Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-14
STOCKS END WEAK.
ADVANCES At THE OPENING MELT
AWAY BEFORE THE CLOSE.
NOT LOSSES, REACHING A P0IN
Refusal Of Market TO stay Up. Under
Existing Circumstanccs. Sur
prI.~-Bond- Better Sustained
Thnu stocks.

NEW YORK. November 13.-Ouite Vio-
,ent advances at the opening Of to-day
e.ock market. which were somewhat ex-
tended by a rally from a subsequent re-
action. entirely melted away before the
close. which was weak. and at net losses
r,oochi,r a noint for some of the lead
f,,s speculative stocks. After the heaNs
declines of the last two days, reassurlnG
reports this morning as TO the ADJUST
mont o. the troubles affecting some specu-
sati,;e accounts. and an absence OF pres
sure IN the money market the feioss'i
nj the market to stay UP was something
IF a surprise. After so considerable a
reaction, involving the creation as mat
Ter of course of large short interest,
p rally is to be expected. II only from
technical causes. 1t was the short IN
.e-est which caused the opening squirt
The development of a growing demand to
borrow stocks in the loan crowd last night
revealed the growth of the short inter
est. and this mornings report OF large
transfers of certain stocks at private sale,
which served to relieve over-extended
long interests caused a. fear amongst
shorts that they were becoming over
extended.
The high level of prices at the opening
proved inviting to the traders who have
hcygi1t at the declines. 1t became evil
dent also that the substantial buying
.cbseh was a feature yesterday was lost
"a t17o market at the higher range of
oF },oS in
,nence. there was a crumblinE process.
which ended at the last with quite n
Eharp break. IT is Il notable fact that the
s,eavv transfers OF various stocks. which
are going on. give rise to no further Tu-
,nnrs Of possible changes of control. such
as affected nearly every prominent stock
g few months ago. Nevertheless. as Is OBJ
vious from the selling Of stocks that is
Going on. there are purchasers. This con-
dition is in strong contrast with that
which set the financial powers to work
30 devise methods TO avoid the danger IN
leaving a railroad cut over night. as was
,,icturesquely said by the most proml-
mont fjnancier in the country At that
time buying. or the fear of it. pushed
there was no such actual buying, INSIDERS
hid IN the prices to discourage such buy
Ing.
OVER EXTENSION OF HOLDINGS.
No more striking evidence could be
found than the present indifference on
chic account of The over-extended condi-
sion IF holdings and obligations. Capital
nj a !
they can do to care for them, WIN
ONT making encroa chments upon the con-
1rol of other properties. AS conse-
ouence insiders view with equanlmltH
the decline in the prices of their proper
ties In fact it is strongly suspected that
IN more than one case the insiders con-
o,ye at such declines. their would
so rivals for control are believed to be
irving 10 sell out their holdings. fall
,ne- market is calculated to perclpitate
such a process affording the controlling
interests opportunity to consolidate their
control The fear of such measure OF
retaliation and of discipline between
capitalists. as the strength OF former en-
croachments upon their property in an
effort to wrest control. has not little to
DO with the timidity of operators about
coming into the market again. and tax
Ing on new long lines.
There are no actual new developments
of Importance to account for the move
,ne-ts in the days market, beyond the
shiftinA of speculative sentiment
BONDS BETTER SUSTAINED
Bonds were better sustained than stocks
and retained a part of their gains Total
sales par value, s2,5o0,000. United States
rs and new As declined IL. and the IS
pnd old IS and SIS IA per cent, on the
last call.
The total sales OF stocks to-day were
soS 600 shares.
MONEY AND EXCHANGE.
Close: Money on call firm at 1-2@5 1-2
Der cent; closing bid and asked. per
cent Prime mercantile paper, l-2Ge
per cent.
Sterling exchange easier, with actual
business in bankers bills, at s4.S7 for de-
demand. and SASS 1-4@S4.SS rs for sixty
day bills. posted rates. s4.S5@S4.SS: COM
,nerclal bills s4.SS 1-4@siS4.
Bar silver, A SIS. Mexican dollars.
50 IA.
Government bonds weak: railroad bonds
strong