Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-09-13
GALL MONEY At 20.
WITH MARKED DECLINES.
EARLY MONEY RATE s PER. CT.
rhi. Fact, oounlcd With Rcport,
nation in the Matter OF Collateral.
adds 10 The Unc:"incss.

NEW YORK, September i2.-Call money
.5ys1eea TO 20 per cent. shortly before
,so close of to-das's market. and the
,st which had been heavy throughout.
.losea with marked declines. Opening
o-;ces were lower. though mostly frac-
aonal. but the unsettled tone which char
,e,srized the days comparatively mode
rate transactions was apparent from the
,.;sei. London came lower and there
uorc selling orders. Missouri Pacific was
,ha chief sufferer in the early trading.
sanc Of about points. and making
no recovery The decline in the Changers
and Pacidcs Was in part due TO reports
NJ frcSt in the corn belt. The selling OF
baltimore and Ohio was accompanied by
-eporis shat insiders had discounted the
.xt-s stock issue. ST. Paul received bet
az support soon after the opening, but
ii the main stocks which then held their
own were OF the so-cailcd pool class
There WAS 40 great pressure against any
particular stock, but the early rate for
raj. money at per cent, coupled with
reqorts that some Of the banks We're
showing discrimination in the matter Of
collateral. added TO the uneasineSs.
Louisville and Nashville and Rock Is
land were among the few stocks that re-
fe.fed iirmHess at this juncture, the lat
ter selling ex-dividend.
Trading received another check when
call money advanced some more in the
second hour. but no great amount Of long
-. A<f
less. il was clear that number of weak
accounts were shaken out. There was
rally in the Granger group. reports that
Tho frost had done little damage. and at
the same time Manhattan, also selling
ex-dividend, was being absorbed in small
lots on rumors OF closer relations with
New York Central. The United States
Steel shares were heavy, With little or
no evidence Of support, but the strength
OF Union Pacific and ST. Paul was sug-
gestiva of pool support, while the weak
ness of Chesapeake and Ohio was attrib-
uted to inside selling.
DECLINES THROUGHOUT THE LIST.
A further reactionary movement set in
during the second hour of the afternoon,
when money advanced to Is per cent.
Declines at that time embraced practi-
:gly all the active issues and brought
Maximum declines of per cent. were
registered by ST Paul. Missouri Pacific.
Norfolk and Western, and Northwest,
with per cent. decline in Louisville
ana Nashville, and even greater losses
In the specialties. Announcement of the
p per cent. rate in call money was the
signal for another selling movement. Par
tial recoveries were nladeiby St Paul and
Louisville and Nashville The final deal
ings brought some more liquidation, and
the closing was heavy and unsettled.
At the net losses ALREADY mentioned.
not declines of a point or over were made
by Atchison, Baltimore and Ohio. Chica-
20 and Northwest, Minneapolis. st. Paul
and Sault Ste Marie preferred, North
American Reading preferred, Westing
house Electric, New York Air-Brake.
General Electric, Virginia Carolina Chem
ical, the Copper stocks. and numerous
others Gains were the exception, and
mostly fractional
BONDS LESS ACTIVE.
The bond market was less active to-
day. and reactionary in sympathy with
the depression in stocks Total sales. par
value s.. 600. United States bonds were
unchanged on the last call.
The total sales Of stocks to-day were
1880 shares. including: Atchison. 1890;
9tChiSon preferred, hSpD. Baltimore ana
Ohio, $1,000; Great Western, 5000; Erie,
1864; Louisville and Nashville. 900: |
Manhattan, S,lo0: Missouri Pacific, $500;
Norfolk and Western. Io46: Ohio and
Western. 800: Pennsylvania. 1850: Read
Ing, 400; Reading first preferred, $4,000;
Reading second preferred, 800; ST. Paul. |
1850: Southern Pacific, 43. 400; Southern
railway, 1920.
MONEY AND EXCHANGE.
Money on call, 500; prime mercantile |
paper. ssh
Sterling ange-Actual business in
bankers bills at 4.S5.50a4. S5625 for de-
msnd and 4S275 for 6o-day bills. Posted |
rates. 4S4G14 and 4.ss55a4S7; commercial |
bills. 4.S2 25dS2 10.
Bar silver. 81 SIS: Mexican dollars. 4o1..
government bonds steady: State bonds |
Timer railroad bonds weak
BANK CLEARINGS.
Total bank clearings for week ended |
September 18th, S2,446.723;- increase, 1876 |
sf cent Outside New York, s769, 946, PAS;
increase. So per cent.