Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-04
CANARD HAS EFFECT,
- THROWS THE NEW YORK STOCK
MARKET INTO CONFUSION.
HEAVY BREAK IN PRICES.
II Close however, is With a violent
l RALLY In Progress. Caused by De-
q ,,a1 of tho Depressing story-Bond
Euar,sct steady.
HEAVY BREAK IN PRICES.
sorc,cr. i. with a violent
MARKET stead.

Arw YORK. October S.-The prinoi-
80, ,,.ws In to-Gays stock market turn
cd OUT 10 be untrue, but the same report
WAS effective in breaking the market, and
,,-op,iuc il instantly into n state of con-
,,sfon as great as that OF last Monday.
no report, which was circulated imme-
sttely after o'clock that the Comp
".bller If The Currency had overruled the
s"srision of the Secretary of the Treasury
release the reserve held by the banks
'asfns; government deposits. offered a
see prospect TO spectators. Such deci-
,n would throw the money market sitG-
i.t,,, hack intc as strained condition as
va, which threatened a panic last Mon
sy. The situation. in fact. would have
80, worse in that the forces of depletion
- The bank reserves have continued III
arera,{on during the week, while some
owsnfase has been taken in the loan
,,-ker of the better conditions resulting
grsIa the Treasury measures. To-day es-
-,oc,,llv. there was some conspicuous re-
fs,,rtion of speculative activity on the
,o-t Of the various pools. notably that
n colorado Fuel, on the ground that the
.jS-tion ordered by the court will settle
the next question CT control of the pro-
.,srtv IN St Paul by the same interests
witch caused its recent advance, and IN
the Coalers on the circulation of con-
sanf rumors regarding the outcome of
ma conference at Washington. The high
~ level of prices thus attained seemed
10 agGravate the drop when the canard
yss put out regarding The alleged action
Of The Comptroller of the Currency. The
fsst that the Comptroller was present
md in consultation with the Secretary
nj the Treasury during his visit in New
York. when his action was taken, was
lost sight OF. and the speculative public
seemed TO swallow the story without
question. The break in prices ran all the
way from / to nearly points in the ac~
tive stocks.
VIOLENT RALLY
| The market closed with a violent rally
In progress. caused by the denial of the
STORY. Tomorrow bank statement Will
eontain an additional item to show the
gavernment deposits with the banks in
orSer TO differentiate the other deposits
agAinst which a 25 per cent. cash reserve
is Required 1t is supposed that the item
of government deposits will be IN the
reighborhood of $4,000. 600. thus reducing
ma reserve requirement and benefltlng the
utplus by about sio.0o0,oco
The heavy demand for exchange to-day
FOR next Tuesdays steamer showed the
email prospect Of any movement of gold
this way for the present. -.
/ BONDS STEADY.
SThe bond market was steady. except for
Nhe furry in the last hour Of the market.
srotal sales par value s4,965, 900.
! United States bonds were all unchanged
pn the last call.
The total sales of stocks to-day were
1880 shares PrB
MONEY AND EXCHANGE.
Money on call firm at SOS per cent;
closing offered at c; prime mercantile
paper. 8 per cent.
sterling exchange firm, with actual
business in bankers bills at 4.S6.25 for de-
.nand and at 4.S2.S7od4S3 for sixty-day
bills: posted rates. +.S514G4.S7 commercial
bills 4.S2lk.
Bar silver. SOS. OFT
Mexican dollars. 40A. e7c A~
Government bonds. steady; Railroad
h2nds irregular.
Following are the bank clearings for
h4 week ending october 3rd:
IA New York city: SITE, 3l9,S1o; increase
t5.5 per cent. Outside New York city: Ss44,-
i32,O44; increase, SIS per cent.