The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-05-24
WEAKNESS
WAS ACUTE
Selling Movement Gathered
Force With Day.
BREAK IN STEEL STOCKS
Rumor that Chicago Plants Had Shut
Down Was Only Thing to Account
for it--Market Steadied Once,
but Plunged Down Again.
- AsaneinInd 1,rnss !

j fBy Associated TrcSS)
NEW YORK May 23.--HopeS of a turn
In speculative sentiment wera again di5 AZ
appointed by the action of to-days SICK
market. IN which acute WeaR f stoc as's IN
liquidation from all quarters. The sell
Ing movement gathered force with We
PROGRESS of the trading. which was most
active at the close and at about the, the io "
point of the day; violent break IN IN
United States Steel stocks soon after the ne,
opening had n very unsettling effect on
the whole list. The only explanation OF
this special weakness was ruinor that
the Chicago PLANTS a ,ra Of the eompams hat
Disconnected also by the large increase
in the engagements Of gold for export .,It
total Shipments for that date up to s.;
$4,000. In the early selling there was cyl,
dence of support for Pennsylvania, ana
its comparative steadiness served as a
partial offset to the weakness elsewhere
But that stock was amongst the leaders
OF the decline at the last. losing 2 f l,l
which was forced down 8 IL points un-
der enormous offerings, making new
gin Of nearly points. The final break
took the average level OF the market TO
the low record Of the year e,ieetua1lgg
the day before. The unfarorable criti-
eisn Of the underwriting OF ,,e !, new lew
price to stockholders was. a depressing
factor in the general market the I'M
piled necessity of paying commission 70
The stock was regarded as discourag-
ing indication of the condition of the mar.
ket for securities. The special weakness SIS
reports of a threatened strike amongst
the freight , handlers at Chicago o., The
MARKET "a the banK
prices plunged downward again In the
late, dealings. Union Pacific; Southern I,ael
Pacific. Missouri Pacific. Atchison, Read-
e n md AmalYam1teQ were the SeNefcSL
sufferers.
Prices Of bonds have moved irreguarly
on larger volume of dealings. due prln-
clpally to the heavy transactions in the
new United States Steel sinking fund
United States new As declined IA per
cent. as compared with the closing call
Of last week ocs
MONEY AND ExCHANGE-CLOsE 4
Time n5ney s daYs sn pey px
months. 4 l-2a5 per cent; money on call,
nominal: prime mercantile paper. l-2g
s IA per cent; sterling exchange, steady,
with actual business in bankers bills, at
S4S7.S5 for demand. and at S4.S4.S5@4 800
for sixty days bills; posted rates. 4.S2 -
@4.S5 Ia: bar bonds. bl IA; Mexican dol
+ lars, AZ 49, government bonds, steady;
railroad bonds, irregular.
WEEKLY BANK STATEMENT.
(By Associated Press.)
NEW YORK, May 23.--The statement
Of averages of the clearing house banks
of this city for the week shows
Loans 1923, 463 100 decrease S5,476,10O.
Deposits S9l4,6ll,100 decrease $G,224,40O.
Circulation s44,9o4, 900. decrease $4,000.
Legal tenders S11,S73,5o0, increase sl,42S
4 100
Specie Sl66. 0O2 coo. decrease s2.754.400.
Reserve 1921. S75.500 decrease Sl.326,0O0.
Reserve required $22SG52,775. decrease
II $50, 100.
Surplus s9,222.725, increase s23Olo
United States deposits slS.535,075, In
crease S229, $50.