Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-03
STOCK MARKET DULL.
ms AFTER GREAT ANIMATION,
AND BULGE IN PRICES.
CALL, MONEY IS PER CENT.
stiT Demand For Funds, but II
cau.e. No rncnsiness-othcr De-
,-cfnn,nrnfn Paint To RcIaxc.i
Condition In Loan Market.

NEW YORK, Jan. Tho trading on
the stock exchange started off with great
animation this morning. and something
Ike bulge in prices. Buyers of Tues
lay and Wednesday took advantage of
he rise TO secure THAR profits Prices
an Oft under this process. and the
market became dull The advance was
renewed again at some points, but the
snap seemed to be taken out OF the
market, and a fairly general selling
movement developed in the afternoon,
when call money rates stiffened TO Is
per cent. Reading was vigorously adj
vanced TO above GO. anG served 10 steady
prices. bur the selling WAS renewed be-
fore the close, which was highly irregu-
lar. Sugar ran off q point below Weduss-
day.
The opening caIl-loan rate of 10 per
cent revealed a stiff demand for funds,
but caused no great uneasiness. Other
developments pointed TO relaxed condI-
ton IN the loan market, and the sterling
exchange market made a sharp break
with the cessation of the demand for
cables to meet the year-end settlements
in London. which was q feature of last
week. Preliminary figures OF the weeks
currency movement which runs up to
Wednesday night indicate that the banks
have gained upwards of 100000 on the
regular movement with the interior, while
The Sub-trcasury has taken from the
banks 81, $1,000. this indicating a net gain
OF about $130lotD for the banks. The
weeks grain exports were disappointing,
while the imports of drygoods at New
York. rose in value several hundred
thousand dollars over those OF last week,
snd exceeded those of this week last year
by over s6e909t. thus explaining the large
customs collections of the week. The
vtineling of the cau-loan rate late in the
Gay indicates that there will be tho usual
selay in The return Of funds to the chan
aels Of New York money market, follow
ing a disbursement period.
DOUBTS OF LAST MONTH AGAIN.
The action OF the days market gave
rise 10 conjecture as TO whether the ad
vance IN prices simply halts upon the
expected casing Of the money rate, or
whether the doubts of last month over
the general situation have REQUIRED. To-
days. statement of Readings earnings
for November proved disappointing. and
the late advance in the stock was uneX-
planned. Other statements Of November
earnings showed gross increases more
than wiped out by increa sed operating ex-
penses. Louisville and St Paul. however
sowc6 moderate net gains remaining
But these stocks were rather more Affect
cd by realizing than others. The an
nounccucnt OF the proft-sharins plan OF
the United States Steel Corporation
caused d sharp rise in the preferred
to advance on the rise in Copper, but re-
acted SHARPLY Brooklyn Transit was
somewhat depressed. and affected the
ather local fractions. Missouri Pacific,
selling ex-dividend, was notably strong,
and helped the Southwestern's generally.
The early firlnness in the bond market
gave way TO irregular market. Sales, par
value So, 300ooo. United States bonds were
strong on the last CALI
The total sales OF stock were Ss7,100
shares.
MONEY AND EXCHANGE.
Money on call, 4GiS per cent. closing
4 per cent; time money. So per cent.
for all periods; prime mercantile paper.
per cent.
Sterling exchange, easy. with actual
business in bankers bills at S. oeI4 SCOT
for demand. and at SS.INds $50 for sixty
says; posted rates, Isl and s.Sti2; COM
a1ercial bills, 4.S214Qs.S3i4.
Bar silver. As SIS; Mexican dollars. SSA.
Government bonds. steady; State bonds,
steady. Railroad bonds, steady.