The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-29
BULLS RAIDED
STOCK MARKET.
Specialties Had Less Sway Over Bus
mess Which Was Large.
BONDS WERE NOTABLY ACTIVE.
Evidencing the Pressure of Large
Sums of Money Seeking Investment
There Was Conspicuous Move
mcnt i'm Iron and Steel stock

NEW YORK. oct. 2s.-The stock mar
ket took on to-day many OF the charac-
teristlcs OF a bull campaign in full force.
Business was large and exceedingly wen
distributed. while the market was much
less dominated by the specialties. which,
however. continued very active, princi-
pally Sugar and Tobacco. The former
was less violent In It's fluctuations than
on yesterday. and although IL advanced
several times, 10 met more SOCK Than u
could carry. IL ended the day unchanged
Tobacco, on the other hama. AFTER ifdc-
tional decline, surged strongly upward,
the extreme rise beng nearly nve points.
Inc rise was coupled with rumOrs Or the
hotation OF the new plug tobacco com
pany and In the taking I'm Of many large
competitors In that ueld. Another con-
spicuOus movement was that In the iron
and steel stocks, which was led by the
dealings in the securities of the new
Federal steel Company when issued.
Speculation In the railway stocks was
active and varied, the grangers leading In
point OF activity. Reports Of one or two
southwestern roads, showing tho in
creased earnings more than eaten ny by
enlarged operating expenses, were n drag
on that group. and this caused some
heavinCSs among the trunk lines. There
was marked ammunition 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.
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, ana
there was a strong recovery In the Read
ing and Erie general 4 =, Whlch nave re-
Gently been under pressure. iron Noun
tain > s were also conspicuous. FlttsDurg
and Gulf lists dropped TO 67l5. a fan OF
~ per cent. but fully recovered IN the
lsfe dealings Total sales. $5,3l5,OOO
United States IS old As registered and
the SIS coupon advanced Is In the BID
price. The new 3s were very active the
coupons selling AT loo nearly all day.
which Is the record price. There were
$50 800 OF this issue changed hands dur
fbe total sales Of stocks were 379.s0o
shares. including 1892 Atchison, 1s,slo
chicago. Burlington and Quincy; 1890
Manhattan. 1896 Metropolitan street raily
way. 1850 Northern Pacific, 1920 Rock
Island, 2S541 ST. Paul, CO. 40 Tobacco.
1910 Peoples Gas, and 33.GlS Sugar.
MONEY AND EXCHANGE onev IN
call steady at 19id2 per cent; last loan
Al per cent, prime mercantile paper,
3d4 per cent. Sterling exchange firm,
with actual business in bankers bills at
81 s5ikd4 SJ% for demand and at Si.S2hG
4 S2ia for sixty days posted rates, S4S50
4 S3lb and S4S6d s6i9 commercial bills,
s4Si. Silver certificates 6ld62; bar sill
yer. CO.'S Mexican dollars. 41h. Govern
ment bonds strong. State bonds strong;
railroad bonds strong.
BANK CLEARINGs.-The total bank
clcarines I'm the United States for the
week were 81 323. 52S. j9G. per cent. in
crease. 10 Exclusive OF New York,
1924. Jl6 so; per cent. increase, 7.3.