Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-15
DISORDERLY SLUMP !,
nor IN srocK MARKET To Low
EST PRICES OF WEEK.
FIERCE AND SUDDEN RAID.
:. Comes a. n Snrpri.c. Owing to
cnaractc, of support Given Mnr-
,ct Mt Opening DccIine-Hcnv,-
speculative Losses Probable.
prise. Owing to

saw YORK. November IA renewal
I, saa>v liquidation in the stock market
,t,s sftcrnoon, and a violent drive by an
-.7-4zoa bear party, caused dlsorderly
.r,.go 10 the lowest prices Of the week
r.sa at the final rally, due to a scramble
.-~r the bears to cover their short
.l~f-aets. which lifted prices to 3
-. active stocks. the prices of not a
s stocks are lower than before for the
s Al the extreme, declines. which
..,rr made carly in the final hour. losses
!, srom 20 IA were shown by the
s.s-ls which bore the hrunt of the bear
.,,scs St. Paul led with az point de-
,faa from yesterday, Rock Island 6l@.
III. preferred Z Baltimore and Ohio and
,,.assLile 5ia. Canadian Pacific :. North
v,.s;arn IS. Colorado Fuel AZ. Reading
Pennsylvania SIS and number of the
p.-tlca Coalers and other stocks 3 points
or ever.
Tie herceness and suddness Of the
-. r5a1e IS a surprise owing to the
,5s-actcr Of the support given to the
make, AZ ;he opening decline. and the
o.ro-rsss shown by the bears, who sold
s--, Yesterday. 10 cover and take their
r-aa,s The rapid tumblins of prices
csga rise 10 the usual crop of rumors
- eaaaeiaJ difficulties and probable fail
,-os which gave active employment to
,,-s * those pointed at in the making
,t5orals The wiping out of margins and
ss ancoveriag OF stop-oss orders, dis
,4ssd q srcat mass of securities which
ssvs teen overhauging the market. No
5albt vary heavy speculative losses were
Involved %. some of this selling.
FORCED SALES.
The anowledge of the precarious
,mtta7 Of some very extensive
m- accounts. doubtless figured in
formation Of the powerful bear
,s-.y which broke the market. Some of
Of the selling to-day was alleged to be
bv large holders OF stocks. who have
maintained their holdings for a. long time.
saa through al the period of the late
advances. These holders have seen i'm
nsrse paper profits melt away with the
disa,egration Of prices, and were driven
to sell out to-day 10 avoid losses.
There was no immediate news on which
base the attack upon values, beyond
H. prospect OF a poor bank return to-
z-rrow Even this prospect was rather
rorsbiy modified Today by the els
-6sare OF return flow Of currency from
-;-. ~ ,..r,,,I,, o1---oSc -,,-re-
nsrc of over billion dollars. New -ork
exchange al Chicago also rose TO 10 per |
sa,. premium The loss on sub-treastsry
ccount of s4.409.6o0 is therefore modified
ta trs amount OF over a million dollars. !
Sterling exchange was also lower and
there e-ned 10 be offerings of loan bills !
III tia inar,et, but the general sentiment
a Val street was one Of depression owing
10 apprehension that stringent money
mess rtegu before the end Of the year. The |
r1aHt succession of pessiT1lisuc utterances
M le4GirE banking authorities on the |
sfs, q bank credits and the currency |
has bad notable influence on Wall street |
sentiment
PENNST S WAGE INCREASE.
Ta=ter6ay1s announcement by the Penn |
Erana Company of a 10 per cent in |
ceessa IN wages, which is equivalent to a |
lz--a proportion of the amount at present |
Ia5 iH iiriGeuds, VAS a disturbing factor. |
ii sew of the recent decision on this |
veg s@aj,ct- Pennsylvania. and its affih- !
at4L Stocks were the first in tlie mar
- 20 Show acute weakness.
The aHuaUrcenlent OF . bank suspension /
% Boston VAS also taken advantage OF !
tE the hears. and tho spectators al tina |
aE y were supposed TO be aimed at by
'ae lallGg tactics il some stocks
BOND MARKET WEAK.
Bonds were weak in sylnpathv with
q .s Total sales par value, St.G65, 0eo.
al,ad States IS and old As declined !. !
~. cent on the last call Tota! sales of I
S2aEs today We're 1.319.509 shares.
MONEY AND EXCHANGE.
G2na" an call, 5@6; closing Lid and offer
% prime mercantile paper, 514@6 per
Sterling exchange steady at decline, with
t-isat business in bankers bills AT 4.SG.2l5
i7T aamard and at 4S3.G25@t.S3.155 for 60
e-E balls posted rates 4.S5 and i.SS; COM
mara3 htlls AS364 S31a
silver. ~ Is Mexican dollars. 80.
government bonds, weak. Railroad bonds
7saE
RANk ClEARINGs.
.ats' Bank clearings Week ended No
'f@hes l@h S2-22 la, IS; decrease. l per
y. asde Of New York, 1898 39S, 3G9; in
G'sse per cent