Southern anu Southwestern
railway stocks made the best showing
as on previous days Of the week
STATEMENT MYsTrFYING
The bank statement is completely mys-
tifylng. The loss IN cash By the banks
was taken for granted None OF the pre-
llminary estimates placed il under NV1,-
100000. Instead. 81 is $500. The IN
creased activity in the stock market IN
6icated that the process Of loan contrac-
tion had been stopped. Instead there Us
a loan decrease Of 8,l05tW. Bear tiauCis
were confident that cash In the banks
would fall below the legal reserve require
ments Instead. the surplus Is more than
doubled by reason Of the reduction IN re-
quirements by loan contraction. NO salis-
factory explanation is avaiabie on NC
surprising recuperaton effected by the
banks during the week
The market for railway bonds during
the week has been active ana Dfoa9
throughout. and prices are higher' Chtcu
States new 4's and old IS. coupon, adj
vanced a. and do. registered, the 3s aud
IS coupOn. 4. I'm the bid price. The 0s
registered. declined y.
The total sales Of stocks to-day were
295.5O) shares ircluding AtGhison, lte7
ferred. $50; Chicago burlington. ana
quincy. $3.50; Louisville and Nashville'
72i5. Manhattan, 6120. Missouri Pacihc,
S625: Northern Pacific, G30; ST PAU
$40: South IN tactic; 6@3; so So1 I-1lsIi
Pacific. 600: american Steel and Wire.
1880: BrooklEn Rapil Transit, 1850; Su-
gar. 1G S25: United States Leather 8, 49,;
do preferred. 127j2
MONEY AMI EXCHANGE.
Money on cell sler az per cent;
prime mercantile fjper tN5i8 per cent.
Sterling exchange hirm. with actual bust
ness In bankers bills Ut $4&QASpt for
demand. and NGh0 }l3A for sixty DAYS;
posted rates. sA9p0s4 S3ik and StSSG$iSSi3;
commercial bills. $lS20$As2i4.
Silver certificates. 6>hQ0). Bar silver,
577. Mexican dCllars. 4ll.
state bonds inactive Railroad bonds r.
regular. Government bonds firm.
BANE- STAT EMENT.
Weekly bank statement:
Surplus reserve, increase 81 othfol.
Loans. decrease, S4ff.Soo
Specie increase, S02.60o.
Legal-tenders, decrease, 5000.
Deposits decrease, s6.l4O.El
Circulation, increase. $500
The banks now hold }3.O3S925 in excess
Of the requirements.
HmnfafiOns.