The times. [volume] (Richmond, Va.) 1890-1903, 1901-11-15
THE UNEXPECTED
AGAIN HAPPENED
The Market Sells Off on the An
nouncement Yesterday
OF NORTHERN PACIFIC DEAL.
Sterling Exchange Remains High and More
Gold is Going Ont Traders Fear
Tight Money and Sell
Stocks.

St0Ckfs
As usual, the unexpected: happened II
the stock market yesterday. For {. long
time past the Northern Pacific compllc's-
ticn had hung OVER the market as n me-
mace and it was predicted on all, SIDES
that as soon as that nerstce should De
removed the pl4rket would take on new
life ami stocks would advance. IT was
said that apart from the danger to the
market from this source the settlement
Of the trouble between the large inter-
ests involved would turn loose a great
deal of of tied up capital and give
n:uGl, healthier tone to trading.
WHOLE LIST WEAK.
The announcement of the Northern Pa
cific settlement was made yesterday.
whcrcupon the market turned weak and
stocks were sold freely on all sides. The
stocks which it was supposed would be
most benefited by this deal were the
leaders Of the downward movement. but
the whole list was weak throukh sysnpa-
thy. great deal of ions stock came
out ard the market seemed to have lost
its backbone However, there was moth
stocks were not much below the open
ing prices.
THE REASON FOR IT.
. The cause of this furry was the high
Price Of sterling exchange and the con-
tinueb exports OF gold. Already large
sums of gold have been exported, but
sterling exchange has not declined III
r-ice and there rs no telling how far this
movement will go before gold exports
cease The money rate hardened during
the day and any threat of sQurcze III
the money market always turns wall
Street into Mysteries. OF course, stocks
are jus: as valuable now as the: wee
a few days ago VIXEN the market was
bullish, and in the natural course OF
events. money. will soon be returning to
New York from the interior. but Wall
Street is a place of sentiment and in-
pulses and is dominated By the feeling
of the hour.
THE SEABOARD DEAL.
There was mach interest in local cir
cles concerning the Seaboard deal. which
was announced in the morning papers,
but the story did not help the price II
SeabonrG securities. The per cent.
bonds were fractionaiiy lower and the pre-
,ferred stock declined something ike l
per cent.
One of the interesting incidents OF the
day was a break IN Western Union caused
BY the report that the company had fall
cd to make contract with the Penn
sylvania Railroad
Td.5 GOLD MOVEMENT.
The New .trk Tribune says:
Gold tia. IS now te,n, sent abroad will
not Gauss any scarcity Of the precious
lnetal IN the Tinted States. Shipments
may result fl a higher range of money
rates for c brief rcriut:. but the minute
any important advance develops large
amounts IF money viii naturally be a.
traced 70 New Yc-x from interior points.
Bankers are confident that the local
monetary situation will present no uH-
favorable developments, as 1t Is general
ly believed that there are enough of
sets to gold exports to maintain rates for
accommodation at {: fairly easy level. Ths
banks have gained on subtreasury opera
ton so far this week over s., 0do. 900. and,
despite the large outgo of gold, cash
holdings are not likely to be materially
lowered, at the end of the week Bank
crs identified with the NorthwesterE Pail
way situation will douD.iess soon be able
to control a large amount of money now
locked up in the Northern Pacific affair.
inasmuch as an agreement has been
reached by which an adjustment of the
whole matter will be made. n company
was incor,,ormted yesterday for the pur-
pose of holding the securities OF the NnTi-
GUS roads that are interested in the North
ern Pacific settI, nent. he formation of 8.
new contrary VIII release many promi-
nent interests from burdens that they
have been Ct,i!jnR ever since the panic
Of May 9th. anu as Il consequence, hoth
the money na,kct and the stock market
will be benefited to q material extent.
Over s1S, 200 IN waT lent on call at per
cent. yesterday.
froduce Market
Live poultry has gone down somewhat
within the past two or three days. rur-
keys are worth ? cents per pound ard
oh ckens 10 to II cents, ducks being !;
to IA cents: hens. 5 TO cents: dressed
turkeys are worth 70 and II cents q
pound and dressed chickens L to IL cents.
S10o per dozen; pheasants bring 80 to 50
cents; rabbits. ID to is cents; wild tnr-
keys. 10 cents per pound.
Eggs are worth 20 to Il cents per dozen.
White beans sell fer si.a1 to s..ca per
bushei: black-tye peas, si-So to sl-IS per
'blshei: black peas. SLIGO to si.1o.
Driets apples are active at 1 to cents
per pound; dried peaches bring to >
cents.
Good butter continues to sell wen.
chaoce stock brings Is TO II cents per
pound and medium grades. u to II cents.
Cabbage are selling q. to cents
each
Apples arc quiet at $500 10 $40 Ter
barrel.
Cattle Is little lower. selling rom
9 IL to 3 liz cents per pound.