Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-07-11
STOCKS ARE WEAK.
CONTINUED TIGHTNEss OF MONEY
PRECIPITATEs LIQUIDATION.
CALL MONEY UP TO 7 PER CENT.
This Has Hut Slight Eject, However,
on sterling Exchange Market-Thc
Grains DecIine-Provisions Firm
md Unchanged.


tightness in the money market precipi-
tated liquidation of speculative accounts
to-day, which resulted In losses in value
ranging from 81 to 50 a share i'm all the
principal active stocks traded in. Heavy
selling for London account marked the
opening on the Exchange, and as the
day progressed the successive calling Of
loans resulted in the marking up of the
rate for call loans to per cent This
rate forced many spectators on the long
side to close out.
There were special points of weakness
besides In one or two prominent stocks,
of which the bears were quick to take
advantage, and which were a potent in
fiuence in the general sentiment favoring
a decline. Most conspicuous Of these
was Peoples Gas, which opened at III,
against 1904 on the last sale Saturday.
There were heavy offerings OF the stock,
but determined support worked a quick
rally of ia. Afterwards ii fell below the
opening price, and closed with "A net loss
OF nearly 3 points. The demands made
upon the Metropolitan Street Railway
Company on behalf Of its employees, ana
the danger of costly strike caused the
stock Of that company TO drop ofs at one
time All the local traction stocks were
affected sympathetcally, Manhattan
Transit over 2 on the day. Sugar also
was notably weak.
THE RAILROADS.
In the railroad list the weakness was
more restricted TO the stocks which nave
been recently pushed up by speculative
manipulation. Pennsylvania, New YORK
Central. Atchson. preferred, Burlington
Reading. first preferred. and other stocks
equally prominent in the speculative world
at one time went points or more pelo"
Saturdays prices. The Changers gene
rally. the Coalers, and the trunk lines de-
clined from / 10 3 points. The Southern
and Southwestern stocks, as a rule snow
ed resistance to the decline, and their net
losses are for the most part sihdH i iii.tI
tons The steel stocks also were htOIe
affected by the prevailing weakness:
The break in prices was Que TO hllscdi
culation of spectators as 10 tue pcilou
of relief expected in the money market.
France was an eager BIDDER LOT SoIu III
the London market to-day ana the Idte
of discount in London was marked up
fraction. although call money was easier
There The call loan rate Went 10 per
cent. in New York, but the only erect OF
the sterling exchange market was d IAN
of a fraction in the rate Tor long steI-
'"s CALLING OF LOANS.
The pressure on London was from Paris;
and was reflected here I'm sales esumalSd
as high as 5000 shares. Inc Shlluhdse ~, ~
values. coming on the low lever on ny
New York bank reserves, necessltateu
The calling Of loans. which. in many cases,
IL was found difficult TO replace WIN otnet
Recommendations The market snoWeu
very feeble rallying power. ana cloScu
very slightly above the lowest ,.,.,.,. do
In the early dealings there was large ue-
mand for St Louis and SOUTHWESTERN 81
conds. which gained IA per cent, an Oh
which was subsequently lost. Bonus Seid-
orally were weak. Total sales, par Vd dIui
--- Il,
advanced a. and the old As, resioleieu'
declined u in the bid price
TOTAL SALES.
The total sales of stocks were ?ii "V
shares. includiug Atcbison lO'iW; Atom
SON, preferred. 63S75; chesapeake am ana
Ohio. II. $50: Chicago, Buruns.on an
Ouincv 20 9GO: Louisville and NashVHle.
$50 Manhattan, IS. $50; Metropolitan stree
hallway. $40; Reading. hIst pielet - ~,
q 100. Missouri Pacific, 1920; New YORK
Central 1865; Norfolk and western -Pt,CC.
ferred 3Ol5; Northern Pacinc, CIV
oItorjo and Western. 5000; Rock Island
Il 1q5. Union Pacific S69; 81. Paul %, loO'
S6Utbern Pacific. 600; Union Paclnc, pre-
TERED 1850: American steel ana Wiz
o 200. Federal steel. 6S'; Beople : C IIa9'
1880; BROOKLYN RAPID l G9sr 60 SS Ten
nossee coal, 1885; Chicago Great western
1890. -,,. .>,,, 1,<-C1IA%GE
Money on call frmer at 5u5 per cent:
last loan at 5l5 per cent PRIME Hie
rantile paper. 3d4 per cent IN. oo.,,,l
Sterling exchange easy, WIN "a dc'1 Ss
bneiness I'm bankers bills at A.Sf4 LOT
demand and $iSiIdA.SiA for Sixty aa aSN, -
Dosted rates. $4S5l2nS4Sb'2 anu |f-0o'-'
Commercial bills, A.S}igaAsi au,.ou eo,l .
Silver certificates. tO4ol' par shNe'' OO'''
covernment bonds irregular state
bonds inactive Railroad bonds firm.