Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-08
ACUTE DEPRESSION,
r,s,s THE PREVAILING SENTIMENT
~ NEW YORK STOCK MARKET.
SUBSTANTIAL LOSSES SHOWN.
They Extend, Moreover. rhrouEhou
the Lsst-ycrs Large Fool Liuufda-
ion. Rally Mt the Close. How
&rrcr-1oncy Market Easier.

NEW YORK. October There were
many shades of sentiment IN the stock
Market to-day, but they all gave way TO
route depression in the late dealings and
,pc CAV shows substantial losses through
cut the Iis..
Very large pool liquidation was accom-
rnshad during the day. under cover OF
The earlier strength and in the heavy sell
ing on the break, The character of
:he manipulation and the special stocks
1hich were most affected by that and
M the liquidation pointed 10 the indi-
vidualtty Of ne best known operator in
the street. who has espoused the long
side since his return from Europe
southern Pacific was very conspicuous
IN the dealings A recent decision, pub
l!clv announced. to issue So, o0o.on3 of
bonds with view to provide funds for
botterments. and allow the inauguration
OF dividends out of earnings. was the oc-
cason OF large speculative commitments
In the stock The directors have caused
the announcement to be quietly made
this week that the time is not now COLI
sidered propitious for the Southern Pa
cifc bond issue. This is believed to be
7ot in accord with the view of the large
.peculative holder of the stock VINO liqui-
dated his holdings to-day. Pennsylvania
vas also heavily sold, presumably by the
same large operator.
EARLY ADVANCE
The carly advance in prices offered ex-
cellent opportunity for this liquidation.
The upward rush of prices at the open
ing was supposed To point to the COM
pletion OF the liquidation which the local
money situation makes necessary. and
there was considerable demand from
shorts and from bargain hunters who
have been watching for bottom prices
Much was made of the orders by the
Governor of Pennsylvania to place the
entire militia eff the State in the field. A
strong influence was eXerted by the an
nouncement from Washington that the
Secretary Of the Treasury would buy Gov
eminent bonds. if any were offered at
satisfactory prices. This was not con-
sidered a very promising prospect. on
further consideration. and it is believed
that preparations being made to offer a
block OF bonds to the Treasury are de-
signed TO test the official idan of prices
and do not express the hope of effecung
an advantageous sale
When the market opened. lenders Of
funds were demanding Il per cent. for
cal loans, and the market promptly took
z downward course. 1t was not until at
ter midday. however, that the selling
pressure gained great force. The drop
IRON the top to the bottom level covered
a wide range. but the days net declines
are much diminished by reason of the
early advances and the final rally, which
made the closing steady. Money became
easier during the day.
Bonds were weak, in company with
stocks Total sales. par value. s2.9l0,19o
United States Sc registered advanced II;
the new As. z. and the old As. 4 per
cent on the last call
Total sales to-day were 9l2.I0o shares.
MONEY AND EXCHANGE.
Close: Money on call firm at 3au per
cent; closing offered at l.
Prime mercantile paper, per cent
Sterling exchange easier. with actual
business in bankers bills at s44 Sc 1850
1865 for demand and at s4.SS 25ds4. So. 70
ior sixty-day bills; posted rates, A.S4@
SEGS4Sl1s; commercial bills S44.S2ls@
AS3
Bar silver. SOS: Mexican dollars 4oA
Government bonds strong. State bonds
steady. railroad bonds weak.