Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-08-31
STOCKS SHOW GAINS.
BEAR RAID ATTENDED WITH some
SUCCESS, HOWEVER, At FIRST.
ACUTE DEPRESSION In COALERS.
IL il Due to Report from Philadel-
phia That Tidcwater Prices for
Anthracite Had Been Cut % Cents
Wheat Held Firm.

NEW YORK, August 3O.-The bears at
tempted to continue their campaign
against the prices Of stocks to-day. Their
efforts were at one time attended WITH
moderate success. but before the days
session had ended they found themselves
under the pressure of advancing prices
and were obliged themselves TO contribute
TO the advance by buying to cover short
contracts. There were several elements
Of the situation in their favor. There was
continued frmness in the rates for money
and continued losses by the banks 10 the
Sub-Treasury 10 pay for government bond
allotments, causing apprehension of a
money squeeze at a later period. There
was also some evidence that the opening
advance in prices was manipulated TO az
ford opportunity for proit-taking, thus
giving encouragement to the bears.
During the first hour acute depression
developed in the Coalers. on account of a
report from Philadelphia that tidewater
prices for anthracite had been cut %
cents. and that the companies had aban-
doned the effort 10 control the trade this
season. Losses in the group extended TO
1-2 per cent. and coupled with weakness
in some of the Specialties. broke the
whole market TO prices materially below
last nights level.
There was evidence of powerful support
in many stocks at a level slightly below
yesterdays prices. and there was large
general buying also invited by the early
decline Evidence of this influenced the
recovery. Buying for London account,
which held a number of the international
favorites firm nearly all day, also formed
an effective point Of resistance. There
were authoritative denials late in the day,
on behalf of the officials Of the Coalers, Of
any extensive price-cutting.
EARLY GOLD IMPORTS.
Further weakening Of exchange gave
promise Of early gold imports, though
the reported buying OF gold In LONDON
yesterday for New York account was
not confirmed. There was some CROWN
also of assurance that the tightness In
the money market would be soon relieved
by the early distribution Of the new
government 3 per cents.
All these factors tended 10 the recovery
in stocks, and late break of 3 points in
Manhattan caused only fractional re-
action in the general list, which closed
at net gains in nearly all cases.
Some of the speculative bonds reacted
early, in sympathy with stocks, but prices
generally recovered before the close. To-
tai sales, $3.O35,000
United States Ss, when issued, declined
Is in the bid price. Government bonds
were otherwise unchanged.
The total sales of stocks to-day were
453, 600 shares.
MONEY AND EXCHANGE.
Money on call steady at 2Q2 IL per
cent; last loan at IL per cent; prime
mercantile paper, 3-4a4 IL per cent.
Sterling exchange weak, with actual
business in bankers bills at A.a 3-igS
for demand, and AS3aA8 IA Tor slXty
davs. nosted rates. a. S4d$4S4 1-2 and si.s6;
commercial bills. s4S2d4S2 IA.
Silver certificates, 80 3-4noO L. Bar Sill
yer. SO rs. Mexican dollars, i6 II.
Government bonds steady.