The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-04
TRADING WAS
PROFESSIONAL.
The Raid on Industrial Specialties
Continued Yesterday.
FINAL PRICES WERE HIGHER.
Tobacco Closed Ten Points Higher
Than the Opcning--Thc Bond Mar
kct Was of an Easter Tendency,
Government Bonds Dull.

NEW YORK. oct. 3.--The stock market
furnished "a striking exhibition of the
professional character Of the trading. De
VelopmSnts over sunday did not invite a
change OF tactics by the leaders and on
che resumption the raid against the indus
trials was renewed. Tobacco. CONSOLE
dated Gas. New York Air Brake and va
r!ous other properties OF this class gave
way rapidly, and although the reaction
halted after the first half hour. declines
in the meantime had been Effected rang
uE up 10 points In New York Air Brake.
Consolidated Gas figured for points and
Tobacco . points. the latter touching ll5.
The bulls then started Ia TO retrieve some
OF the ground lost last week, and after
jumping from one stock 10 another
finally singled out Tobacco as leader.
Tie strength developed here soon per-
mcafcd the entire list, and prices forged
steadily upward on animated dealing. IN
tercsts which had been responsible for
the late Generalization IN the specialties
also changed front and operated for the
long account. This action was taken in
order to shake OF an undesirable follow
ing. the market showing signs Of having
been Ovcrsold. This circumstance fen-
dcrcd manipulative tactics profitable, and
vigorous efforts were made % squeeze the
shorts. The traders were quick 90 take
advantage OF the changed programme,
and any effort 20 cover large line was
followed hy vigorous bidding, with sharp
changes between transactions, which con
tributcd TO strength the market Arol-
TRACE houses expected heavy purchasing
orders. and q decline I'm money rates IN
ducod more general buying for the long
account The market In detail presented
many striking features, ana While reah-
cations were extensive as the rise ass
sumcd Roadway. the undercurrent or
strength was not affected and final prices
were well above Saturdays level EN-
freme recovcrics from the low point were
10 points in Tobacco TO l23 = in New YORK
Air Brake and In Consolidated Gas.
The bond market opened with an easier
tendency. but an active demand for Al
Gibson adjustments. Wisconsin central
frsts and Union Pacific. Denver and Gulf
hrsts soon changede the current OF prices
and sharp gains followed. The 1eOrgan-
ization plan OF the latter company was
issued to-day, and the drastic treatment
accorded the common stock caused de-
accorded the common stock caused de-
cline in It's price 10 8. Total sales OF
bonds, 100000 Government bonds
showed heaviness. the new As declining
he total sales OF stocks were 84o7so
shares including l2J2S Chicago, Burllng-
ton and Quincy; 90 j6i Manhattan, 1870
Northern Pacific. 80 do. preferred, 1925
Rock Island. 1850 Union Pacific. 2.120
Southern railway preferred. s,420 Union
Pacific preferred. 900 American Cotton
oil. 10 30 Peoples Gas JL1Oo Sugar.
$3.50 Leather preferred. $3.50 United
States Rubber.
MONEY AND EXCHANGE -Mo~ov on
call easier at ia per cent, last loan at
o., Der cent? lime mercantile paper +i-
Git per cent. Sterling exchange nrmer.
with actual business In bankers bills at
S4Sff-Q $500 for demand. and al S4Sl'sW
q SlH. for sixty days. posted rates. 81 ~
a4S5. commercial bills. 81 ssh. Silver
certificates. GlHG2, bar silver. CO.'S. Mex
can dollars 41k. Government bonds
easier. State bonds hrm railroad bonds
steady