Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-09
STOCKS Up EARLY
TIE GAINS, HOWEVER, ARE WIPED
OUT LATER on.
SAGGING TENDENCY SOON SETS IN.
Violent Break In Leather and Heavy
selling OF Manhattan--Lcyci Of
day-Produce Quotations.

day-Producc Quotations.
NEW YORK. November s-The stock
market started of this morning on an ap-
rarcntly prosperous and animated career
Of rising prices, but before the trading
had ceased The early gains were practi-
cally oil wiped out and a level OF prices
lower than that OF Monday was estab-
ilshed Various considerations connected
with politics were an influence IN the
early rise Thus, the London market was
encouraged by the more cheerful news
from the beleaguered forces IN South
Africa, and the prices Of stocks were bid
up I'm that market. The Berlin market
was pleased with the report that Great
Britain had decided 10 relinquish her
claims in Samoa 10 Germany, and ono re-
suit of this was TO prompt Berlin TO buy
some American stocks. In this country,
the relief from the uncertainties Of cleo
ton time and the hope Of easier money
prompted some large buying Of stocks
which lifted prices at the outset. But
there were large holdings by professional
operators, which had been bought last
week in the faith that an outfide demand
for stocks would develop. and the first
hour Of trading was devoted TO the SELL
ing Of these holdings on q large scale,
to take profits.
SAGGING TENDENCY.
When II was seen that the buying de-
mand was not continuing in force, the
sagging tendency set I'm. Efforts were
made to sustain prices by manipulation of
special stocks. members Of the Iron and
Steel group and the prominent high
priced industrials being conspicuous. The
violent break in Leather. and the heavy
selling Of Manhattan had an unsettling
influence on the whole market and the
stiffening OF the money rate and uneasl-
ness over the future Of the money marker
completed the OBSCURE cement Of the
bulls. The organized support which has
pushed up Leather for several weeks
seemed entirely Withdrawn. and IL was
allowed 10 drop by successive stages to
%. compared with 30 at the close on Mon
day. A sudden rally in the closing deal
ings brought the price back 20 81. Man
haitian had risen 20 lll's Whtll the STATE
meut for the ffcdi year MADE JUS appear
ance showing h failure 10 earn the M
creased dividends paid on account Oh audi-
tiOnal stock by Il margin OF S-abap. MS
carried the price down 70 we, WIN a
final recovery OF only p The indusflals
showed marked sympathy i'm ihis pIe *
and the level of the whole market ca
below Monday. the general rally being but
STERLING EXCHANGE.
The fan in sterling exchange rates was
a reflection OF the hardening money
market here. but IL gave no nope or IeheL
By gold imports, owing TO the urgent
money need. not only i'm London, but ~
an Continental centres. There was eVi-
dcnce. i'm addition, OF renewed pressure
upon New York from interior points, Ne"
York exchange at Chicago raining ~ 'in
lO cents premium 10 per cent. Ne .
York exchange at New Orleans also l-i
TO an additional discount. The SUI
Treasury to-day showed credit balance
at the clearinghouse OF over SaonV.".
HOPES Of relief to the Now \ Ork money
market from any quarter We're thus us
sipatod. and the last hour Of the market
saw an active liquidation of stock mold
ings, with very little demand TO meet H.
BOND MARKET.
The prices of bonds were better suS-
tanned than those Of stocks but the day :
changes were mixed Total sales par
value, s. $4,000. United States new SIS
and the SIS advanced Is i'm the BID price.
The total sales OF stocks were oe5,Oy)
shares, including Atkinson, preferred.
liVJ; chicago Great w eSleIh' i-..Syy' - ~,
cago, Burlington and quincy, j. 10; Colo
RADIO Southern, 5000; Louisville and Nash
viile S6o0; Manhattan. $500; MeuopoA-
tan Street Railway, 400; Northern IA
ciac. 62D: St Paul. $500: Southern Pa
cinc, 1850; Southern Railway, 5.v35;
Southern Railway. preferred, l,OsC; Union
Pacific. lj,35Ol American steel Hoop. 5.iJJ,
American Steel and Wire. 1850; AmeIl-
can Tobacco, l2,53S; Brooklyn Rapid
Transit, q, 80; Continental Tobacco, 3,u1s
Federal Steel, 1880; Pacific Mail. l,.oiJ
Peoples Gas $50; sugar, 62,6S5, Leather,
1850; Leather preferred S6SS.
MONEY AND EXCHANGE.
Money on call firm at 7012 per cent. I;
last loan al II per cent. ruling rate, 8
per cent; prime mercantile paper, o85>G
per cent.
Sterling exchange easier, with actual
business in bankers bills at S4661sQ$4S6tl
for demand and SL&i2d4a for sixty
days. posted rates, Si.8i1-GA..o; COM
mercial bills, $f.s2.
Silver certificates, 5SizU53l2 bar silver
5Sis; Mexican dollars, 4ias.
Government bonds strong. state bonds
inactive. Railroad bonds irregular