Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-09-30
HEAVY LIQUIDATION,
STOCK TuMnLsNs IN ALL DIREc.
r,oNs WHEN DAYS BUSINESS ENDS.
MONEY RATE RISES TO Sc.
snrrl, of Available Finds Exhaust
I'd In the Inst Hour of Trading
ono or Two Fcrcrish Rallies Make
No Impression.
No Impression

NEW YORK. September 2a.-The stock
market opened weak this morning, and
the liquidation was continued in varying
htsfncss, 2,eiatcd hoard traders found that
Ire supply Of available funds was ex-
Sl,ustef. and they ran the money rate
ub quickly 20 s5 per cent. Meantime
tlcre was a wholesale throwing over of
stock all around the room. as prices were
rApidly taking on an appearance of panic
when The presidents gavel fell. and trad
Ig was ended for the day. prices were
sti1l tumhling rapidly in all directions
Aud one or two feverish rallies. wherein
lie bears were scramhling TO take quick
1soiits made no impression on the gen
esal Generalization Of the market. Some
d the principal losses were Louisville
81: ST. Paul. 9sk: Atchison. sB; Illinois
Cfntral. 6ls: Pennsylvania. 5lk: Baltimore
sAd Ohio 81: Northwestern. 624: General
Eectric and Westinghouse Electric, S
each. and long list Of prominent stocks
ovsr points. Losses up to 4 points are
common throughout the list.
The local banks were entirely out Of
the money market, and the trust COM
pRhics were very small lenders in the
market. Funds OF out-oftown banks and
pie supply 1t was evident that there
were large number of security holders
who hoped that rates would work easier.
encouraged to this view by the recupera-
don achieved by the banks last week
nnd the considerable margin of surplus
reserves revealed by Saturdays bank
statement. The call loan rate was pretty
quiet up to noon. at about Is per cent
Il Hurried during the noon hour TO &c
per cert. when the demand again became
less urgent. The consequence was wild
scramble during the final hour to Sc
cpre loans TO prevent a general sacrifice
Of holdings on the part of those who
could not secure accommodation. Fur
ther accommodations were refused by the
banks The effect of this determination
developed at the Stock Exchange before
the day closed. The liquidation com
menced in London before the opening
here and this had the effect OF throwing
about 10000 shares for sale on the local
market This was supposed to be for
account of q leading American operator
now visiting In London. All of the recent
IS active speculative pools and combi-
nations were active in the liquida ton
before the day closed.
NO NEW DEVELOPMENTS.
1t cannot be said that there were any
rev unfavorable developments in the
money situation Rather there was a
J
mands TO be met by the money market.
and the inadequacy Of any available
source of replenishment to meet these re-
luirements. Apparently all interests ar
rived at a common determination to-day
TO take the short way to the only means
d relief available, which was- by sell
ne out stocks and paying off loans. Only
ta-Tnorrow's developments can prove how
Jar the necessary work has been accom-
rlished. The DISAPPOINTMENT over the
failure Of ST Paul directors to report a
stock increase, uneasiness of the Louis
ygle minority stockholders as TO how
they are 20 be treated in the transfer of
control and the further surgical treat
ment necessitated by the Presidents
wound in the leg intensified the depres-
sion in the stock market; but all other
considerations We're eclipsed by difficulty
In borrowing money to carry stocks.
The bond market was weak. but to
much less degree than the stock market,
Total sales, par value, S., 5000. United
States bonds unchanged on last call.
The total sales Of stocks to-day were
Lou. 200 shares.
MONEY AND EXCHANGE.
Money on call i to 30 per cent; last
loan at 90 per cent; closing at 20 per cent.
offered; prime mercantile paper. per
cent.
Sterling exchange steady. With actual
business in bankers bills at S4.S56S4. So. as
fof demand and at s4S2. 25dS4.S2.375 for
sixty day bills; posted rate, $4.63dS4.SSis
and $iS6la; commercial bills. S4.S2@S4.S2i.
Bar silver. 81. Mexican dollars. 40.
Government bonds steady. State bonds
Inactive. Railroad bonds weak.