Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-13
SUFFER
FURTHER DRASTIC LIQUIDATION
OF SPECULATIVE ACCOUNTS.
DEATH OF CORNELIUS VANDERBILT
This Has Some Sentimental Eject,
Iiut II Was Not Uncxpcctcd-Condi-
ton Of the Hanks Greatly strength
cncd-Producc Markets

OF securities suffered to-day from n fur
Their drastic liquidation OF speculative ac-
counts, induced by the contraction OF
loans by the banks for the purpose Of
fcfurnishing their depleted reserves. Some
sentimental effect was induced by the
sudden death of Cornelius Vanderbilt.
but this event, though sudden, was not
wholly unexpected. and those properties
with which the name is most closely as
sociatcd gave evidence Of support. Late
I'm the day after loans had either been
rCaCjusted or paid on. there were some
notable recoveries IN prices, not few Of
the railroad stocks rising above yester-
days level. In the final hour there was
q rather urgent demand from the shorts
90 cover. which helped the rally. Some
stocks gave the appearance also, Of a
demand from bargain hunters. All grades
| Of stotk were thrown on the market du-
ring the day. as the rate for call money
| WAS marked mp by successive stages, or
| loans were called outright. The standard
/ railroad stocks suffered in equal degree
| win the lndustrials. as evidenced by the
Wt4khess on inc Changers ana tWO-pOint
OCCllne n pennsylvania on large offerings.
The most strenuous efforts 10 support
/ Brooklyn Rapid Transit failed TO hold.
/ and IL fen 10 80. The Flower group show
y
this stock. Peoples Gas. Federal Steel.
and international Paper dropped from 2
TO 3 points below last nights level. and
| Rock Island led the van Of the Changers.
Tennessee Coal opened off 9'9 points and
fuctuated very feverishly over a range
of points. Colorado Fuel moved in sym
pathy. but otherwise the Iron and steel
stocks were relatively firm. and came up
IN the final dealings to a level above
yesterdays close in several Instances.
Sugar was one OF the heavy sufferers on
the active list.
NOTABLE LOSSES.
Some Of the less active stocks to show
notable losses were Chicago and Eastern
Illinois. Consolidated Gas, Mobile and
| Ohio: Cleveland Lorraine and Wheeling,
preferred; Minneapolis. St. Paul and
Sault Ste. Marie. Omaha and Iackawan-
ma. i'm which the declines ranged from 3
TO 5ia
Manhattan. which was weak at one
/ time. rallied strongly on the declaration
of the regular dividend Of ] per cent.
The new listed United States Milling
stocks gained z and ], respectively. The
Pacific and Atchison, preferred. showed a
! better resistance 70 the weakness than
! the general lis, and i'm some cases estab-
| lished net gains before the close.
The heavy liquidation of the last TWO
! days has undoubtedly resulted in greatly
| strengthening the condition Of the banks
| The call loan rate, after rising TO pei
cent. fell again 10 6, but this was only
after the days demand had been salts
/ fed. Reports from Washington indicated
that the Treasury Department was indis
! posed to offer measures of relief so Ions
as liquidation was not forced beyond pure
I ~ speculative limits.
The foreign exchange rates on London
Berlin. and Paris all yielded fraction to-
| day but discounts at these centres al
/ show slight declines.
The New York banks generally marked
up the ;ime-l0an rate to-day TO b pei
/ cent. though tae demand in That depart
/ ment is not heavy.
BOND MARKET WEAK.
Bonds were weak. in sympathy will
stocks and there was considerable liqul
dalton manifest in the speculative issues
/ Total safes. par value. N.HoOOO. Unlte'
/ States old As declined l-4c in the DC
The total sales of stocks were ~
! shares. including AtchisOn, 5000; Atchl
/ SON preferred $3.50; Chicago Grea
| Western. S, zoo; Rock Island l4,ioO; LOUIS .9nT
] Vile and Nashville, 1850, Manhattan
| 30375: Pennsylvania @o,36O; Reading, mrs
/ preferred 10 400; 81. Paul, $500 SOuth
! ern Pacific 26.715; Southern Railway, pre-
! fcrred $3.50; Texas Pacinc' 6Op' mo-
: Pacific ~ 225; Union Pacific, preferred, y,
/ $50: American steel and Wire. "a 10
/ American Tobacco 1880; Anaconda, 6Zlo
! BROOKLYN Rapid Transit, lSSlI;, COl0
| RADIO Fuel and Iron $3.50; Federal steer
| % $50. Federal Steel preferred. 1913; PEG
/ plc's Gas. 21.5JO: Sugar. 1850; Tennessee
] Coal and Iron. a 500 United States Lea
! thor. 3925O: United States Leather pre-
/ ferrcd > $3.50
MONEY AND EXCHANGE.
AIonevson call firm at 1-2G9 per cent.
last loan at 6 per cent; prime mercahul
/ paper. 41-405 per cent ...o.~.,o.,
Sterling exchange weak at A.S6dA.S6 /
/ for demand. and at A& l-Zn$i.S- % 10
I sixty DAYS: posted rates, AS4QA@ Il
I commercial bills. $iS2.
Silver certificates. 5eGJ93-ic Bar silver
/ Us. Mexican dollars Y II.
/ Government bonds easy state Dond
| steady Railroad bonds weak.