The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-03
STOCKS WEAK
AT THE CLOSE
An Advance in Money Rate Causes
Selling Movement,
EARLY GAINS WIPED OUT.
New York Central Takes Header and Mis-
souri, Pacific and St. Paul Follow
After-Copper Opened Higher,
but Sold Off.

At the close OF BUSINESS yesterday liio
stock market had a very doleful appear
ance. There was a sharp break In prices,
which, in some cases, was almost
slump This was notably the case with
New York Central, Union Pacific and ST.
Paul The first named declined from
highest to lowest nearly three points,
and the others more than two points
Louisville and Nashville was very strong
at one timr. and sold up to 10 Il, but
dropped back to los IS the price at
which it closed on Saturday. This stock
will pay 1-2 per cent. dividend IN ecu
ruary. and it is whispered around that
the dividend will be increased to per
cent.
OTHER SOUTHERN ROADS.
Norfolk and Western was one Of the
strongest stocks on the board yesterday
and lost very little in the break. Chesa-
peake and Ohio was also strong, but sold
down to As, while Southern preferred.
which sold last week at 81 IL. broke TO
o. 1-3 yesterday.
Amalgamated Copper was strong in the
early trading. but fell away to q l. with
a feeble rally thereafter. Consolidated
Tobacco bonds. which showed consider
able strength last week. closed at b3 L.
The steel stocks also sold off, and at
the close nearly all stocks were well I'M
der Saturdays close.
HIGH MONEY.
The break was caused by renewed en-
ports of gold and by an advance IN the
money rate to per cent On TINS point
the New York Tribune says:
.>Money promises to rule at reason
ably firm rate during the last month"; OF
the year, with no prospect OF strinsency.
There is nothing alarming in the uneX-
pected increase of loans blythe associated
hanks, as it was little more than malt
of the much more surprising decrease Oh
the previous week Recovery IN foreign
exchange may cause further moderate
exports of gold, but this IS viewed Win
euuanimity by those familiar with the
situa ton. The local banks are in sound
condition. and perfectly able to supply
more gold for export and TO handle a Dull
movement in securities.
WHAT. WILL CONGRESS Do?
There is some uneasiness lest Congress
shall take some action against trusts tilat
will hurt this class of securities On
this point the New York Times says:
..'rhe Presidency is held by a safe man.
and in both the Senate and the House
are majorities insuring legislation IN me
with rational ideas and prohibiting the
least threat to the honest money standard
under whicb the country has so mar
velously flourished. It is true that there
| have been distinct efforts within the last
| few weeks to produce the impression that
| Congress wilt be found in a mood hostile
| to trusts. and some industrial stocks nave
been vigorously raided on this theory
! Tie development OF trusts-the popular
| name for great commercial compiilatioii
-is a natural and inevitable movement
! having its origin in the pressure OF coili-
petition and the opening up OF the "orld $
markets to American manufacturers 1T
| is idle to imagine that congress WIN
| countenance attack upon any honorahly
| conducted business enterprises which are
| consricuous in the growth of American
| commercial supremacy.
The traders will know letter what TO
think on this subject after the president
message is made public.
| The Produce Market.
TIC approach of Christmas is already
felt or the produce market f!orlda or
anses, which have been rather dull. are
| picking UP, and the trade IN this i1io Il
! now quite active.
General receipts OF both live and
dressed poultry have been very much
I lighter since last Wednesday, ana the
| market is greatly improved. Prospects
are bright for a good week. Dressed
poultry is selling at present as follows
Turkeys, 10 to y IL cents per pound:
ducks, 10 to IS cents; chickens. 9 TO Il l.
cents. hens, to 10 cents; geese. to II
cents. Live poultry brings the following
| prices: Chickens. IL TO cents; hens
Z IL to s cents; ducks. TO 10 cents; Sui-
meas. is to 20 cents each; turkeys, l.
to- 9 cents per pound.
Game sells as follows: Rabbits, IL to L
cents each; cartridges. u IL cents each
pheasants. 80 cents each: squirrels, .
cents each; whole deer. 9 cents per pound
| saddles, 10 to Is cents per pound; wild
turkeys, cents per pound.
Receipts of eggs are rather light. Eggs
| are selling at ~ to 23 cents per dozen.
| Butter keeps steady at is to Is cents pei
! pound.
Apples are worth 50 to $50 per barrel