Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-13
STOCKS END HEAVY,
n,,ru LOSSES TRANSFORMED
,,ro GENERAL NET GAINS.
crisis IN MONEY RELIEVED.
mac 30 Drastic Liquidation in
.he outsct of the Tradins-Less
rutarorar,Ic Bank Statement I'm
s,cntcd Than Was Feared.
aseutcd Than WI

i z5en revision Of sentiment during
4 ,.s trading At the Stock Exchange.
4 t-.f tr.astor1ned q deEnovaiized market
$50 rrst looked like an animated bull
4 -,ezaau Undoubtedly the bear &C
1 ,os-. which had suddenly expanded to
~r,aEz1r proportions IN the las; three
l.rs was largely responsible for the
.=ssa End violent recovery of prices. but
81 change in sentiment or the part Of
,s e,sncnt was prompted by the eri-
5s--ss ri large and influential buying q
~ore substantial character. This was
n. sgal for the uptprn Of the market
BEFORE noon there were ragged declines
/ of all tl.e way from 10 S points. in the
- Of active railroad stocks. In the
fr.-ye list, including spccialties. the
,ossss extended 10 u and . points, the
ast.na.rcd IN New York and Harlem. The
st previous sale Of this stock was made
] n ArrG Of Iaol, al $50 To-day's sale was
% shares At 4o5.
Gac safe Of securities of this grade in
5err allied market is generally re-
1 Farded e evidence Of extreme pressure
| tr money. That there was such pressure
9-day IS beyond dispute. and great
psrJ IL TIC sailing was probably without
:ho free choice Of the nominal holders
.. The securities. The withdrawal of cred
its from holders OF stock, and the prac-
aaal. tmposstbility of obtaining fresh &C.
um93at!on, left no recourse but to
h-5w over their holdings at the best
1-s they could get, For a time this
7-1ocss was carried on. as ii was yester-
lay with practically no buyers in the
MARKET. but at the extreme decline the
bggtug demand developed. The drastic
mgfdati0a effected was the immediate
szass Of relief to the crisis in the money
market,
BIG BLOCK TAKEN ABOARD.
An important factor was the announce
a.sar that The slo.Wo0n9 block Of Penn
srfrania Car Trust certificates. which was
,ssea By the New York banks earlier in
HI week. had been taken by foreign, capt
'al.sls The street was prompt to jump
70 lhs conclusion that e corresponding
mount Of capital would be Immediately
CHASED. to be placed in the local loan
market. At all events, the Incident helped
10 ,alieve the acute anxiety over the
money outlook. and was promptly fol-
'7we5 by an effective rally. Another in
Hgeatai factor was the showing by tbs
publication of The preliminary figures of
'hs currency movement that the banks
I'D gained something over 100000 on the
alar interior movement OF currency.
raas cffsetting To that extent the loss of
$50 on Sub Treasury operations and
-ad exports.
Taken in connection with The probable
tola contraction, i less unfavorable ank
terneRt IS indicated than was ftaI'ed
violent uptprn Of prices transformed
Ire earlier losses into general net gains,
ID in some cases were sufficient to
n cut all Of Yesterdays declines. The
-rEa- closed about steady but slightly
ragw the best.
Bonds rallied from early weakness, in
sy Eupathy with stocks. Total sales, par
ralae 81 :a5n1N. United States bonds IN
81 agad
The total sales OF stocks today were
110t3F shares.
MONEY AND EXCHANGE.
Money on call firm at eal-2 per cent;
closing offered at : per cent; time money
6ami sixty and iaiI3etyday loans made
an6er special arrangements; six months.
nc~ cent; prime mercantile paper. per
cent
Sterling exchange weak, with actual
business in bankers bills at 4.ST for de-
mani and q 1880 and 4.S355 for sixty
aats. posted rates. 4.Sl IL and ass; com.
Uercial bills, 4.S2Sz a4.S3 Ia.
tar silver. Il IS; Mexican dollars. 81 IL.
government bonds steady, railroad
h9-s Irregular.
BANK CLEARINGS.
Total bank clearinGS for week ended
If-Cambeg iltll. S2.0S3 91i,;!55; decrease. 15.S
percent. Outside New York, sS16 025, 0sg:
decrease. = > Der cent.