Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-13
STOCKS FEVERISH.
TRANSACTION HEAVY, ON RE-
AanKAnLY IRREGULAR MARKET.
CLOSE FIRM AT ABOUT TOP.
powerful Interest. Apparently at
work TO support Price. and Es-
tnb1ish Condition of Equi'i-
brium-Moncy Rather Easier.
TRANSACTIONS HEAVY, ON RE-
CLOSE FIRM AT ABOUT TOP.
powerful interest. Apparently at
brium-Moncy Rather Easier.

Transactions In stocks ran well over
million shares again to-day. in a remark
abIv fcyerfsh and irregular market Inc
,c,,o, or tho market gave warrant for the
presumption that powerful tinancla! ''-
.erosts had set themselves to the task OIL
supporting the market and establishing
condition of equilibrium. 1t was assumed
IN Wall street that the selling OF STOCKS
had taken on an indiscrirninate character.
.... +breatened serious results to sub
stan.ial interests There was further
threatening break this morning, whicn
was not unnatural, In view Of the rapid
decline In progress at the close OF yes
terday's market. The impairment thus
caused in margins, and the anxiety arous-
ID among outside holders of stocks VINO
zero NOT within i,nme6 ate reach of their
bro,,ers Yesterday afternoon, brought in
heavy selling orders TO commission houses
this morning. as a result of which open
ing prices were firm. and l to points
tower for practically all the leading stocks.
These prices were the lowest OF the day,
although the level was approa ched again
anne quickly manifest that buyers of I'M
limited resources were in the market,
the heaviest offerings were quickly alb
so7bed. and prices were vigorously bid
up. through foods Of selling orders.
A STORMY TIME.
The supporters Of the market had
stormy time during the first hours. and
prices kept running up and down a con-
siderable scale. in lively and confusing
manner. but by the end Of the first hour
the selling had been brought about almost
TO a standstill, and substantial recoveries
were established all through the list.
The support centered in St. Paul, Anal
Eamated Copper and the United States
Steel stocks The buying of these stocks
had notable effect in reassuring specu-
lative sentiment, just as their unsupported
condition on earlier days Of this week
~as notable influence in the depression.
There were several special influences
which helped to encourage sentiment.
Chicago and Northwestern, after drop
of points, recovered to over last night
on the action of the directors In favor of
issuing new stock, with the right to
stockholders to subscribe at par. The
issue Of circular to the Colorado Fuel
stockholders asking for proxies on behalf
Of the interest controlling the principal
Colorado railroad systems. disclosed a new
contest for control Of that property, which
resulted in sharp advance in its price.
Manhattan was benefited by the pubica-
ton of a very favorable annual report.
LITTLE EXPLANATION.
Aside from these developments in regard
to individual properties. there was very
little news to account for the movement
of prices. Upon the first recovery, after
a temporary pause. attempts were made
TO renew the advance but the selling in
creased at the higher level, and prices
fell back again. Throughout the day.
whenever prices declined. effective support
was forthcoming, and on the other hand.
any considerable advance invited renewed
selling. The closing was firm, however,
and at about the top level. Missouri Pa
cihc offered effective resistance to re-
action throughout the day. Money show
ed a rather easier tone.
BONDS RATHER WEAK
Bonds were not as well supported as
stocks. and were rather weak throughout.
Total sales. par value. s4.4S0 600.
United States bonds Were all unchanged
on the last call
The 'ota1 sales of stocks to-day were
1,256 600 shares. including Atchison, 64.200;
90 prefer ed. 10. 200: B. - O., Is. 100; Cana
dian PaciIic. 22,9O0; c. &: O.. $500; Chicago
and Great Western. 13, 500: Erie. 1880; Hill
nois Central. $500: L. & N, L, 200; Man
haitian. 800; Missouri Pacific 47,100; New
York Central, $500: Norfolk and Western,
1920: Ontario and Western, 1000; Penn
sylvania- $500: Reading. 49.100 81 Louis
Southwestern preferred, $500: St Paul
94100; Southern Pacific, 1o01OO; Southern
railway. Hoo: Texas and Pacific. $500;
Union Pacific, 1880; Amalgamated Cop
per. $500; Smelling, 1900: Brooklyn Tran
sit, 1880; Colorado Fuel, 1880: Sugar
$500; Tennessee Coal and Iron, 1850:
United States Steel, 7,275: do preferred
$3.50.
MONEY AND EXCHANGE
Close: Money on call, firm at 467 per
cent: closing offered at 4; prime mercan-
tile paper. l-2G6 per cent.
Sterling exchange steady at the adj
vance. with actual business in bankers
bills at SASS is for demand, and at s4s4
for sixty days. Posted rates. s4.S5ds4SS;
commercial bills. S4.93 1-41s4SS "a.
Bar silver, 80 SIS Mexican dollars. 80 IA
Government bonds steady. Railroad
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