Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-27
STOCKS STILL DULL.
SEVERAL INCIDENTS IMPART An
uNDERToNE OF STRENGTH.
MONEY RATE RISES TO 20 PER CENT
Present and Prospective Condition
of That Market f. Tight-Amerfcan
Tobacco Higher-The Produce Mar
Eets.


NEW YORK, September 2e.-The stock
market continued dull and listless in
character to-day. Several favorable Incl
dents impaired an undertone of strength.
and discouraged operations for a decline.
but the Soaring tendency of the money
rate discouraged all speculative demand
on the long side, and the day closed with
nearly all stocks showing losses The in
cident which attracted most attention
was the engagement in London OF 81 900. 900
In gold for New York. Prices rose to the
highest OIL this announcement. and for
number of stocks reached a level above
yesterdays close. Money. however rose
upward by quick stages to 20 per cent,
ord the heaviness Of the market was re-
newed. The gold engagement, in view Of
the frmness Of exchange, is obviously
based on the expectation that the money
rate Will continue high until the receipt
OF the gold here, when the profit of the
lOaning rate may make good the loss in
volved In the simple importation. The
course of the local money market to-day
contradicts the assertions made yesterday
that the higher rate was due to manpu-
lation. The present and prospective con-
dition of the money market IS undeniably
AlHDls hdltH duNdllttu not Only mere, Dul
at other domestic points. both East and
West. New York exchange at other
points shows continued pressure on this
centre. The announcement that more
gold is on the way from Australia 10
San Francisco had no effect, the promised
relief being so remote.
The fact of a three-days' holiday ap-
preaching had its influence also on the
prevailing dulness. The weakness of for
eign stock markets was an influence here
only indirectly, and only so far as it was
deterrent of gold imports.
A PROP.
The series Of railroad statements which
appeared to-day was a real and effective
prop TO the market. and undoubtedly in
duced some good buying from substantial
interests, such AS are not dependent on
borrowed money. The overnight state
ment of St. Paul. for the third week in
September showing an increase Of last
years unprecedented level of $1,000, led
the list. Even more striking was the
statement OF the Atchison system for
August, showing an Increase In the in
come from operations OF $7OSS93, a result
in large part cue 10 the heavy decrease
in operating expenses. In the cases of
Erie and Southern railway, in spite OF
liberal Increases in operating expenses.
there was an increase in net earnings for
the former of $22l. 1862. and for the latter
Of SlS0,31j Business on all the trunk lines
was reported as on an unprecedentedly
large scale. These facts gave the under
tone of firmness to the market, the stocks
especially affected being those whose re-
ports were published.
The days net declines reached point
I'm only few cases. number Of the In
dustrial specialties were az one time ! TO
3is points below last night, but covering
! by the shorts worked a partial rally.
Brooklyn Transit continued very active,
though American Tobacco exceeded it,
and was well sustained, after an early
decline. rising a point over yesterday,
and closing with a net gain.
BOND MARKET FEATURELESS
The bond market was dun and feature
less, and prices were lower. Total sales,
par value. $1,32CO0O United States 2's adj
Vanced Is; old As. coupon, a, and the
new As u, in the bid price.
The total sales of stocks were 466 400
shares, including Atchson, preferred, a.
564: Chicago. Burlington and quincy, 49,
900; Rock Island, 9.423; Louisville and
Nashville. 100: Manhattan, 1880; Metro
polilan Street Railway, 1874; st. Paul, 49,
$50: Union Pacific. 1000; American steel
and Wire, 7.O25; American Tobacco, $500
Brooklyn Transit. 601S5 Continental To-
Gas. 500: Sugar. 1895; Tennessee Coal
and Iron, $500; United States Leather,
ll,GOO. o,r,,-o,r,
Money on call steady at 6G20 per cent.
last loan at 20 per cent; prime mercantile
paper. 5l2Q7.
Sterling exchange steady. with business
in bankers bills at S4S3s for demand and
$4as4GslSl7s for sixty days; posted rates,
81 S3Gs4 S6Ib; commercial bills, A.SlnASll4.
Silver certificates. 59d60; bar silver, 5SA
Mexican dollars, 4lh.
Government bonds strong; State bonds
Inactive: railroad bonds weak.
!