The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-22
MARKET REACTS
FROM WAR SCARE
On Yesterdays European News All
Securities Took New Life.
The WHEAT MARKET WEAKENED.
Bat the Evidence of Heavy Export De-
mand Created "A Demand for the
Stock of Grain Carrying Roads
Bond Market Stronger.

NEW YORK. oct. 2l-ihc motor nerve
OF the worlds markets was touched to-
dsv by he reported orders OF France 10
Major Marchand. az Fashoda. There was
"A prOmpt recovery IN Government sccur-
ifies IN London and Paris and In corporate
stocks al all foreign markets. For the
same reason there was a weakening in the
wheat markets OF the world including
Liverpool New York. Chicago and San
Francisco. This checked yesterdays adj
vance IN The stock market, but when 1t
became evident latter I'm the day that there
was good support IN the wheat market
from a continued heavy demand for eX-
port. in spite OF the subsistence OF the
war scare and Of the continued heavy
receipts at primary points, there spTang
MP q demand for railroad stocks. which
showed Itself more confidence. and urgent
than anything that had been seen IN the
stock market FOR several weeks. Natur-
ally the demand was most manifest for
the stocks OF grain-carrying roads. The
strength was manifest not only IN the
granger group proper. but also Ia the
Pacihcs. including Northern. Union and
AtchisOn. The dulness and heaviness OF
tae stocks Of the great eastern trunk
lines was ia strong contrast. although. ac-
CorGing 10 quoted utterancc Of the
chairman Of tho New York Central drcc-
tors many companies cannot get cars
enough 10 carry the freight coming for
ward. but are cutting rates and making
contracts ahead at figures below the rate
schedule II IS I'm fine with this view 20
fnd the gross earnings Of the central FOR
the September Both quarter falling nearly
tN0Op below those Tor the corresponding
quarter last wear while tho balance avail
ehls for dividend IS ! 55-loO per cent for
the quarter. compared with j 7Olco per
cent last yaer. The strength OF western
southwestern and southern stocks was
quite general, Louisville leading The lat
ter group with an extreme rise Of q
point The movement OF the Industrial
epeclalties was relatively much less i'm
portant than Of late. Tobacco advanced
an extreme 3 points but met heavy sales
Sugar was raided below III, bat met the
resisting point. and Manhattan, although
a. weakened early on published utter
anccs tending 90 discredit reports OF an
point. STEERING Xchang advanCde- -i4a--nn
point. Sterling exchange advanced
further to-day in response 20 tho stiff
ness of foreign money markets, which the
clearing of present prospects did not re-
neye. The local money market continued
easy.
The bond market broadened and i'm
proved in the course OF the day. and
shows gains generally. Total sales S23fp,-
COO United States DDS. registered adj
vanced y and the IS, registered, declined
The total sales OF stocks were 1920
shares including 14.O25 Atchison, l2,5@O
Chicago. Burlington and Quincy; 1Ltl3
Manhattan, BOSS northern racine, i5'tto
81 Paul. 9.17l Union Pacific. $50 Union
Pacific. Denver and Gulf. 2J,9S5 Tobacco.
and 200lO Sugar.
MONEY AND EXCHANGE .-Nonev on
call easier at 1il02 per cent; last loan
az ~ per cent. prime mercantile paper,
Ns14 Der cent Sterling exchange nrm.
with actual business I'm bankers bills at
Sfe504 S5it for demand and az sS20
So. for sixty days. posted rates. $4S30
S. commercial bills. ffsoA. Silver GER
uf-ates. GoaGlc: bar silver. coz Mexican
dollars. sG4t Government bonds hrner,
state bonds inactive; railroad bonds 1rm.
BANK CI.EARINGS.-The total hank
ciearings IN Ihe oiil's so, Suites lot ,.lo
crease. IL. Exclusive of New York. Sj39-
G9f eos. nnr cent. lncrease. 20.