Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-25
STOCKS DECLINE
WAR OUTLOOK ABROAD AND So.
pnEuE COURT DECISION FACTORS
SELLING FOR LONDON ACCOUNT
This the Leading Feature-vIolent
Inward Movement of Sterling Ex-
ohnnge--Rise In Tobncco Continues
wbent and Provisions Advance.

NEW YORK, October H.-The burden
OF the selling OF stocks for foreign ac-
count. growing out OF the stringency Of
money abroad and the threatening out
look OF the European political situation.
coupled with the depressing effect of the
Supreme Court decision against the legal
ity OF the joint traffic associations.
proved too much for the stock market TO
carry, and prices Of most Of the active
stocks are between 81 and g share low
or tonight than they were Saturday.
There was quite an active market IN the
| first hour OF trading, and fair volume
| of commssion-house orders, which rad
come In response to the encouraging
\ three days advance OF last week.
The selling for London account was
/ feature from the start, but prices were
well sustained in the early dealings. The
| professional traders soon detected evil
dences of realizing on the part Of inter
ests which were large buyers last week,
and they promptly bid prices down, in or
der to take the market away from these
| London's liquidation was on very large
scale sales for the account being esti-
mated at 5000 shares. and 1t gave the
|
cess.
| Operations for the long account were
almost wholly reinquished. and when ihe
Joint Traffic decision was announced
prices crumbled away before the attack
of the bears without much resistance.
There was sufficient covering at the close,
however, TO cause some sharp fracuoldl
rallies The principal weakness tf the
Joint Traffic decision showed itself rather
inconsistency among The Changers. The
Trunk lines. on he other hand, were not
markedly affected.
] JUMP OF STERLING EXCHANGE.
The selling Of stocks for foreign &C
count was reflected in a violent upwar'
movement OF sterling exchange, the &C
' tual rates rising fully three quarters OF {
cent for the pound. Continental eAchans
on London was at the same time
rising quitely sharply, and the opel
market discount rate in London Shove
a hardening tendency. All OF this was i
line with the active war preparations re
| ported from London. and showed tho a
| fort of the British financial centre TO Cd
home its outstanding money resources
! Not having any outstanding credits
balance against the United states, Lor
don sold our securities freely with III
+ Same result The midday reaction
: feature OF the day that did not point
" threatening developments, ana the lat'
recovery and the continued large deman
i'm American markets for export counle
- acted this.
> The mnnipulative rise in Tobacco col
tiuued. and helped 10 sustain the price
~ Sugar.
: BOND MARKET ACTIVE.
# Tho bond market was active TO a degre
N and weakened in sympathy with STOCK
T. although the New York money marx
ie continued easy. in spite Of stringent
r abroad Total sales, 2.Slo'VD. cover
mont bonds were unchanged.
n The total sales Of stocks were 5oO'9
as shares. includins 1000 Atchisoh prefer
90 26 400 Chicago. Burlington ana Qu,,'o
T. q572 Louisville and Nashville; 1925! Ma
rs haitian: 1865 Northern P1clhc; 900 ho'
nd island: 30 sol st. Paul; ,S4 Union Paci
We nreferred: 715l Union Pacific, Denver "a
II Gulf. $50 American Tobacco; DV-o ;
gar 4t75 Chicago Great western
MONEY AND EXCHANGE.
60 Money, on call easy at 1 l-242 per cen
mt last loan at 2; prime mercantile pap
no 31-i44 per cent. ,.,,. .,,,
ey Sterling exchange strong win ac. .,
ed business in bankers bills al #Aoo "-fH -
q for demand and Sis2 S-4pA@ Tor sl'
ng DAYS. posted rates. SiSpSiS5 IL coIin'
cial bills, $i.d. Ill.
ny silver certificates. 6oQ6l; bar silv
Gd cas-. Mexican dollars, A II
at Government bonds easier; state DON
IN err,. railroad bonds weak