Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-08
STOCKS Close |. [ s Weak a ( .
REJECTED ;a, REACTION II THE MAR
kET TAKES PLACE.
PRICES At ABOUT: LOWEST.
Hcavy Selling TlfronRhort the ses-
.ion ON Every Advance-call Loan
rate Never Gets as High AZ g Per

NEW YORK, January THE stock
market to-day had reaction which had
Seen looked for for many days by the
professional element. The ground OF the
expectation was that :. the middle or
December fully half previous vio-
lent decline. which l.. extended ire
g1llarly over six weeks, had been recov-
cred. There was no material change in
conditions affecting values since yester-
day. when the market was buoyant and
animated up to the very close. but the
heavy buying. which has been going on,
meant a large increase In the number OF
holders waiting to take profits. The offer
ings OF this class overcame the market
p-day. and carried prices to a lower level.
The disturbance to foreign sentiment by
The Dardenellcs protest by Great Britain
was reflected In International stocks at
The opening.
1ne selling Tor London account was
heavy. The first pressure upon the mar
tet was strongly resisted and pretty gen
nal recoveries were effected within a
few minutes. but realizing sales continued
large at the rally. and the market gave
way again. Some subsequent efforts were
made to revive the market by bidding
mp Individual stocks. but the selling
vas renewed on all advances and the
closing was weak a: about the lowest
BREAK In ST. PAUL.
a late break in st. Paul to below 1s1
vas an effective influence upon sentiment.
In the early dealings. support was con-
spicuous In some OF the Gould stocks,
Including Manhattan and Rock Island.
The statement of the yearly net earn
ings OF United States Steel, induced some
large buying Of the company's stock, but
this suffered equally with the others in
the realizing movement. The official decla-
ration that rumors OF coming dividend
on Tennessee Coal We're unWarranted at
present had an unfavorable effect on
the inon group. American Can. however,
got up point on the strength of it's divi-
bend increase, and favorable showing Of
earnings. The advance In Sugar was ac-
companied by rumors Of proposed div
lend increase. and this stock was support
I'd. TO help sustain the rest OF the mar
ket- The proposition for practically dou-
bling the stock Of the Pennsylvania rail-
way. depressed that security.
There were wide movements in srme Of
the less active stocks. including ga Il. Of
; 1-2 each in Hooking v. ley and Chicago
Great Western preferred, and Is in Wells
Fargo
CALL MONEY BELOW 6.
The selling was attributed in some quar-
ters to shifting OF loans but the call
loan rate did not get as high as per
cent. at any time. and increasing liberal
ity was shown by ienders in the matter
Of collateral.
The money market continued to gain
from the sub-tIeasury, which made an
other payment of s250.0D to-day, by trans
fer from San Francisco. The reaction in
the copper market hurt Amalgamated
Copper.
The bond market became irregular In
sympathy with stocks. Total sales, par
value, s3.6Ss, 900. United States bonds were
all unchanged on the last call.
MONEY AND EXCHANGE
Money on call, steady at 3Q5 1-2 per
sent: closing offered at 3: time money
sasier. with good demand; sixty days, 5@
1-2 per cent: ninety days, 5Q5 l-2: six
months. S. Prime mercantile paper. 1-2D
6 per cent.
Sterling exchange steady, with actual
business In bankers bills at 4.Sc.50 for de-
nand, and at 4.S3.50 for sixty-day bills:
posted rates. 4.84 l-2 and 4-s7 l-2: CONNER
rial bills. 4.S2 1-2@ 4.sa.
Bar silver, IS Ia; Mexican dollar, 50 IA.
Government bonds. steady. Railroad
tonds.; irregular