Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-09
STOCKS BULLlSH-
THAT Is THE TENDENCY, AFTER A
DOWNWARD TREND.
RISES az PER CENT.
This, With the support I'm Other spe-
ciaIties, Checks Opening Decline
Bank Statement Adds to Strength
Of Situation.

NEW YORK, October S.-The stock
market to-day continued in the hands OF
the professional trading element. Trans
actions were Of small volume. and not
widely distributed. Such as they were.
they reflected decidedly unsettled and
besitating frame OF mind on the part on
the traders. The opening tendency was
downward affected by break Of point
In Brooklyn Transit. and continued pres
sure on Northern Pacific.
The foreign markets were unsettled by
the political outlook in France. tight
money in Berlin, and the public agitation
In Spain for the payment OF interest on
government bonds in pesetas, instead OF
francs. This had some influence In the
opening here. although Americans hao
been supported in London on orders from
New York.
Strength In Tobacco, which rose Zig
per cent, supplemented by support IN
Brooklyn Rapid Transit, Peoples Gas
and Manhattan l., and covering OF shorts
In Sugar, checked the decline. There was
rally also In Northern Pacific, whlch
drove the shorts to cover, and which was
accompanied by a rumor that the con-
6icting views of the interests dominant
in the property had been adjusted Inc
professional traders then took the long
side of the market for turn, and there
was a general covering OF shorts.
BANK STATEMENT FAVORABLE.
The appearance OF the bank statement
slded TO the bullish feeling. as 1t was
fully as favorable as had been expected:
Although the reserve requirement hau
been raised by s2169,65O. by reason OF tne
larger deposits, the increase OF so,5co' iv
in cash left the surplus reserve sS'ilo'f'"
higher. ..,, ,o.s
The EXPANSION OF loans, though less
than n million dollars, indicates the turn
I'm the tide of the money market, ana Is
the first increase in that item since oep-
TENDER I'd. The loan contraction rom
that date up to last Saturdays return
was $780, 100.
Even for last week, it Will be remenh-
bered. the gain in cash reserve was ohly
accomplished by loan cohtiacuon
&c. $50 500 This week the strengthening oi
the reserves has not prevented an extern
eio, If credits to the extent OF *SohSp'
II is not improbable that the newly ue-
veloped investment In long sterIihs eA
change. for the purpose of lending credits
abroad. figures in this item
BoND MARKET IMPROVED.
The Eond market has shown Improve
ment during the week, especially among
tbe sneculative bonds. Wisconsin Central
6rsts adya ncing an extreme o poihtS
United states old As. registered nav
| advanced SIS. the 2's. IL; the 6s, - anu
the new As. coupon. l-S per CENT q" '"S
| bid price -. mara ,o5 1oo
The total sales of stocks were d 90 cno'
shares. including Northern faciiIc' So'"0'
American Tobacco. 13. 1855; Sugar, S'ii''
MONEY AND EXCHANGE.
Money on call nominally at 1-2a3 per
cent. in, actual
sterling exchange steady. with actua,
hus,rass in bankers bills at A.AdN.a "a
for demand and $.S1 1-4qA2 Tor Sixty
| 6ays: posted rates. $ia l-2aA.S; CONF
| mercial bills, s4.S01
silver certificates, 60q6l Ia. Bar silVer'
60 "a. Mexican dollars, A. ,,.
state bonds steady. Railroad ponds
firm. Government bonds sirohs'
States new 3's. 1o5 l-2.
BANK STATEMENT.
The weekly bank statement shows the
| following changes: ,c,-o
surplus reserve, increase, S'4l6'4'V.
Loans. increase. sSJ7 800.
Specie. increase. $6,53o.aV.
Legal tenders. decrease, $3.50, Wo.
Deposits. increase, sS,6iSeOo:
Circulation decrease, so, Zw
The banks now hold slS,fDooo III eAceSS
NJ the % per cent. requirement