Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-08
No IMPORTANT GAINS
.rocks STILL IRREGULAR. AND
THE MARKET CLOSES WEAK.
VOL uME OF DEALINGS SMALL.
trading Even More strictly Pro-
fes.ional Than That of Thursday
Decline in Bank Reserve. Indi-
eated Soft c"aIer> Conspicuous
for Strength.
Even More strictly Fro
for Strength,

N NEW YORK. November THE irrcsu-
81 The level Of prices was above last night
no. the greater part OF the day. but the
III Gvances were exceedingly snotty, and
were not well maintained. In the late
gdeaIings, as was the case yesterday.
u he efforts OF professional operators to
#realize profits on the early advance
Ewiped out The advance. and the
@mar!let closed weak. with net losses
II sprinked all through The list 10 impor-
@:ant gains were left at the close The
Rdcaliugs were smaller than yesterday.
Eand even more strictly professional.
The operations could not be said to re-
present any conviction on the speculative
Eoutlook, but were simply the result OF the
Eegorts Of professional traders 10 find q
tcurrcut of prices for the purpose of MAX
Ems turn. There We're evidences OF a
resumption of activity by one or two Of
Fine pools which have made periodical CT
EfoI1s recently to advance prices. but the
kstocks IN which they operated suffered
sin common with the rest of the list at
The last. Sugar was a drag on the mar
ket throughout. and its final dip of > SIS
WIS an influence in the general weakness
The sufenfng call-money rate and the
promise of a poor bank statement were
conuibutory factors TO the reaction
DECLINE IN BANK RESERVES
a decline in bank reserves for the week
pl upwards of 100000 is indicated. The
announcement from washington that
10 further deposits of government funds
would be made with the national banks
had some effect on sentiment although
thc deposit OF bonds at the Treasury Dc
pertinent Tor this purpose has been very
slight. Tie strength of sterling exchange
was an additional factor in the money
market. although a further advance in
sterling exchange at Paris lifted somewhat
The point of Profit Tor gold exports. On
En- other hard, there wereTeports that Chi
scago was receiving some returns of cur
Hrency from points further West and New
ANork exchange at Chicago rose 10 cents
81 ~ per cel t. discount Additional re-
EpcTts OF an incrca sing tendency in the
ret earnings of railways had TO be faced.
Amongst the carly points OF strength.
tina soft coalers were conspicuous. To-
1av's meeting OF Norfolk and Western di-
geiors was expected TO advance the divi-
dod raIe, and when they adjourned with
oUr action. the prices Of the group ran
on The weakness Of Hooking Valley was
dUe 10 reports OF a competing line from
Columbus 10 Toledo, to be operated in the
Pennsylvania interest. The anthracite
c5,lerS We're IN scriae demand, owing to
The agreement Of the independent ope-
1ators to abide by the strike arbitration.
Ige advance amongst the corn and cot
ton roads may nave been due 10 crop
riospects, but they were generally at
iriputcd TO pool manipulation and did not
mold.
BOND MARKET STEADY.
The bond market was steady, on q
small volume OF business. Total sales,
par value $1,000 nf3 Jnito States rs
declined L. per cent on the last call.
The total sales OF stocks to-day were
3. 09l shares.
MONEY AND EXCHANGE.
Close: Money on calil.rm at Sta6 per
cent; closing bid asked soc per cent;
prime mercantile paper > l-zGtG per cent.
Sterling exchange firm. with actual bust
ness in bankers bins at 4.SI04SLl53 Tor
demand. and at 4.S3s75 for sixty days;
posted rates asa 1-2@i.S5 and ass; com
IBevcial bills, 4.S3@4. So L.
Par silver, 20 rs Mexican dollars. SO II.
Government aonds easier; State bonds
tull railroad bonds steady.
BANK CLEARlNGS.
Total bank clearances week ended No
vamber eth, S22sil, S64,019: increase, 1o,9 per
cent: OUTSIDE New York. $500, 75S0 26; in
= r,at.