Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-18
VERY LIKE TUESDAY,
NEW York STOCK MARKET AN Al
MOST EXACT REPETITION.
REACTION MORE GRADUAL.
No, Quite So severe n. Tint of Tues
day. and Ia Followed by o'ea"-
.cr Tone Just Before tho Close.

NEW YORK. December 1.-THE move
-. If prices In to-days stock market
70. q, almost exact repetition OF tna'
az Yesterday. There was me sA'''e
broadening show Of strength up 70 inc
,a,,, hour. when selling movement DC
voIopcd. which wiped out practcaiiS an
of The earlier gains and carr1eo SOM
,-;cos below last night. The reaction To-
aoy vas rather moro gradual. and mol
,.. 90 severe as that OF YESTERDAY,
,,s was followed by a steadier tone JUST
before the close. There is no reason 10
6oDh, that the late selling movement
today came from the same sources anu
had the same objects as that OF Ses'ei
esy. that is to say from sources IN 'o"ch
with the bankers money pool ahd wiz
sre oh{.ct Of d.scoura ginG any inoui-
sonce In speculation.
The sharpness and suddenneas OF iast
NIGHTS decline led to the supPoslaon 10
eorne quarters that 1t was due TO so'n'
coming bad news regarding the HeneAue
Ian situation. To-day's decline mao Nc
x,cb snsnfricns to account for 1t. Inc
.er,v strength IN tho market was due IN
no small part TO tho relief telt over ','e
allure OF yesterdays sinister rNHlofs &c
naterialize The facts developed over
sight regarding the Venezuelan slIua-
ZION although containing some un1avor-
able features. were SO much less threat
ming than had been feared. that sPecu-
istivo sentiment showed encouragement.
and a disposition TO buy stocks was
manifested on that score.
PENNSY HELPED.
The passage Of the Pennsylvania tun-
vel franchise BY the New York Board OF
Aldermen helped the stock OF that com
paay and It's subsidiary companies
5tocRs of other companies with tern1i-
balls on the New jersey shore Of the
Hudson we're also Affected
SUGAR continued to reflect the hope Of
benefit by reason of the Cuban recipro-
city treaty. but the leaders Of the specu-
ietive advance were stocks in which
powerful pools are known TO exist
The purchase by the United States
Steel Corporation Of the Union Steel
Company was received at flTst with
mixed emotions. owing 70 the prospect
II q large bond issue against llit pul
chase, but the steel shares subsequently
became prominent factors in the ad-
vance Reports from Philadelphia of an
epproaching gas, electric. and traction
merger. had rather disturbing in
Huence. as does every development
Threatening further large syndicate re-
cuiremcnts.
MONEY MARKET.
The money market continued TO show
The sentimental effect of the formation
Of the bankers s5o.0ooooa protective pool
gserifng exchange receded further to-
iay. in spite OF considerable sales Of
stock here for London account. and dis
appointing seaboard grain clearances.
Bonds were in sympathy with stocks.
Total sales, 50 80. 900. United States
bonds all unchanged on the last call
The total sales OF stocks. $50 800 shares
MONEY AND EXCHANGE.
Money on call steady al 4@6 per cent;
closing offered at per cent; time
money easier; sixty and ninety days. :
per cent: four and six months. 6 per
cent: prime mercantile paper, per
cent.
Sterling exchange easy. with actual
business In bankers bins at s4s675 for
demand and at si.S3. 125dsiS3 % for siNts
days: posted rates. S4.S.Gsi.S414 and at
s4.S7Aq+4.sS.
Bar silver IS rs. Mexican dollars
8Sl-4.
Government bonds steady Railroad
bonds irregular. State bonds steady.