Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-19
SLUMP IN STOCKS.
BEARS SURPRISED AT THEIR OWN
SUCCESS.
A RALLY SOON AFTER 1 O'CLOCK
Best Prices of the Day Are Not Main
tanned, However, md the Market
closes Easy-Moscy and Produce
Markets.

NEW YORK, September 1S.-Tbore was
further drastic liquidation OF specula-
1--WE accounts on the Stock Exchange TO-
Gay, ir response to the Continued con-
friction Of credits by the hanks which
entered upon struggle to maintain thor
reserves within the legal limit. since
Friday more than enough money nae
gone from the banks to the Sub-Trea-
sNiy ana the interior to wipe out the
insignificant surplus shown by SATURDAYS
Da''N statement. AS only a half hour
""s ahorded AFTER the appearance of the
9."'enieht on Saturday for the liquidation
OF accounts, very large volume of SELL
ing orders from all quarters had accumu-
iated H. brokers' hands when the market
oIened to-day. Prices took downward
purge, on opening transactions. through
out the list The professional traders
were very bold on the bear side. and
short account
me highly speculative Industrial spe-
ciallles showed the most serious losses
inc opening sales showing anywhere
iipfh 10 over points clipped from Sat
~ fT ny ac tdSt prices for pretty much all
nCriclpal stocks-Sugar, Tobacco. the
IRON and Steel stocks, and the so-called
tlGwer stocks-led in the decline. Rock
lang no as member Of the latter group.
leIl "a Declines in the railroads other
wise were not as violent as i'm the Spe-
cldltes. but extended very generally 10
between and points.
RALLIES IN MANY STOCKS.
me bears were somewhat dazed by
tEeir own success, and almost immedi-
%&.e'y proceeded to take quick profits by
buying to cover shorts Rallies of 2 10
points resulted in many stocks. But
before noon pressure was renewed when
ueiuse or Brooklyn Rapid Transit was
poured on the market, The New York
Traction and Gas stocks moved in close
sympathy. Brooklyn Rapid Transit
cropped an extreme of 9A. Metropolitan
one of 5A, Consolidated Gas one of 7.
Manhattan one Of 3h. Third Avenue one
OF as. and Brooklyn Union Gas one OF D.
The lowest prices Of the day generally
were touched on this movement, st. Paul
extending its loss to pa.
The very violence Of the movement in
vited some recovery, and soon after l
o'clock prices generally had turned up
ward. Prices OF the Specialties recovered
from 10 over points. The absorption
of railroad stocks became quite conspicu-
Gus, New York Central especially moving
M Sis from the lowest, and many others
rallying from 10 points. Best prices
were not maintained, and the market
closed easy.
EASING OF MONEY RATE.
The late rally in prices was assisted by
an easing Of the rate for call money TO 7
per cent, after ruling Of the latter at
10 per cent a sharp drop Of Il per cent
in the actual rates for demand sterling
and cable transfers, and the marking
Gown Of posted rates half a cent also had
an influence in relieving the strain on
the stock market. The October coupons
Of United States per cent. bonds Of 1907
were payable to-day at the Sub-Treasury.
and some slight relief was afforded 10
the money market by that means.
No reliable estimate is possible of the
extent 10 which loans were liquidated to-
day, but that repayments to the banks
were very heavy is the testimony of all
authorities on the subject.
Bonds were weak. in sympathy with
stocks. and liquidation Of the speculative
issues was on large scale. Total sales.
par value. S2.277.O00. United States 2's and
the old As. coupon. advanced a. but the
old AS. registered, lost \ in the bid price.
TOTAL SALES.
The total sales Of stocks were 1895. 900
shares. including Atchison. $500; do. pre-
ferred. $3.50; Chicago Great western,
500; Burlington. 27.15o; Rock Island. D.
$50; Louisville and Nashville. 142j0; Man
haitian 1890 Metropolitan. 1876; Mis-
souri, Pacific, 17775; Missouri, Kansas and
TEXAS ira j. P IO % NeW hpTk Gen
Northern Pacific. 1850 Ontario and West
ern. $3.50; Pennsylvania. II .i20; Reading,
1st preferred. 1850; st. Louis and South
western, preferred. $3.50: st. Paul, $685.;
Southern Pacific. 2915O; Southern Railway,
preferred, 944 Union Pacific 22,320; do, |
preferred. 104S5; American Tobacco, 49, |
40; Anaconda Mining Company $50; |
Brooklyn Transit, 1851; Colorado Fuel. |
20 100; Continental Tobacco, 10.45O Federal |
Steel 40025: do. preferred. II $50; Sugar. |
Z. 100: National Steel. 600; Tennessee |
Coal, IL. $50; United States Leather, 500; |
do, preferred 6.S25.
MONEY AND EXCHANGE
Money on call firm at 5a10 per cent;
last loan at S; ruling rate, Z per cent;
prime mercantile paper, 4sid55 per cent
Sterling exchange weak. with actual
business I'm bankers bills at ASiRGAS55s
for demand and $4S2dAS2is for sixty
days: posted rates. $lS3d4Sik and AS6Ia
dAS7; commercial bills. &.S12dS4.S2.
Silver certificates. j9d59&; bar silver,
$50; Mexican dollars, Az.
Government bonds irregular; State
bonds steady; railroad bonds weak
New York stock Quotations.