Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-17
S1'OCKSDEMO
CLOSE At THE LOWEST PRIZES
OF THE WEEK.
EFFECT OF BRITISH REVERSES'
EARLY Resistance I'm Vain-hon"""'
However, Comforts Hseif WIZ"
urmor. ne Rctrievai of south Afrf-
cau Misfortunc-PrOvisio Lower

| NEW YORK, December l''-'"0
| York stock market to-day MADE octei
mined stand against the demofaiizauol,
reflected from the London Exchange ""N
bv the end Of the first hour seemed "
! have overcome the weakness. Inc aP
| pearance, however, was deceptive Act'No
! liquidation was in full force early III ."e
second hour, and ate away the fecoNeii0'
that had been achieved. forcing prices
below the opening low level
The market closed with all the symp,,
toms Of demoralizauon ana a. .n ny, i iosses
prices Of the week The days net iosseS
Tor the principal stocks run from 10
points. In the railroad list the greatest
sufferers, naturally, were the sneieS tilu'
and especially such recent active favor
ties there as New York Central, Penn
sylvania, St. Paul, Louisville, Atchlson'
preferred. and Missouri Pacific. sugar
Tennessee Coal. and others OF the Iron
and Steel stocks were the largest Iosers.
The early resistance was cue IN part
to the determined support af1ordeo py the
distribution Of large buying ordcrs y! III
side interests who cabled buying ORDERS 70
London. London, in the mean tnlo' hau
been comforting itself with rumols from
South Africa of a retrieval or Generai
Buffers bitter reverse.
The bank statement was cohslru,eu %
unfayorable I'm the item Of loans, although
the cash changes cOnformed closely 10
forecasts. The small loan contraction
barely served 20 offset the cash uecI.dsS,
so that the gain In surplus reserve
only nominal. The statement ooes nDt
include to-day's gold engagements, when
aggregate 81, $1,000.
WEEKS EXPERIENCE SEVERE.
The weeks experience in the stock
market has been a severe one, 10 snow
such small Improvement in the money
situation. II is evident that large part
i'm been
again. under the urgent stress or com
merce. It IS many months since tne
stock market has been subJccteu 70 20
violent and drastic q lQuiddtion as lHdt
of the past week Shrinkase In values
reached an enormous aggregate compe-
tent estimates placing the figure in the
hundreds Of millions. As consequence,
credit facilities were heavily cut anu
stocks placed as collateral were forced to
sale for the protection Of money.
The combination of circumstances threw
the market into conditions bordering on
panic several times during tho week. me
markets quick response 10 any develop
ment in the London money market point
ed strongly TO that as the seat Of trou-
BILE.
semispeculative and newly-issued bonds
have shown extreme declines Of / TO ~
points; but the moro established mort
cages have shown no fluctuations OF I'M
poftance. United States as advanced a
in the bid price. ..a,oo
Inc total SdltS OF SkONhS Ntio y'esiN'
shares, including the following: Chesa-
peake and Ohio, $3.50; Chicago. Burling-
ton. and Quincy, 10.O25: Louisville and
Nashville, 1910; Manhattan, $500; Mis-
souri, Pacific, GAS: New York Central,
$500; Northern Pacific S,025; 81. Paul, 49,
$50: Southern Pacific. y 1870; Union Pacific.
$3.50; American Tobacco, 11.IO Brooklyn
Rapid Transit, PATIO; Federal Steel, 1885;
Peoples Gas, 1890 Sugar, 1855, Ten
nossee Coal and Iron. 500; Leather, TO-
S95.
MONEY AND EXCHANGE.
Money on cali easier at per cent;
prime mercantile papef 5i:d5 per cent.
Sterling exchange steady, with actual
business in bankers bills at s&sl1gg SASl4
for demand, and at &.A1sGASlA for sixty
days; posted rates $4.s2l. and ASy2; COM
mercial bills, $751;
Silver certificates, $685. Bar silver,
! 593s. Mexican dollars, Az.
State bonds inactive. Railroad bonds
weak. Government bonds steady.
BANK STATEMENT.
The weekly bank statement shows the
| following changes:
| Surplus reserve, increase, Sl663O.
Loans, decrease, S,0i,4OO.
Specie decrease. $273S.bO0.
! Legal tenders, increase Sites 800.
| Deposits, decrease, &,5i5. 200.
| Circulation, decrease. $4,000
| The banks now hold S7025,S25 In excess
/ Of the requirements of the % per cent.
rule.