The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-10-15
BY BEARS
Their Success In Depressing Prices Led
Them at Times 10 TakaProilts.
SUGAR WAS UNDER HEAVY PRESSURE
The Firmess Tono Of tho Mark ct Dur.
inESihe Day Was In. tho East EtoIg
Hour-Tic spiria or Activity Ceased
when tho hears Ceased In Setting
the Example I'm Short Selling,

New DIRK, Oct 14.-The action Of
prices In to-day's market might be
HkenedS to the .toilsome and arduous ef-
forts OF a weakened animal to climb TO
u secure station only to be continually
eumbled backward by single hostile
stroke. The ready success Of the bears
IA aehFessing prices lead them occasion
WY 10 take profits. These spasmodic
covering movements were achieved
without effectiDg any marked change in
the general level Of prices and the up
ward course soon resulted in almost
staSnant condition. There would be q
spirit OF activity whenever the bears re-
newed their raid and apparently the de-
sire ITO sell only ceased when the bears
ceased In setting the example in, short
selling. Chicago Gas continued to oc-
cupy by far the largest share Of atten-
ton and ranged over 5es points during
the day. Large supporting orders were
IN the market at the opening so that
the initial sale was at a fractional ad-
Vnce over last nights close. But this
was the highest quotation of the day
ana the majority of the dealings was
al level considerably over point be-
low last nights close. Sugar, which
came next In point Of activity, was also
under heavy pressue and declined at one
time over points below last nights
level. The 1irmest tone of the market
during the day was in the last hour, and
1t looked us though prices would be al
lowed to recover, within fraction of
last nights close, but renewed drive
In the last ten minutes Of trading
knocked the tollsome climber again
Net losses ranged from l to per cent
In the most active stocks in the list
The Southern railroads and the South
westerns and some of the coalers show
ed the greatest wea kness In the railroad
list. Manhattnn was also quite severe
ly handled. There was no reflection of
any development In affairs Of the day
In the course or prices the market be-
Ing wholly professional. The fact was
demonstrated with sufficient cleNrness
that yesterdays recovery was not re-
sumption Of a sustained upward course
OF prices, but was simply due to profess
sional manipulation to force a covering
of the short contracts which had been
freely put out for q day or two pre-
viously. The gold which was shipped
from Europe last week began to arrive
to-day, 100000 being deposited in the
assay Office and s550.000 in the clearing
house vaults. The money market con-
tinues easy, though with no apprecla-
bic change In rates. Sterling was steady
| in spite of the advance to 3 per cent. IN
the Bank of England's rate Of discount.
No further engagements of gold for ex-
port are announced, but they are con-
ssdered likely before the week closes
and the sharp fall In the rate of ex-
change on Paris leads to the suppose
| ton that the next shipments will be
from there. The trade shipment for
September issued by the government
| makes 1t likely that The excess Of eX-
ports over imports for that months will
be found to foot up s55, 100000 against
| nearly 100000 70 August and over
100000 for July. The delayed cotton
movement which has not yet attained
it's full force, insures an additional
| heavy trade balance in favor OF this
country fcC the current month.