Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-14

THIS IN SPITE OF MARKED DE-
PRESTON IN FOREIGN MARKETS.
DRIVE AGAINST TOBlC(
1t In sturdily Met However, and
Counts for LittIe-Wheat Closes laa
Higher-Corn, Oats, and Provisions
Also Advance.

NEW YORK, October 13.-The advance
in prices in to-day's stock market was
even more significant OF the improved
tone Of the speculative sentiment than
that of yesterday. For one reason, tn
was true because quite large short in
terest was eliminated from the market
by yesterdays advance, and the urgent
demand from that interest satisfied. An
other factor that might have been utilized
by the bears was the depression in for
elgn markets, so marked as to suggest
some condition of pending political COM
plications in the deeper financial condi-
tions. Not only was this indicated by
the heavness OF securities and fall Of
5-l6 in British Consols and OF Is centlmes
In French rentes. but by the excited con-
dltion of the foreign wheat market The
opening in Wall Street brought orders
TO sell 1000 shares or upwards OF stock
for London account.
TOBACCO AND SUGAR.
The bears did, in fact, avail themselves
OF this opening TO make drive against
Tobacco. Sugar, and Northern Pacific. but
the confident manner in which all offer
ings. both for London and the short &C
count. were absorbed. took all the as
surance out Of them, and their only other
aggressive move during the remainder oil
the day was a drive against Tobacco.
The bears have counted much on the
damaging effects of the war on the sugar
refining Industry. the conflict over the
nlug-tobacco trade, and the reported d.
yergence of ideas among the people In
the Northern Pacific to check any ad-
vance in the market on account or laVOr-
able returns and the generally prosperous
business outlook. The price gave warning
of compromise and adjustment, ana TOOK
away the manstay of the bear move
ment.
THE process Of covering short contracts.
therefore. proceeded on a large scale, and
large financial interests offered aggressive
sunnort 10 the prices Of properties In
which they were Interested
SIGNIFICANT FEATURE.
eicni6cant feature of the trading was
tho investment demand for smaii io.s VI
eIIt-edge stocks. Manitoba closed with
hid. per cent. higher than last night.
This buving is a natural concomitant OF
the growing ease in the money market
cali loans were made at per cent. TO-
day. and there is a constant increase III
the supply of money Offering. both FOR
time loans and mercantile paper. snort
sterling was slightly firmer In tone, In
response to the advance in tho Bank OF
England rate. a small engagement OF
gold for import was without influence on
sentiment The days net gains reacheo
a point for many stocks.
The demand for high-srade bonds was
reflection of the growing abundance OF
surplus capital. Total sales, R,Wo.cn.
| United States 3's, the old As, registered
and the new As advanced l-S In the BID
price. The 3s, coupon, sold at 100 81, the
| highest yet -. ,oo
The total sales of stocks were 3O6, NV
| shares. Including 6,956 Chicago. Burlington
and Quincy; 1895 Manhattan; o3'oS
| Northern Pacific; 1850 do. preferred o.osO
Union Pacific; 4.62o st. Paul; 1850 Union
Pacific preferred: 3S,755 Tobacco; o'SzV
| Sugar
| MONEY AND EXCHANGE.
| Money on call easier at 2d2 LIZ per
cent last loan at 2 IL per cent; prime
mercantile paper, 3Q4 per cent.
| Sterling exchange Irregular with actual
business in bankers bills at S.s4gAA l.
| for demand and at si.sl 1-4QSfSl liz FOL
sixty days; posted rates, Siss l-=aS''~
commercial bills. s4.SGA.2.
silver certificates, 80 3-faO IL. Bar Sill
YER 50 3-S. Mexican dollars. B IL.
Government bonds strong. state pono'
| .oad,, railroad bonds strong.