Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-21
STOCKS BROADEN OUT
RESISTANCE TO DEPRESSION IN
EUROPE RATHER REMARKABLE.
FOREIGN WAR-CLOUD HARMLESS.
IL Produces Absolutely Not a Ripple
on Our Money Msrket-Whent Raj
lies sbarpIy-Provisions Advance
Other Markets.

NEW YORK, October 20.-Considerinz
the apathy and Indifference which have
recently been manifested on the Stock
Exchange, the resistance made to the
depression existing in all foreign securi-
ty markets was rather remarkable. Even
at the opening prices refused TO yield 70
parity with those established in Lon
don for Americans. but our opening and
tho rather heavy volume OF offerings for
London account were easily absorbed al
a level sufficiently high TO make a very
nice profit for the arbitrage brokers.
After the London selling had ceased in
the forenoon. the market took on A hard
ening tendency. and broadened out to a
very perceptible extent. Prices Of the
Changers and other railroad stocks, in
Guiding some I'm the list of those dealt
in on foreign exchanges, rose above yes
terday's level, or at least retrieved the
earlier losses. Many recently inactive
stocks were brought into the movement,
and there was resumption Of the buy
ing I'm small lots OF some OF the we'll
secured divdenG-paying stocks.
EUROPEAN WAR-CLOCD.
In former times threats OF war in Eu-
rope brought with ii the dread that tho
large foreign holdings of American Sc
curities would be forced to liquidation on
the New York market. The Indifferent
feeling with which this possibility was
viewed to-day was strildngly different
from the reduction in securities in the
last trade balance i'm our favor. That
trade balance and the continued move
oil ba
| for Indifference OF the money market
abroad European government securities
| declined a sharp fraction, and money
rates advanced i'm sympathy at all Euro
pean centres. Yet the only effect in the
| New York market was to harden the rates
| for foreign exchange a fraction. As for
| the local money market. not ripple was
| caused, and rates for call money actually
! declined TO IL per cent, against the re-
| cent minimum Of per cent, with the
range up to 2iz per cent. The strength
| of this country's financial position could
not be more strkingly illustrated.
TOBACCO FIRM
Sugar found support at moderate de-
cline and Tobacco was firm all day.
The market for bonds was not active
but prices were well held. Total sales
s.. 7G5. 600 United States seconds declined
! -: the So. coupon. IL and the old As
! registered the now As. coupon, and the
IS. registered is I'm the bid price.
The total sales Of stocks were N75.7O'
shares. including 1876 Atchison preferred
% go Manhattan: $3.50 Metropolitan; 4.
el5 Northern Pacific; 1852 st. Paul: 1913
Tobacco; 1880 Sugar.
MONEY AND EXCHANGE.
Money on call easier at 1-2d2 pei
cent: last loan at 1-2; prime mercantile
paper. 1-4G4 per cent.
Sterling exchange firm. with actual bus
mess i'm bankers bills at A.a l-2qAA g.
for demand and at A.S 3-4aNSl l-3 10
sixty days; posted rates, &.@ l-99Si.s1
commercial hills. $50 1-2qSiSi.
silver certificates. Gyd6l. Bar silver es
, Mexican dollars, B IL.
Government bonds weak. STATE pohu
inactive. Railroad bonds steady.