Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-09
VERY HEAVY SELLING
rH1s THE FEATURE OF THE NEW
ronK STOCK MARKET.
THE SOURCE MYSTERIOUS.
aepce, Possibly, Many Rumors of n
Somewhat Alarming Character.
Pointing to Financial TrouhieH-
Not Much Evidence of Supporting
Orders.
THE SOURCE MYSTERIOUS.
aence, Possibly. Many Rumors of n
Orders.

NEW YORK. November s.-Fery heavy
selling Of stocks. the source OF which was
mysterious. developed on the Stock Elk
Change to-day. Possibly or this reason
the selling gave rise TO many rumors OF
"a somewhat alarming character. pointing
TO financial troubles. Reports were also
rurrent Of large forced liquidation by ono
of the leaoipg speculative operators. An
sther ruror was to the effect that the
United States Steel Corporation has IN
contemplation a sweeping reduction IN
selling prices. all along the line, Sui
another was TO the effect that the Secre-
larry of the treasury was about to make
s,arv drafts upon the governments de-
posts with national banks, in order to
replenish the governments own working
balance The report found some hackers
that the whole movement WAS a well
planned bear raid. the supposed leader OF
the raid being the very leader alleged to
he under pressure by creditors and forced
20 llquidate long stocks.
The proved untruth of some Of the
,71mors circulated pointed TO the activity
IF bear traders, but 1t is a customary de-
vice of the professional operator, DESTROYS
Of iIquidating. to give the impression
Of short selling to invite the support for
tho stocks he is selling.
SUPPORTING ORDERS FEW.
There was not much evidence Of sup
porting orders in to-day's market. and
the demand from the shorts TO cover
at the last was not sufficient TO cover the
pressure to sell. so that the closing was
weak. and In some cases much lower. a
slump of 10 points IN Delaware and West
rrn on the sale Of go shares attracted
considerable attention. The bank state
rncnt showed a decrease IN cash OF S7,4e4.-
600 which was $1,000, 600 more than expect
ed. The small loan contraction of $S3U99o
tost some Significance from the known fact
that new loans have been secured abroad
during the week.
The sustained strength of sterling ex-
ehange also keeps alive the question of
re11t,tanccs abroad by gold shipments
This situation would account for some de,
gree of renewed pressure upon specuiauY
borrower.
Bonds have shown the same irregular
tendency as stocks. on small volume Oh
DuStr eSS. United states I : anu ciH ! : ~
cIined 4. and the Is advanced 4 per cent
as compared with last weeks closing
call
The total sales of stocks to-day were
$50 900 shares.
BANK STATEN ENT.
The weekly statment Of the averages Of
the associated banks shows Gor five days.
the following:
Loans. SS75, 4SO, 500; decrease, S3,o29loo.
DEPOSITS, $685.. So, 200; decrease. SL9a.00o.
Circulation, 100; increase, ai'7O1,-
Legal tenders, s57.11s,5oo; decrease. 50
144 400
Reserves. S239, 800, 800; decrease, $5s64'ooo'
Reserve required, $22l 1860; decrease
t1.977. $50
Surplus. s17.S52. $50; decrease, $34S6. $50
Elk United States Department SZSl9t'-
Gp; decrease, $3,512l15.
MONEY AND EXCHANGE
Money on call firm at 41A65 per cent;
closing offered 1T . per cent Prime mer-
camille paper. 51l5d6 per cent
Sterling exchange steady, with act u a!
business in bankers bills at s.S7l2714 81 .
for demand and al 4S3SI5GA Us for 81
say hills; posted rates, 4.S5 and ass; COM
nerciaI bills, a.SSA@4Ssi4
Bar silver. so Is: Mexican dollars, 90
Government, bonds steady; State oonos
st.ad,: Railroad bonds weak