Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-04
STOCK PRICES BREAK.
DISTURBED CONDITION OF FOR
EIGN MARKETS THE CAUSE.
TIE DEMAND FOR MONEY CONTINUES
severe Sfrinsency, However. Seems
10 he Confined to New YorlS-Grain
Markets, Affected by Transynal
situation. and Nervous.

NEW YORK, October 3.-The disturbed
condition Of the foreign markets for se-
curities. and the upward tendency Of for
eign discounts. caused a break in prices
ct the opening OF the Stock Exchange
here. The selling movement was quite
active in the first hour. and low prices
for the day I'm the majority OF stocks
were made during that time There was
some pressure later in the day in obscure
quarters OF the stock list But prices
generally we're better by the end Of the
first hour. In the latter part Of the day
the small volume Of offerings invited the
bidding up Of prices. The level Of many
stocks was carried above that Of last
night. both In the railroad and in the in
dustrial departments No large offerings
Were brought out by the advance. and
even the violent upward leap I'm the
money rate TO 40 per cent. after o'clock
caused only a slight setback I'm prices.
They hardened again, and the closing
was very firm, in an almost stagnan'
market, and only slightly below the best
Of the day There is "A very fair mixture
Of net gains throughout the list.
The stock market was strikingly indlt-
fcrent TO the gyration. There was consid-
cradle calling OF loans I'm the early hours
by national banks, whose reserves are
/ below the legal limit, but the money rate
/ did not get above - per cent. al THIS pc
Rod, and before the afternoon furry u
had fallen back again to 8 per cent. II
was after o'clock when the rate got tl
40 per cent, and then IT dropped bacF
again before the close. The urgent De
, lnand for money seems confined TO the
Stock Exchange and the small disburSe
ments created by tO-days high rate IN
dicate narrow limits Of need there Ilm'
loans, though they do not respond 10 the
! high rates of the call loans. are not Of
feTed In large volume. Call-lOan rates a.
neighboting financial centres snoWe,
some disposition TO advance to-day, Du
the severe stringency seems confined Il
New York and TO narrow speculative
circle IN the stock market
10 GENERAL DISTURBANCE.
Hhere is no evidence as vet OF any dis
Trbance Of the course OF general Duai
ness for lack Of money. The action or the
London and Berlin money markets To-
day. and the weekly return Of the lmpe
rial Bank of Germany indicate an urgen
need for money there. Obviously no iur
Their movement OF gold 10 New YORK j
. TO be expected I'm the immediate future
No effect is yet apparent from the Octo'
! Der disbursement OF dividends and int
rest and some funds are expected l'
make their way from this source into
the New York money market beioF'
many days.
A hope is entertained in stock-marke
circles that some measure or reilet by
the Treasury Department is imminent
as the absorption Of surplus revenues Is
/ The principal cause OF exhaustion or th'
local money reserve.
The bond market was dull, but prices
We're low in response TO the high monel
rate. Total sales par value. NlZsJ,yD
United States rs declined 4 i'm the bi'
price.
The sales Of stocks were 10000 shares
including Atchison. preferred. 10; en-
cago. Burlington and Quincy. lV.s3
Louisville and Nashville. l2120: Mammal
tan. sos: Northern Pacific. s4SJ: ontario
and Western. Obs; ST. Paul. 1890: lnlot
Pacific 30: American Steel and Nme
1850: Brooklyn Rapid Transit 4s.ls'
Colorado Fuel and Iron. 1850: Fedora
Steel. $3.50: Sugar 1880: Tennessee Goa
and Iron. no; Leather. 572i; Leather
preferred, 500; Peoples Gas, S2s3.
MONEY AND EXCHANGE.
Money on call Irregular at 70 40 pei
cent: last loan at ~ per cent? prime
mercantile paper. 5Qjle per cent
Sterling exchange irregular with actua
business i'm bankers bills 20 NAr.0
SS4S3l2 for demand and ADtnSiS's foi
sixty days: posted rates $Lsl eQH e-i.
and 81 SOL: commercial bills. $iSU9SiN.
Silver certificates. JtU5sl2. Bar silver, IS
Mexican dollars, A.
Government bonds easier. state bond,
cfaa1v Railroad bonds weak