Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-26
STOCKS FIRMLY HELD.
EARLY DECLINE, on SELLING FOR
LONDON, SOON OVERCOME.
PRICES MOUNT UPWARD EASILY.
On the Average They Entirely Re-
trieve Mondays Sharp Deciine-To-
bacco FuriOus1y Active All Day
Grnius aud Provisions Decline.

NEW YORK. OCTOBER 1.-THE periodical
settlement on the London Stock Exchange
to-day developed a very nervous state Of
feeling I'm the financial market, due both
TO the strained condition Of the money
market and to the threatening political
outlook. The very high leaning rates for
CARRYING over stocks precipitated quite an
active liquidation and squeeze in money
rates. The uneasiness in London was re-
Elected upon other markets in Europe,
and there was general rise I'm the rates
Of exchange on London and In the dis
count rates at all Continental centres.
British consols dropped full point. and
government securities and all other classes
Of securities. including American rail-
WAYS showed violent declines. The an
nouncement OF the postponement Of the
British Cabinet meeting brought some re-
lief and the bears were actively covering
IN Iondon about the time the STOCK market
in NV York opened.
There were very large and aggressive
supporting orders in the market here at
the opening. so that the decline in prices
nj that time on account Of selling for
London account was trifiing and was soon
overcome Selling for London account
was. in fact. "A small factor. and before
the arbitrsge trading was concluded TOT
the day. London turned buyer, and TOOK
a fair amount Of stocks in this market.
Consols there scored almost a full re-
coverv. and the upward movement III
! other departments was almost as Vio-
| lent Relieved from that depressing in
0uence. prices here mounted upward quite
easily. the short contracts put out In yes
! terdavs market being generally covered
| and the light bull offers which led last
weeks buying. resuming the movement
with great apparent confidence. Th'
trading was dull in the latter part of th'
! day. but prices were quite firmly held
and closed at about the best. Net gains
i'm many instances reached point or over
and prices on the average entirely re-
trieved Yesterdays sharp decline.
TOBACCO FURIOUsLY ACTIVE.
Tobacco was furiouslv active all day
and covered an extreme range Of over
| points The price was lowered IN th'
| morning on the announcement OF the ID
corporation of a new tobacco company
| with large capacity, but traders distrust
| ed the first Interpretation Of his new
| company. and the price was run Up ~
evrv large transactions. which wer'
largest at top prices. Sugar was helC
firmly. i'm sympathy with Tobacco.
Pullman sold off 6 points. on the I'LL
| rois judicial decision holding that TIT
companys large real-estate ownership III
yoIved a violation of the charter. INT
stock recovered nearly points
The sterling exchange market was al
| accurate barometer of the course OF al
| fairs i'm London. Demand sterling rad'
! an upward bound of IL cent during IN
| early excitement in London, and Whil'
~, 4 haF for m
don account. but with the later relief O
the nervous tension in London. and will
| some buying here for London account
demand sterling suddenly dropped ful
| cent. closing weak.
Notwithstanding this violent fuctua
ton I'm the price Of credits on London
there was not a ripple in the local none!
market. which continued quiet and easy
There was a yielding i'm the early pric
for bonds. but an upward movement later
on active demand The total sales wer
100000. United States Us, coupon ad
vanced S-S. and the old As, coupon, Is Il
tho bid price.
shares including 1906 Atchison preferre'
s175 Manhattan. Sic Rock Island, 80
Union Pacific. 2O.5G3 st. Paul. SOS Amer
can Cotton Oil, ln1iO Tobacco, 1876
Sugar.
MONEY AND EXCHANGE.
Money on call steady at 3-iq2 per cent
last loan at 2; prime mercantile pape
31-4d4 per cent. go
Sterling exchange weak WIN a &C..
business I'm bankers bills at Si& La 81.
for demand and SiS2 1-iaSi.2 81 for SKI
r Iovs. nosted rates. SiS3QAS y; con
merciaI bills. A.sOaA.S.
t silver certificates, G0dGl. Bar silver
{ Mexican dollars, 81 IL
t Government bonds strong. state DOM
e inactive. Railroad bonds firm.