Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-03
Stocks END HEAVY.
,.,n,r ADVANCE HALTs on Ar-
.>cE OF rREs'T's MESSAGE.
RENEWED MONEY TROUBLE.
In the Ca1l-Lonn Rate to
s,,cn Ter Ccnt.-Hnlf Million In
cid Engaged for Shipment to
south America.
south America

.rv~ YORK, December 1.-The nota-
=. carly strength In to-day's stock mar
-, vas apparently due to resumption
:, ogti-ity on the part Of some of the
oct,v passive speculative pools. The
:. ~,,lad western contingent was credit
:. a.ith large transactions. The opera
IL the bull side professed to have
advance information OF the contents of
-, Presidents message. Either their
q ,o~rnaticn or their judgment of the
80 was at fault. according to the ac-
49, If the market after the publication
= INC message. The advance halted about
,,o ,,n,c the delivery Of the message to
-,-r~ess was due. The market lacked
~ -,ower OF resistance TO the selling
,-,,,rs-rert from that time forward, and
80 ealing pressure gained in force until
,.,- tho close. which was dull and heavy.
The check Ito the recent upward course
n tho speculation IN the local operations
nod . decreasing effect upon the general
-,,s~let. The decline in fractions was
d,s partIy. TO a natural desire to take
---egs hut also in part to the announce
r7net mat judicial decision on the spe-
oisI franchise tax was impending.
TROUBLE IN MONEY MARKET.
Another chilling influence was the in
5i-ztion OF renewed trouble in the money
market. contained in the furry in the cal!
loan rate, late in the day, TO Z per cent
This was attributed in part TO the re-
agreements Of paying s15,G9oobn subscr,p-
tcns 10 new Illinois Central stock but
The Management of s5o0.oo0 in gold for
shipment 10 South America was of even
ereater sentimental effect. This gold
goes 10 pay for wheat bought for accoun;
Q; England. and. therefore, resembles TO
sone extent the triangular operation for
which the gold has gone to Paris to pay
J.7ndans debts The deposit OF sS50.0nn
at the sub-treasury for transfer to San
Francisco marked the continuance OF
interior needs Tor money. Co.-s~,.y-..,
a customs continue 20 make heavy in
roads upon the New York money market.
The published report that some of the
local trust companies are offering spc-
.tal inducements for December deposits
vas a disquieting influence. The effect
u these developments cost the stock mar
Sct all OF its early advances, and car
led the level 70. many prominent stocks
rom to points under last night The
losses in the local fractions We're even
more severe.
BOND MARKET EASIER.
ilpTlti became
sympathy with the late reaction in stocks
Total sales. par value. S2.l7o000.
United States IS coupon declined Is
per cent, on the last call.
The total sales Of stocks to-day were
.l&5l1 shares.
MONEY AND EXCHANGE.
Close: Money on call firm at l2d7 IL
ycr cent; clnsing 6QG IL per. cent. Time
money firm; sixty days. 6; ninety days,
s. six months. 5 1-2d6 per cent.
Prime mercantile paper. l-2@6 per
cent
Sterling exchange steady at the ad-
vance, with actual business in bankers
bills az 4S725 for demand. and at 4.S3 1FG
$3.50 for sixty days: posted rates. Asa
- and 4SS; commercial bills. 4S2a.G4S3
i
Ear silver, As Ia. Mexican dollars. 37H.
Government bonds easier: State bonds
reaJy. Railroad bonds easier