Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-07-15
ASAGGING TENDENCY
THE STOCK MARKET WAS NOT
BRISK YESTERDAY,
BUT MONEY WORKED EASIER.
No ouotnbIe Change I'm Sterling Ex-
change Rntcs-EnrIy Strength i'm
Sugar Gnve Way 10 Weakness
Some spccinIties showed strength.

NEW YORK, July l4.-There was a
short period of strength I'm some stocks
this morning, but it was insufficient TO
overcome the sagging tendency in the
general market The weakness Of Brook
iyn Transit coming on the dull market
emphasized the reactionary tendency.
The main cause Of the general weakness
was the increasing fear that money diff
hculties abroad would cause future trou-
bic for the New York money market,
and would take out gold as soon as the
local rate for money fen TO point where
the London rate would prove attractive.
Rumors We're abroad all day that a
shipment Of gold was contemplated for
to-morroW's steamer, but up 10 the close
none had been announced. Money work
ed easier here, call loans ranging from
" 10 per cent. The call rate i'm London
went 10 3is per cent. and discount held
M the Bank Of England's minimum rate
OF 5i2 per cent London sold moderately
in New York, but gave good support to a
Few favortes In the American department
OF its own make.
STERLING EXCHANGE RATES.
There was no quotable change in ster-
ing exchange rates. but sight bills show
ed a hardening tendency. while the sixty
DAY bills were easy. Not so much con-
hdence Is felt I'm a favorable bank state
ment for tomorrow. The amount OF the
loan contraction r. an unknown quantity,
upon which depends the state Of the sur
plus reserve. The banks have lost near
~ 2.50JW0 10 the Sub-Treasury, largely
on account Of heavy customs payments.
Ihey nave gained small amount on
the regular currency movement with the
interior. but the large sum OF money
known TO have been sent here earlier in
the week from other eastern financial
centres may have gone to other instftu-
tions than the banks. and would thus not
Inquire IN the returns. These considera-
tons prompted a pause i'm the buying
movement in stocks. and the early
strength I'M the Southwestern group, the
Trunk Lines, and Northern Pacific gave
way i'm the afternoon 10 decidedly lower
prices The talk OF crop damage I'm the
Northwest affected the Changers UNI
tavorably in the late trading.
NORTHERN PACIFIC.
Losses from the top point in many
cases ranged from 10 points. Northern
Pacific was marked up about yesterdays
level in the final dealings though il was
little affected during the day from re-
ports of an amicable agreement with
Great Northern interests. Chicago Termi-
nal Transfer was strong on the rcDO-ted
sale 20 the Alton syndicate. BROOKLYN
Transit was weak throughout on the
prospects of a strike, and closed at the
lowcst-2A below last night. The early
strength In sugar gave way 10 weakness
and Rubber dropped 2ii. with a suisse
Qucut partial recovery. Manhattan was
mrked up 10 2lO at one time on the thcO-
~ that "a surface railway strike would add
To- its business. Coverings by shorts VAS
an element of its strength. Missouri Pa
cihc reacted sharply, and closed point
lower on the day.
SPECIALTIES SHOW SOME STRENGTH
4 number OF specialtes showed some
strength during the day on individual
causes. Cotton oil; National Biscuit pre-
fCrrcd. Tin Plate. Anaconda, and Steel
and Wire We're among these. New YORK
Air-Brake gained 81 points.
The bond market was duh. and prices
yielded with the weakness I'm stock. To-
tai sales. par value. 45.3lOpO United
States IS advanced Is in the bid price.
The total sales of stock We're 3NVS
shares including Atchison. preferred
IF .sg4: Chesapeake and Ohio. $500; Chicago,
Burlington and quincy. SlJ0; Manhattan,
~ $50: Missouri Pacific. N,l9j; Northern
Pacific. BID; Rock Island. $50, 81. Paul,
1850: Texas Pacific. 800; Wabash, pre-
ferred. $50: American Cotton Oh, G'3J;
Brooklyn Rapid Transit, 3ll9O; sugar
1860: 81. Louis Southwestern, preferred,
600. ..,.
MONEY AND EXCHANGE
Money on call steady al 365 per cent;
last loan al per cent; prime mercantile
paper. 3i20f4 per cent.
Sterling exchange heavy, with actual
business I'm bankers bills at $iSsli4$lSi1a
for demand and $4S4dSLSili for sixty
DAYS: posted rates. AS50AS6 and A.SS4
ASSis. commercial bills. $LSia.
Silver certificates. 6On6l; bar silver, %;
Mexican dollars. ~.
Government bonds firm. State bonds in
active Railroad bonds heavy.