Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-11
HEAVY L|QU|DATIONS.
New soRk STOCK MAaI<Er WORKS
orr a LOT or EXCITED
SENTIMENT.
FURIOUS ACTIVITY AT TIMES.
Day. Bushes. RIMS over n Ni''i""
shares. For the First Time in Many
wcc,s.-Rnmor of MorEan's III
ness n bear Invention.
FURIOUS ACTIVITY AT TIMES.
Day. cuisines. RIMS Over Million
shares. For the First Time in Man.
meek.-Rnmor of Morsnn,. III
ness n. ncnr Invention.

NEW YORK, November 1o.-To-day $
rtock market absorbed a heavy volume Oh
no,,fdation. and worked OF large amount
NJ excited sentiment. AS result ''e
closing tone of the market was quiet
and steady. with many wide breaches
N values. Tho days. business ran over
, rn;TIion shares, for the first time IN
many weeks and there were times. du-
ring the mornings prccipitate decline.
when The market was furiously active.
THE motives Of the selling were moSuE
Of a general character, such as have been
at work for some time toward crystaliz-
ing sentiment that prices were too hlsh
and credits too greatly expanded for finan-
cia1 health. Saturdays sharp drop in
prIccs had the result of spreading a
wave of doubt all over the country, SO
that the wires brought into commission
houses a large accumulation of selling
orders TO be thrown upon the market
rlany commission houses also had sent
out notices TO customers that they must
widen their margins or sell their hold
jnss The bears were also active in raid
snE the market 10 uncover stop-loss
orders.
RUMOR OF MoRGAN's ILLNESS.
Tho dissemination CT a rumor OF J. p
Morgan's illness WAS traceable to t"e
bear element and was promptly denied.
and followed later by Mr. Morgans APP
pearance al his once. The troubles of one
Of the newer trust companies over the
holdings Of securities Of one of the newly
formed combines which were ventilated
on Saturday, remained to be taken quite
seriously as an object-lcsson. although
not regarded as important in themselves
The fact that il was found necessary, III
effect TO underwrite an underwriting
syndicate vas regarded as i rather typical
example The refusal of foreign sub
scribers to pay their subscriptions TO the
syndicate was advanced as the cause OF.
ihe condition.
Nobody has any doubt that a large
part of the enormous expansion OF bank
credits has gone toward the underwrIt-
ing of new securities. With this large
transfer Of credits into fixed capital has
gone the growing appreciation LAT there
is a slow market for the new securities
ut home. while foreigners show no dispo-
ssition to ta'e over the new securities.
even where they have lent money to the
syndicate promoting them. The issue OF
new bonds on the security of Stock both
railroad and industrial. which have been
purchased for controls at very high rates
runs into the hundreds of millions The
Saturday episode is evidence that not
all Of the ventures have prcspered.
The fact that large loans have been
made on many Of these securities, while
their prices have received artificial sup
port IN the market. sometimes with the
proceeded from these loans. is making a
growing impression on public sentiment.
The process which went on in to-day's
stock market goes to cure the evils in
The situation. both in reducing the vol
Tine Of credits and by bringing the price
level TO a substantial basis. 1t is felt
that the year-end demand for money
the world over must be prepared for.
il is evident that only sustained money
rates in New York will prevent the heavy
outgo OF colo. Sterling exchange was
somewhat lower to-day. but was off
set by sharp drop in sterling at Paris.
Money here WIS also 1rmer. The Sub
treasury is again taking large sums from
lie banks.
TURN IN TIDE OF MONEY
The most important development in the
money situation was rise of 10 cents
premium New York excnange at Chi
raco indicating a turn in the tide of
money from the interior. Prices at the
low level this morning We're generally
from 10 over points below last weeks
close. The late substantial recovery was
helped by rumors that settlement had
been secured OF the demands of the Chica-
go freight handlers
Bonds We're not SO much affected by
weakness as stocks. but their recovery
was also less marked. Total sales. par
value. S4,1S0o9- Uniteo Statesn 2s and
old as declined Ia per cent. on the last
Gall.
The total sales of stocks to-day were
s.3S5 500 shares
MONEY AND EXCHANGE.
Close: Money on call, steady at 3GG
per cent. closing, offered at 5; prime
mercantile paper, 1-2G6 per cent.
Sterling exchange. steady at the de-
cline, with actual business in bankers
bills at S4S7@Si4.S7 is for demand, and at
s4.SS 7-S@$4Si for sixty days Posted
rates, s4S5@'s4.ss: commercial bills. SASS Ia
@$4.SS 81.
Bar silver, 40 IS. Mexican dollars
. IT,
Government bonds weak: State bonds
dull: railroad bonds, weak