Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-26

THIS SITUATION DUE IN NATURAL
ORDER or THINGS.
MONEY MARKET STILL TIGHT.
This Being So No New Speculative
Demand IL TO BE Expectcd-Wheat
and Corn Strong. and Hfghcr-Pro-
visions Unchanged.

NEW YORK. September 2s-students
OF stock market circles have observed
that Violent movement IN either direc-
ton Is certain 10 overrun itself. Thus
the forced liquidation Of the last few
weeks has invited n horde OF bear fol-
lowers. When the liquidation had spent
It's force the short contracts Of the bears
were uncovered. and the demand rom
the source worked sharp rally. In the
normal course of things a period Of dull
hess Vas then due, and 1t arrived on
time to-day. With money still tight. no
rev speculative demand is TO be expect
ed Immediately. on the other hand. spec
ulative accounts on the long side have
been pretty well shaken out and the bears
are rather chary of making venturesOme
incurslons into grounds that do not pro-
mise large returns. But gtagnation Of
demand means declining prices, though
the progress may be slow. The conviction
Is not strong that the process OF loan
contraction is completed entirely 4
study Of the detailed statement OF the
clearinghouse banks reveals the fact that
the surplus is made up from the hold
lngs OF few Of the clearing house in
stitutions. while the majority OF them
arc still below their legal reserves. There
was "A sharp reminder of this condition
OF affairs in the first hour Of trading
to-day, when call loans were suddenly
marked up to II per cent. The quickness
with which they receded. however, TO s
per cent. again, gave the higher rate the
appearance of being manipulated. The
rate was down 10 5la per cent. earlier in
the day.
FURRY IN LAST HOUR.
A furry in the last hour caused the
most active selling Of stocks of the day
Ihose who reason that the points has
been turned toward easier money con-
diuons found little in the days occur
FENCES to encourage them. New York eX-
change was heavy at practically all i'm
pOrtant interior points. and shipment 10
the interior continues. The New York
Sub-TreaSury continues TO absorb funds
from the banks. The large supply of gold
certificates now available far from i'm
proving conditions In New York, rether
aegravates them, as it simply facilitates
the movement to the interior. iirmer
tone Of sterling exchange precluded hopes
Of an early gold movement. Discounts In
Berlin stiffened sharply, and sterling ex-
change there fell a fraction. Discounts
In London responded with rise of
fraction.
No marked strength was manifest in
stocks at any time during the day. in
spite Of the bidding up of Brooklyn Rapid
Transit and Leather preferred. The Spe-
cialies show the sharpest losses. reach
ing between 2Ui points in number OF
instances In the railroads the Changers
were most auected. put NUMBER OF otHtT
railroad stocks are down as much as a
point.
BONDS LESS WEAK THAN STOCKS.
Bonds were not as weak as stocks. as
there were a number of firm spots in
the market. Total sales. par value, NZD,
coo. United States rs declined 4 and the
old as. registered. advanced Il In the bid
price ,,o,..
The total sales Of stocks were fiS.2l6
shares, including Atchison. preferred p
100; Chicago. Burlington and Quincy. %
800: Rock Island, 6,375; Manhattan l9ooJ'
Metropolitan Street Railway. O425; Onta-
rio and Western. 1860: Northern Paclhc
1850: Union Pacific. 600: American steel
Hoop. 4459; American Tobacco, 26255;
Anaconda. $3.50; Brooklyn Rapid Transit,
102 $50: Federal Steel, 77l5; Sugar. H55D;
PEOPLES Gas. 1875; Tennessee Coal and
Xron. $50: United States Leather, $Woi
do. preferred 5000.
MONEY AND EXCHANGE.
Money on call firm at 5i9@l2c.; last loan
al &C.: prime mercantile paper, 512doc'
Sterling exchange firmer. with actuai
business I'm bankers bills at AS4snN soi2
for demand. and at ASlKnSib2 Tor Sixty
DAYS: posted rates, S4.8 and $tS512; COM
mercial bills. ASl. -,,,
Silver certificates. 59A. Bar silver, bs4i.
Mexican dollars. 474. ...
Government bonds irregular. state
Doi1roo1 bonds irregular.