Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-07
BEARS ON THE ALERT,
AGGRESSIVE ALL DAY, TO TAKE
MARKET FROM LONG INTERESTS.
A NUMBER OF RALLIES.
srmor Busy in the Matter of the
coa1-strike situation-some Heavy
declines. but Losses curtailcd By
rinnl Upturn.

NEW YORK. October 6.--To-days reac-
4onarv stock market was typical of a
,s1I-oydcred liquidation. The bears were
,le-t and aggressive ali day, to take away
n. market from the long interests. but
,hev showed their fear Of overrunning the
market by the frequency with which
,bov bought to cover their short con-
tracts. This operation caused number
If checks to the downward course OF
nrIces. and of rallies reaching from one
"a two points in a few stock. Reading
was twice lifted above last weeks level
nv these rallies, and runor was busy
IN Nall Street all day, regarding the
next developments in the coal strike
situation. The continued manifestation
of interest in the subject by President
Roosevelt gave rise TO the expectation of
new steps to be taken by him. There
were many inconsistent reports as to the
intentions Of Governor Stone. of Penn
s,,Ivsn!a. concerning the use of the mill
,Rrv. The anthracite group was inclined
10 resist the reactionary tendency on this
account ST. Paul also made visible
resistance TO the decline, and shared
in the occasional rallies. The deter1ni-
nation OF stockholders TO issue new stock
Ia The extent of S.. 900 00n and the sub
scription thus Implied helped the stock.
II will be seen that neither Of these
stocks entirely escaped the prevailing,
pressure to sell. which carried the gen
eral list down from one to over three
points. with a large sprinkling of APPOINT
losses The southwestern cotton and corn
carriers were notable sufferers. doubtless
on account of unfavorable crop reports.
There were some heavy declines in the
inactive list Wells-Fargo, and United
States Express dropping IS points, New
York Air Brake. 10; Northwestern nearly
g. Lackawanna I L. and Brooklyn Union
Gas and Rock Island 6 each. Some Of the
losses were curtailed by the rally which
was in progress at the close Of the mar
bet, due to the covering by shorts.
MONEY UP TO a.
To-day's money market reflected clear
~ enough the policy of the banks in re-
calling loans from the stock market. as
was foreshadowed by the action of the
Clearing House Committee on Saturday,
in abstaining from availing themselves
Of the proffered release Of the reserves
against government deposits
The money rate ran UP to II per cent.
II midday. and again to that level be-
lore the close. There was strict discrim-
nation also in accepting collateral for
loans. This policy by the banks is per-
em1tory announcement of the necessity
for stock spectators to take in sail
Bonds were weak but in less degree
than stocks, Total sales par value,
So 995,Ono. United States 3's coupon ad
ranced l-2 per cent, onvtheg last call.
Sterling exchange continued to advance
Today. in spite of the renewed stringency
nj money here and easier money abroad,
showing the hopelessness Of immediate
relief by gold imports.
The total sales of stocks to-day were
$1,000 shares.
Close: Money on call firm at 6612 per
cent; closing bid and asked SOLO per
cent; prime mercantile paper, 6 per cent
Sterling exchange tfrIlh with actual
business in bankers bills at 81 $3.50 for
demand and at s4S3 .25@S4sSS75 for sixty
day bills; posted rates, s4.s4 and s4S7@
81 S7Ik: commercial bills. S4.S22 as. S3A.
Bar silver. SOS. Mexican dollars. 40A
Government bonds firm. State bonds in
active Railroad bonds weak.