Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-05
STOCKS ARE WEAK.
a RESPONSE TO WORLDWIDE
TIGHTNEss OF MONEY.
SUPREME COURT ANTI RUSTDEClSIOH
II has Acute Eject on All Issues of
Combinstions-An Over Money
cr-Provisions Also Up.

NEW YORK, December i.--The weak
ness Of stocks to-day was a response 10
the worldwide tightness I'm money. A
marked effect was also produced by the
Supreme Court decision I'm the Addistons
pipe case. involving an infringement or
the antitrust law by an industrial combl-
nation. Strenuous efforts were made by
professional operators to belittle the force
Of this decision, on the ground that the
party TO the case was a particularly ia
grant illustration Of the antitrust law.
and the points Of the case could not apply
to the general run Of Industrial combina-
tions. but the acute effect produced on
the issues Of these combinations added
apprehension on the part OF the holders
that their value would be impaired BY
decision. Stocks Of the industriais fell
anywhere from 10 points. In fact,
there seemed 10 be no resiiency az any
point in the market.
There was some early strength in Bur-
lington, some OF the Iron and Steel stocks.
Pacific Mail; Great Northern. preferred.
and American Linseed. preferred. but
with the downward course begun, there
was practically no interruption, and the
closing was at tho lowest. the majority
of active stocks showing net losses Of
point or over. Sugar was conspicuously
weak, and is over points lower on the
day. There was some short selling among
the industriais, on the strength OF the
Supreme Court decision. but that prOtt-
taking was large for the long account was
very manifest from the marked weakness
I'm stocks which have recently advanced
notably, the trunk lines, the Poetic, and
Sugar.
FEAR ABOUT MONEY.
The apprehension over money affairs
turned principally 10 foreign centres, es-
pecially Berlin and Paris. The advance in
the sterling rate az those points to very
near the gOld-export level marked the
influence Of the Bank of England mea-
sures TO attract funds. The sterling ex-
change rate in New York also advanced.
but the money rate, both In Paris ana
Berlin remained quiet, contrary TO the
fears Of the speculative world. The stag
nation OF speculation at those centres
probably had TO do with this result In
New York, on the contrary, the money
rate stiffened as the day progressed. and
Hurried 10 y per cent, at which point II
closed. No loans were made below per
cent. Some of the borrowers. counting
SATURDAYS strong statement. delayed sup
plving their needs until late In the day,
and 50 bid up the rate.
The strength OF Saturdays bank state
ment IS seen 10 be tTaceabse to single
institution. as was the case last week
Moreover. Sub-Treasury operati lions. from
which the whole of last weeks cash re-
cuperation was derived. show gain by
the Sub-Treasury at the expense Of the
hanks since last Friday OF 27lG1D.
offerings Of bonds for redemption
at the Sub-Treasurey have fallen
10 so low point as TO ar
ford only "A slight Offset 10 the absotp-
ton Of funds. IN the taking up OF the
surplus revenues On the othor hand in
terror exchanges moved slightly III iaVOr
of New York.
no HOPE OF EARLY RELIEF.
The speculative public. however has
abandoned hope Of any easier money con-
ditiOns until after the end Of the year.
Railroad bonds were easier IN syinpalan .s
with stocks United states 2s. new as,
and SIS advanced u. and the S's and old
a.. coupon Il in the bid price.
Total sales. par value. SLli5,OO.
The total sales OF stocks were Sl,tp, IN
Guiding Atchison. preferred, 800; Chlca-
90. Burlington and Quincy. &.3i0; Great
Northern. preferred. 72o5; Manhattan, H.
AS: St Paul. 1860; Northern Pacific. 49,
$50: PENNSYLVANIA. 6.00: Reading first pre-
ferred. Z. AS: Union Pacific. 2Sls5, Southern
Pacific $3.50: American Steel and Wire.
1OIO0 American Tobacco. 1850: Brook
lvn Rapid Transit, $3.50, Continental To-
bacco. lois; Continental Tobacco, prefer
red 800: Federal Steel 434sS; sugar, -
go; United States Leather. $3.50; United
States Leather preferred: 6,2S; Pacihc
Mail 1885. sugar. 1850; North American,
u, 100 ..,.,.
MONEY AND EXCHANGE.
Money on call c<sed strong at .GQi2 per
cent. last loan at p per cent. prime mer-
camille paper, 5i2g5 per cent.
Sterling exchange firm, with actual bus-
mess IN bankers bills at S.S6bnA S6l2;
for demand and 81 Sl4nStslls Tor SHY
davs. posted rates. A.S2dASi2 and SiSU
AS7ia: commercial bills, AS)AMASp&
silver certificates j8ilN59i2. Bar silver.
rS7L Mexican dollars, 4T4.
Government bonds strong. state bonds
inactive. Railroad bonds easier