Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-28
STOCKS ARE LOWER
FEAR OF AN uNFAvoRABLE BANK
STATEMENT TO-DAY.
SOUTHERN RAILWAYS RISE MARKEDLY
Notable Firmness Also I'm Cbesa-
penke and Ohio and Other Roads
'"ii Money Quite Firm nj @ 20 4,
All Day-Produce Markets.

NEW YORK, October 27.-The stock
market made a considerable display OF
strength during the early hours OF the
day. Later there were occasional adj
vances by individual stocks or groups.
some OF which saved gains on the day.
but in the majority OF cases the active
selling movement Of the last hour wiped
out the early gains, and carried prices
in some cases sharply below last nights
level. The motive for the selling was
the fear Of an unfavorable bank state
ment tomorrow as well as TO take at
tractive profit on the weeks advance.
The high-priced Industrial epecialties
and the Iron and Steel stocks were con-
spicuous in the late reaction. The most
notable movement OF the day was the
rise in some Of the railways running
through the South and Southwest LOU
isville and Southern Railway led. with
an extreme advance OF / IL Missouri
racine was close second. There was
notable firmness also in Missouri and
Ohio, Chesapeake and Ohio, Texas Pacific.
southwestern, after early weakness, and
the Baltimore and Ohio stocks. The
large earnings shown by monthly returns
caused the movement.
The same motive advanced the price
OF Atchison, preferred, and Northern Pa
cifc.
SPECULATION MIXED.
The speculation was mixed during the
| greater part Of the day. many OF the
| leading iHdustrials drifting up and down
at a level on either side Of last nights
| price This was true Of Sugar Tobacco,
| Manhattan, and the Leather stocks. The
| last-named were reaciionary early in the
| day, but the preferred stocks came into
| active demand late In the day, with 4
rise of 2 -. Other points of strength
at different times Were Rubber, Republic
| Steel. General Electric. Laclede Gas Ten
nessce Coal. Colorado Fuel and Chicago
and Eastern Illinois. preferred. New
| York. Chicago and ST. Louis, first prefer
| red. dropped over . points on single
| transaction, without exciting any atten-
| tion. There were various points of weak
| ness In the minor specialties.
Stocks of companies having TO do with
| the metal industries were all inclined 10
| heaviness, on account Of the reactiOnary
| tendency in the price Of the metals.
Cal money fiurried TO 10 per cent,
with late demand for loans to. carry
over till Monday. and was quite firm at
| G to per cent. all day.
TO-DAY'S BANK STATEMENT.
According TO statements by the leading
| banks. the net shipments Of currency 10
] the interior, both by express and by
deposits at the Sub-Treasury for tele-
graph transfer, amount to about $3.50 900.
/ After allowing for receipts Of consider
able sum in gold from the Assay Office
| by the banks their loss 10 the Sub-Trea-
| sury still amounts to upwards OF a mil
| lion dollars. TO-mOrrows statement l.,
! therefore, expected to show loss in cash
| Of fully S3J00.cf0 Unless the loan ac-
count Of the banks has been largely d-
minished IT is evident that the surplus
reserve. which stood last saturday at only
81, AL .075. must have been wiped out, and
a deficit established.
The bond market eased off late In the
day. i'm sympathy with stocks. but earlier
gains were not I'm all cases wiped out;
Total saios, par value, $l.Sl5 600. United
States Is unchanged in bid price.
TOTAL SALES.
The total sales of stocks were 526 400
shares. including Atchison. G.75O: Atch-
son. preferred. 1O11O: Chesapeake and
Ohio $3.50: Chicago. Burlington, and
Quincy, $3.50: Louisville and Nashville,
1890: Manhattan, l5,1S0; Missouri racine
25,1D; New York Central. eo59; Nort9lk
red. 1890 st. Paul SEQ: Southern "a
ciic. 1850 Southern Railway, $l,5oo;
Southern Railway. preferred, 30 .26S; Texas
Pacific. $3.50: Union Pacific. $40; Ameri,
can Cotton-On. p. 900: American Steel
and Wire, 1O025 American Tobacco, S.5y'
Brooklyn Rapid Transit. 1880; COLORADO
Fuel and Iron, COPS; Federal Steel, ~ 80;
Sugar $780, Tennessee Coal and iron,
$780, United States Leather. 1896; United
States Leather, preferred. $3.50.
MONEY AND EXCHANGE.
Money on call firm al 1-2d10 per cent:
last loan at 3; prime mercantile paper
JG5 IL per cent.
Sterling exchange firm, with actual busi-
ness in bankers bills al Si.SigA.Si Ii for
demand and 4S3Q$iS3 Ia for sixty days;
posted rates. AS4QA4 IL and SlSSQ
SlSS -; commercial bills, SI.2uA.S II.
Silver certificates 5SQ59. Bar silver,
81 rs. Mexican dollars. AZ IA.
Government bonds steady. State bonds
inactive. Railroad bonds irregular.
BANK CLEARANCES.
The total bank clearances in the United
States for the week were Sl,790, 1871; per
cent. increase 3j.2; exclusive OF New
York. S692, 1874, Al; per cent. increase, 32.j.