Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-29
STOCKS BULLISH
BUSINESS LARGE AND EXCEEDING
LIZ WELL DISTRIBUTED.
TOBACCO SURGES UPWARD.
The Rise Coupled With Rumors of
the FIOtatIOn of tae New Plug
visions Lower.

NEW YORK. October 2s.-The stock
mG rket took on to-day many OF the cha
racteristics Of a bull campaign in full
force. The business was large and ex-
ceedngly well distributed. while the mar
ket was much less dominated by the Spe-
cialties, which. however. continued very
active. principally Sugar and Tobacco.
The former was less violent in its fiuc-
tuations than on yesterday, and although
It advanced several times, it met more
stock than It could carry. 1t ended the
day unchanged. Tobacco. on the other
hand, after n fractional decline, surged
strongly upward, the extreme rise being
nearly points. The rise was coupled
with rumors OF the ilotation Of the new
plub-tobacco company, and the taking in
OF many large competitors in that field.
Another conspicuous movement was that
in the iron and steel stocks, which was
led by dealings in the securities of the
new Federal Steel Company when issued.
Speculation in the railway stocks was
active and varied. the Changers leading
in point OF activity. Reports of one or
two southwestern roads, showing the in
creased earnings more than eaten up by
enlarged operating expenses, were a drag
on that group, and this caused some
heaviness among the Trunk Lines.
There was n marked diminution in the
activity in the latter part Of the day and
the room-traders took profits, reducing
the days net gains below the figure of
the extreme advances.
NOTABLE BOND ACTIVITY.
There was very notable activity and
strength in the bond market and evident
pressure OF large sums OF money seeking
investment. Bonds Of western and south
western roads. especially reorganization
bonds, seem TO be in special favor, and
! there was a strong recovery I'm the Read
ing and Erie general As, which have re
Gently been under pressure. Iron Noun
tain IS We're also conspicuous. Pittsburg
and Gulf firsts dropped TO CT ID, a fall OF
| 2 IL per cent; but fully recovered in the
| late dealings. Total sales, S5.3lj.O0O
| United States 3s. old As. registered, and
| the SIS, coupon, advanced Is i'm the bid
price The new 3s were very active, Tho
| coupons selling at JOG nearly all day
which is the record price. Three hundred
and eighty-fve thousand and five hun.
bred of this issue changed hands during
/ the day.
The total sales of stocks were $40. SOl
I
cago. Burlington and quincy: 1870 Man
/ haitian: 1876 Metropolitan Street Railway
| 10 $50 Northern Pacific: 1920 Rock Island
'2S.5n ST. Paul: GO 40 Tobacco; 12,4l0 PEG
| pies Gas. and 33,6iS Sugar.
| MONEY AND EXCHANGE.
! Money on call steady at 13-ia2 pei
| cent: last loan at per cent; prime mer
camille paper, 3Gi per cent.
Sterling exchange firm, with actual bust
ness in bankers bills at 1856 l-2dsiS5 g.
for demand, and at $is2 l-4q$iS2 1-2 FOL
! sixty days; posted rates, S4S}Ns4S3 Il
and g. SGaS4.S6 1-2 commercial bills. A.Sl.
Silver certificates, 6iQ62 Bar silver
rs. Mexican dollars A. Ia.
Government bonds strong. State bond
strong. Railroad bonds strong.
BANK CLEARINGS.
The total bank clearings in the Unite
States for the week were Sl,323, 52S. 595; pc
cent increase. 10. Exclusive of New
| York, $524 546,S20; per cent. increase, 7.3.