Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-11
STOCKS CLOSE HEAVY
THIS IN SPITE OF AN EARLIER
VIGOROUS RISE.
THE GOVERNMENT OFFERS RELIEF.
Anticipation of November Interest
on bonds, without DISCONNECTED
Lonn Rate Rather Easier-Producc
Markets.
Markets.

NEW YORK. October 1O.-The stock
market to-day demonstrated I'm a striking
manner its reliance on the domestic
money situation, and its Indifference 20
the events in foreign lands The Lon
don market advanced prices under the
lead Of Kafiir mining stocks. in which
there is a merry speculation. based on
the assumption Of early control by the
British Government Of the Rand mining
district.
The local market responded only partly
to the improved quotations from abroad.
and more than lost the opening gains be-
fore the end OF the first hour. Then came
the announcement from Washington OF
the Treasury Departments purpose to an
ticipate the November interest on GOV
eminent bonds. without discount. and that
Of the entire fiscal year at q discount OF
two tenths Of per cent, about the regu-
lar rate on government bonds. The re-
sronse was prompt and emphatic, prices
rising with more appearance Of strength
than for n long time past.
The gains ranked from TO over per
cent. in many active stocks. The buying
wss undoubtedly In large part due to the
covering Of short contracts by the bear
interest which has been considerably
extended during the last few days, on the
continued appearance of money strn-
gency. The Industrals were most af-
fected. including those in the metal in
dustries. The most notable movement
In the railroad list was that of Chicago.
burlington and Quincy, which rose an eX-
IRENE 21s.
PRICES SAG AGAIN.
When the demand from the short interest
was satisfied prices began TO sag again.
and with the exception Of a sharp bid
ding up Of Sugar to the top level in the
late dealings. the close was inclined 20
heaviness. The action of the Treasury
Department on its face offers something
Ike s2s.000o00 for the relief Of the money
market. and over 1890 900 Of this Is with
out discount. The amount provided for
Immediate release however. Is only about
sl,5O0OO0. the payment Of the balance OF
November 1st interest being fixed for
weekly periods up 70 October 18th.
The extent 10 which this provision will
be availed Of is problem. but last years
| experiment on the same lines did not
bring striking results. The anticipated in
| terest last year was that due on October
offer is greater by more than so, 10000. 50
far as interest is concerned. but last year
tho government anticipated a redemption
! OF Sl4,O0o0lo OF Pacific railroad bonds in
September. and increased its deposits with
the depository banks by $4,000 900 in Sep
TENDER and October The Treasury was
paying out money freely then while this
year the government surplus is constant
ly taking money out Of the market.
On the whole. the relief offered by the
government 10 the money market appears
rather meagre. by contrast with last
year. when the rate for call loans was at
no time over per cent. during the -rop-
moving period.
CALL 3iONEY EASIER.
The call loan rate worked rather easier
to-day. though the majority Of loans we're
made AT 10 per cent. the maximum rate
In time-loans, lenders were more Wiling
TO give accommodations FOR short Pc
| RODS whereas. they had been holding out
for the six months period. the rate LOT
all periods continues at per cent.
The money situation abroad was again
distinctly easier. and the weekly state
ment OF the Imperial Bank Of Germany
nc well as the continued receipt Of gold
ON balance by the Bank OF England indi-
Gated progress toward recuperation,
Nevertheless. sterling exchange here held
| firm and French and German exchange
| advanced a fraction
The bond market continued dull, ana
changes in prices were mixed. T"tal
sales. par value, S2O35OOO. United states
as declined IA in the bid price.
TOTAL SALES.
The total sales Of stocks were E5oV"
ebaree including Atchison preferred ~
! ga. Chicago. Burlington and Quincy a.
! soo chicago Rock Island and Pacihc, H.
-c5, louisville and Nashville, lA2lo; Man IN
hottan 1880: Northern Pacific, i'ZU; -,
! panl 10 500: Union Pacific. o'ov; Union mo-,
1 Poci6c preferred, 1890: American steer
and wire q $50: American Tobacco, o.
go. FEDERAL steel 1850: National Leau'
! : oe,. pennies Gas. Il, $50; Sugar ofloo'
MONEY AND EXCHANGE.
Money on call firm at 4qlO; last loan at
I. ryino mercantile paper, 51-2u6.
sterling exchange firm, with actlal
n,,siress in bankers bills at $50 Ia
S4N1-2 for demand and S4S2GS4@ Il Tor
sixtv DAYS: posted rates. A.@ Ia A.S ana
4Tl.9. commercial bills, AaQSiN II
SILVER certificates, 5S059. Bar silver
11-S Mexican dollars. ~.
Government bonds easy. state pon"s
inactive. Railroad bonds firm
Kew York STOCK Quotations.
Closing.
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