Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-05
STOCKS FEW ERlSH.
THE MARKET At THE CLOSE -
GREATLY EXCITED.
FURIOUS ACTIVITY IN TRADING.
bank statement Withheld t"'h ~"
Minutes before the End" "e"'
, o,,s Iover-rroyisions
Improve Tribe.

~rw YORK. November 1-Since IA
s.rnn,s receives Of the New York banks
feil 10 about a quarter OF million ooi.
las IN mid-septombcr the professional
traders in stocks have looked for a oe-
fcit In the required cash reserves OF tne
banks almost every week. The surplus
shown to-day was not surprise
The weeks events made the stock mar
ket peculiarly vulnerable In spots ana
the slump in prices Of few stocks gave
an appearance OF Generalization TO the
market. Leather, especially, which touch-
ed 10 at the opening, and was above %
when the bank statement appeared
slumped suddenly to %, the breaks be-
tween transactions reaching as high rs
points. Marginal accounts in this Spe-
cialty were wiped out right and left, and
then the price was bid up again TO 90,
at which II closed.
Sugar and Brooklyn Transit were also
losers. TO the extent of over : points. a
number OF other prominent lndustrlals
lost between i and points, but the gem
eral list reacted only q fraction. There
were some violent recoveries from the
low level and the closing was feVerish
and greatly excited at net losses all
through the list
ONlOOS AOIAhlI 1.
Tho speculative excitement was in
creased by the fact that the bank state
ment was withheld until ten minutes be-
fore the close Of the trading. Efforts 20
close accounts in this short remaining
time made the market furiOusiy active.
The loss In cash shown by the statement
Is somewhat greater than was expected,
and Is doubtless brought over from last
weeks condition by the average system
OF computation. The trivial CONTRACTION
In loans Of less than quarter of million
dollars can only be explained on the as
sumption that the wholesale calling OF
loans by the banks early in the week
was Offset by a subsequent very liberal
extension OF credits. The growing ease
in the money market goes 10 confirm this
view. Such extension of credits must be
based on q faith of the bankers that the
current drain on THEN cash reserves is
soon TO be relaxed. The upward tendency
OF New York exchange az all interior
points during the past week indicates
the ground Of this faith. The weekly
bank statement Of the New York clear
ing-house institutions had not shown a
deficit since 1893. For six weeks past.
however the surplus has been near the
vanishing point. and at least half Of the
individual members Of the clearinghouse
have been below the legal limits. The
amount OF loan contraction necessary TO
bring the proportion of reserve back 20
the legal requirement would be 81 1853 100.
BOND BUSINESS LARGE.
Business in bonds has been on a large
sea g this week. and especially in some
lower-grade speculative issues, which
have been sharply advanced. United
States 2s. the 3's and the new As adj
vanced -; the SIS. registered, 3-S. and 10.
coupon and old IS. Ii I'm the bid price.
The total sales Of stocks to-day were |
Iy7OO shares. including Missouri Pacific /
6Ob; Southern Pacific. 3710j; American /
Smelling and Refining $3.50; Brooklyn !
Rapid Transit. 900; Federal steel. sG25: |
Sugar. D.5lO. United States Leather S6,Ss3. !
MONEY AND EXCHANGE.
Money on eel urm at per cent; prime I
mercantile paper Jn5 "a per cent.
STERLING exchange steady. with actual !
business IN bankers bills at S4S6 7-S0SlS7 |
Tor demand, and at 81 SdSlS II for SIX |
~ days posted rates $4s4NSi.SS: CONNER /
cial bills. SLS2 II.
Silver certificates IS 1-iG59 - Bar sill 4
yer. oS Is. Mexican dollars. n IL
S'dte bonds inactive. Railroad bonds
irregular Government bonds strong.
BANK STATEMENT.
The weekly bank statement issued to-
day shows the following changes:
sufpius reserve, decrease, &.316S75.
Loans. decrease, S2i099O
specie. decrease. S.S75.g10.
Legal tenders decrease. $gi2800.
deposits decrease lJ.167.aOU
circulation, increase. &.6.cOO
Inc banks now no n $.83.O less than
the requirements of the - per cont. rule