Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-14
STOCKSDEMORALIZ
HOLDINGS THROWN OVERHEARD
At WHOLESALE.
MARKET CLOSES HIGHLY EXCITED.
Few Rallies Effected Due to Hasty
Taking of Profits by Benrs-Wenk-
er-The Produce Markets.

yielded to Generalization during the lat
ter part Of to-day, and stocks were
thrown over wholesale on the down-grade.
| Prices went below the low point OF Mon
day all around, and the market closed in
a highly excited condition. few rallies
that were effected were due to the hasty
taking of profits by the bears, which were
sufficiently attractive on the day to in
duce the closing out Of short accounts by
the professional operators, who persist
entity sold the market at the higher level.
| The market made some Roadway against
! che depression during the early dealings,
| and at one time had very largely over
| come the opening losses, which were re-
| Elections from the foreign exchanges.
The weakness abroad was due 10 the
growing seriousness OF the situation OF
the British campaign in South AFRICA
London was a very heavy seller IN the
| New York market, but the offerings
seemed pretty well absorbed. The Gran
gers rose notably above last nights level,
| and Sugar and Brooklyn Rapid Transit
also made conspicuous recoVeries toWaru
| high prices.
During the latter part OF the day the
| operators I'm stocks shut their eyes 10
| everything but the gloomy apprehshsiohs
| over the future. The existing condition
| Of the money market was at no time
! stringent, and In the late dealings the
! rate for call money ran down 10 90 per
| cent. The announcement OF the deter
! minatiOn of the Pennsylvania railroad to
distribute stock at par TO the extent OF
10 per cent. of the cpaital, came as total
surprise, and under ordinary circum-
stances would have been a determining
factor in rallying the market: It lifted
Pennsylyoania points points ana New New - h IIiS
in the spasm Of liquidation. But the
pause was only momentary. Equally
without effect was the extra dividend de-
clared on Northern Pacific common, bring
ing the rate for the year up 10 per cent.
PERSISTENT LIQUIDATION.
The persistent liquidation in Sugar
gradually spread throughout the llst. In
the final dealings Sugar went j points be-
low the highest; Tennessee Coal 1Ola; Con-
tinental Tobacco preferred, SH; Great
Northern. preferred. 4 Metropolitan, I;
American Tobacco. ~ anu LackaWanna'
G. Although losses in the railways are
not so wide, as a rule, the liquidation In
them was very heavy. The declines
reached over 3 points I'm st. Paul. Louis
vile, and a number Of the Coalers, ana
exceed points in an extended list
The conditions were apparently much
easier in the money market, but sentiment
regarding the outlook was exceedingly
feverish and unsettled, and the street was
full of contradictory rumors regarding de-
velopments. The violent jump In sterling
exchange rates, both here and at other
points made il sufficiently evident that
London was the real seat OF trouble. and
apprehension was expressed Of future diff
ficultes there.
Bonds went off sharply I'm the late deal
ings. but the declines were relatively
small. compared with those In stocks.
Total sales. par value, S1,795.000. United
States SIS advanced 4 I'm the bid price.
The total sales Of stocks to-day We're
1O71 800 shares, including Atchison. $500;
Atchison, preferred. 1850; Chesapeake
and Ohio. 1880: Chicago. Burlington, and
Quincy. 35,170: Rock Island. 1l.0So Louis
VILE and Nashville. p .42O: Manhattan,
10 40: Metropolitan Street Railway. lO,S25;
New York Central, 1880: Missouri Pacific,
1900; Northern Pacific. 1890: Pennsylva-
MIA. 3O,6l2; Reading. preferred. 1850; 81.
Paul. 4l6i1; Southern Pacific 1925;
Southern Railway. preferred. 9lGo; Union
GAO; American Steel and Wire. 9035:
American Tobacco, GO ESQ., Brooklyn Rapid
Transit, $3.50: Continental Tobacco. 1850;
Continental Tobacco, preferred. 1855;
Federal Steel 1915; Pacific Mail. 500;
Peoples Gas, 1870; Sugar. 203.275: Ten
nessee Coal and Iron, 1858; Leather,
125i5.
MONEY AND EXCHANGE.
Money on call firm at 4ikdi5s per cent:
last loan at per cent; ruling rate. per
cent; prime mercantile paper, 5isd6 per
cent.
Sterling exchange very strong. with
actual business i'm bankers bills AT SiS7as
MSLS7l5 for demand and at siN%NSiSlaa
for sixty days; posted rates. AS2pNS2la
and SiSS to SfSSi3; commercial bills, $500
'c,tt.-' ..r.feoo.oe ra6,roN Dor cil,,or