The times. [volume] (Richmond, Va.) 1890-1903, 1898-09-21
THE REACTION
WAS GENUINE.
All the Characteristics Of Such Pre-
scented by the Market.
THE DEMAND FOR STOCKS SMALL
Prices Went Down Easily Under Com
parativeIy Light Onerings-w Weak
ness Particularly Manifest In
TobaccO-Bond Dealings

NEW YORK. Sept. 2O-The stock mar
ket to-day presented all the cnaracScfis-
ties OF genuine reaction. Last week
liquidation OF pronta had peeh iiiossns
completed during the previous ocChHe'
The market WAS thus freed 20 great e.
tent from the technical influences, ana ia
condition 20 respond 70 prospects ior gen
cral business ga the country. us l"ii1l
70 do 50 yesterday was attributed 70 ~
unscttilnC influence OF the stump III gu
gar The bears were evidently tlInlo
shout continuing their campaign iurtheI
against Sugar. an dWere inciineo 70 coN'i,
removed. Nevertheless, tho market
dropped heavily toward a lower OASIS,
with one or Two exceptions In the INST anu
closed only barely STEADY Al a ieFel scn.
orally j per cent. or more below Idst
night's level Ahe demand for stocks was
very small all day, and prices went u0Mh
easily under comparatively hbht onci
ings. Weakness was particularly mani
fest In Tobacco. the Changers ana IA
cihcs The sharpest break In the market
was cOiucident Of the marking up OF
call loans 10 q per cent. ibis hurry III
the money market was oisappOin tmehl
u bull operators, especially in view OF
the mailing from the treasury DepaIt-
ment Of checks for interest or per
cent. bonds, due October LIST, amounting
TO 100000 which are payable lmmeui-
ateiv The strb-Treasury's debit Dalance
~ the clearing house also ran mp to-day
10 81 2Gl ass. rejecting large increase IN
Government expenditure. Can money IN
London a. y per cent. against per cent
here to-day London ol7goun' u $500 -
against 4 per cent. here. 10 IS TACT that
part OF tO-day's gold engagements were
made by bullion dealers here, who are
rrlpping silver In response 10 the exist
ing active demand attributed TO Spanish
account There Is not sufficient uemahu
Tor the exchange against the silver SNIP
mont to make a market and there -
better profit In importing gold. Exchange
f. thus clearly demonstrated TO be az the
gold import point. and the question arises,
What has been done with the country
credit aboard that they do not bring
larger gold movement The immediate iu-
ture OF the local money market Is, now
over. clearly toward greater ease.
Dealings IN bonds were not on a large
scale to-day. and prices were toward a
lower level Total sales, $l,SlO,opO United
states as. old and new, were "a lower IN
the bid price, A.. -.
40 100 shares. Including Chicago, burling-
ton and QuQincy, 14.725. Manhattan, TO-
MS. Northern Pacific. 42,325; do pre-
ferred. 17.141: Rock Island, l'2i1; Union
Pacific Is 500: ST. Paul, Is, 100; Union
Pacific preferred sc, 4gJ, American To-
bacco. 211JO: Chicago Great Western,
0. l2O. Peoples Gas, ll,slO; Sugar l-z'oOVi
Leather preferred, 1919.
MONEY AND EXCHANGE. Money on
call firm at 4iyff6 per cent. last loan al
Der cent: prime mercantile paper 400
per cent Sterling exchange heavy. VIII
actual business in bankers bills az $3.50
Gts4 for demand. and at A.SlAulo2 Tor
sirtv days: posted rates. SfS30i .s3.e ana
81 SyG4 sJib: commercial bills, S4.SDi404Sl.
Silver certificates. 6lQ62; bar SILVER, 81,
Mexican dollars, Az. Government bonus
weak.