Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-09-17
STOCKS Up EARLY.
DULNEss THAT FOLLOWED IN
vITED OPERATIONS by HEARS.
TOBACCO MAKES EEW HIGH RECORD.
II Reaches 152A-CalI Loans Slightly
Higher, But No Further Crisis is
Expected I'm Money Market-set-
back in Wheat.

NEW YORK, September lS-There was
a recrudescence OF fears Of a squeeze in
the money market to-day. This had the
effect of bringing the morning advance in
the prices OF stocks to a standstil. The
dulness that followed invited operations
by the bears. They centered their attacks
on Sugar, which was but feebly support
ed at any time during the day, though
there were one or two sharp rallies on
covering Of shorts. They effected an ex-
IRENE decline Of to ) points In this stock
and worked a reaction In the whole list,
earlier advances being entirely wiped out,
with a few exceptions. The decline did
not bring any very heavy offerings, and
was effected on light transactions for
most stocks. There was profit-takng by
room-traders. but no resumption of the
urgent liquidation which was .haracteris-
tic Of the market earlier in the week. Ac-
tive support was withdrawn, however
and manipulation TO advance prices was
abandoned for the time being.
The earlier part OF the day saw a very
active market and some sharp advances
the Pacifics and the Industrials MAIN
tanning their leadership. Tobacco made
a new high record, at l52 1-2. The Gran
gers were in good demand, but there was
no apparent effort to advance prices
CALL LOANS HIGHER.
There was a slightly higher range for
call loans at the board to-day, but the
apprehension of stock operators was
rather Of the sentimental effect of a prob
able further decline in the sulplus re-
serve which would be shown by tO-mor-
rows bank statement than Of inability
to get money for use. The decline In the
surplus is partly due to the fact that last
weeks, statement was based on falling
averages, SO that last weeks opei atoms
will be partly reflected in to-morrow's
statement 1t is not expected that the
statement will show much surplus re-
serve left, in spite of the large deposits
Of government funds which have been
made with New York banks during the
week. Outside banks show a disposition
to send money here to be loaned, 9rd es-
pecially for the purchase of mercantile
paper. Moreover, about 81 100000 addition
al in gold was engaged in London to-day
for import, so that no further serious
crisis is expected in the money market
London bought stocks here this morn
ing. but turned seller after prices had
advanced and the engagements of gold
for import had been announced.
BOND MARKET ACTIVE.
The bond market was active, and prices
were quite firmly held. Total sales, 81
10000 United States As. both old and
aew. and the SIS. advanced ii in the bid
price to-day. Demand for the 3's was
much curtailed, and the price ruled at
lO5 3-S all day.
The total sales of stocks were 1911 100
shares. including Atchison preferred, T.
$685. Baltimore and Ohio, 1885; Chicago,
Burlington and quincy. 1881; Louisville
and Nashville. $3.50; Northern Pacific, a.
$50: do. preferred. II $50; Rock Island, 8.
54: Union Pacific, 81, 1875; ST. Paul. Z.5I5;
Union Pacific preferred 33,7OS; American
Tobacco. IS, COS: Peoples Gas, $40; Sugar,
99SzS; United States Rubber, 1888.
MONEY AND EXCHANGE.
SP. M.-Money on call firm at 1-20i
Der cent; last loan at - per cent;
prime mercantile paper, 4a5 per cent.
Sterling exchange weak. with actual
business I'm bankers bills at $48 3-iM4S4
for demand and at 81 81 3-4Q$4.s2 for sixty
DAYS: posted rates. $4.S3dA.S3 IL and AS5Gl
sl.S -; commercial bills. 41dA.Sl Ia
Silver certificates co l-2G6l. Bar silver
CD 81 Mexican dollars. AZ Is.
Government bonds strong.
BANK CLEARINGS.
The total bank cIearings in the United
States for the week were 1880 SOB 29S; pei
cent decrease. 40; exclusive Of New York
S4S7. 20. 2gS; per cent. decrease, SO.