Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-30
STOCKS ARE Lower, !.
SPECULATION SHOWS GREATER
srssrrrrENEss TO CONDITIONS.
CALL RATE UP TO IS PER CT.
pcmanas Of Labor on Union Pacific
system Cause of Observation-Disclosures
Break in Amaisamated copper-
sugar stronger.
OSCILLATION SHOWS GREATEI
CALL RATE UP TO IS PER CT.
nd. Of Labor ON Union pnciac
s,.,em cause Of pi.quict-vioIent
sugar stronger,

NEW YORK December 2s.-Specnlative
,entircnt to-day showed greater sensi.
3vsness to the development in the call
money market than was the case las;
scsk. when a Is per cent rate was prac.
Icaliy ignored. When the money marker
,pened ct - per cent. with an advancing
,en6ency. prices broke sharply ali around
The rate touched IL per cent in the
morning, and then relaxed followed by q
rally III The stock market. but whei.
money rose again TO Is per cent. the
prices of stocks again yielded
The altered sentiment toward The money
,,arket is believed TO be due to the strict
attitude assumed by the banks ana IL
the calling in of loans. The largest sell
Ing today was attributed 10 the pool.
witch were credited with causing las,
vaek 5 advance in prices. sand which are
believed 10 have received renewed warning
against expansion Of credits agains;
speculative purchase At present There Is
8 strong party in the market which oper-
ates on The conviction that the closcness
ourities from advancing again. This party
also entert2ins the conviction that tho
turn of the year will witness a prompt
relaxation in the money market. owing to
the disbursement Of funds accumulated
10 pay dividends and interest The belief
that th4rs will be prompt relaxation
in money rates after the end of the year,
though, is by no means universal. The
small interior movement OF corn and of
cotton points 10 a holding back from the
market, which promises continued re-
iention Of funds from the reserve certers.
The foreign exchange problem is also still
unsettlcd with the possibility that for
efgn requirements will draw large
amounts of gold from our market. upon
any relaxation in money rates.
CAUSE OF DIsoU1ET-
The demands Of labor on the Union
Pacific system arc the cause OF disquies
iii the market. The violent break in
Amalganated Copper was supposed TO be
due 10 authoratitative deniais of las.
weeks rumors of an agreement to arhi-
trate by the contending Copper interests.
IN the early market there was some ef-
tort TO contest the decline, and later
how of strength by Sugar had soma
nt!mental effect upon the general mar
lge;, but the reactionary tendency persist
cd and overcame all resistance. a trans
Ter of $$G009o to New Orleans to-day kert
The attention Of traders fixed upon that
sources Of drainage of New York re.
serves
The Bond market was irregular. Total
raies. par value $2.05t.o00. United States
: 5. the new -2's,-ceupon. ca-ld, the old As,
advanced Ia per cent. on the last call.
Total sales of stocks, 5So.o11 shares.
MONEY AND EXCHANGE.
Money on cali. 5G6 per cent: closing
al 8; time money. 60 and 80 days. per
cent: six months. l-2a&. Primo mcrcan
lille paper, 6 per cent.
Sterling exchange. steadier. with actual
business in bankers bills at 4.s6.15 for
demand, and at 4.S3.1e5@4. sS.25 for sixty
lays: posted rates. III; Mexican. As.
Government bonds. strong; Railroad
,onds irregular