Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-11-03
SELLING FOR.LoNDON.
THIS THE FEATURE IN THE NEW
YORK STOCK MARKET.
TOBACCO DROPS Ala POINTS.
Il FIuctuntes FeverishIy between
That and Tuesday Nights Price
wheat stronger and Hieher-Corn'
Onts. and Provisions Rise.

NEW YORK, November 2.-The news
received by the Associated Press, detail
ing the hostile preparations OF the British
and Russian fleets in Chinese waters,
goes far to explain the recent uneasi-
ness manifested on the London Ex-
change. In spite OF the apparent sub
sidence of the Anglo-Frcnch controversy.
The movement of securities undeniably
shows the passage OF important dipio-
matte movements amongst the Old-World
Powers. carrying with them the threat of
open rupture. There was sharp fall in
consols and n strong market in Liver
pool for wheat, which only yielded on
the failure OF the American markets to
respond fully because of the large re-
ceipts at primary points and the liquida-
ton of large speculative lines in Chicago.
The persistent demand for export, how
ever, worked a rally in the American
grain market before the close.
Selling of securities for London &C
count On the New York market was
feature Of the day, and the international
stocks. especially Norfolk and Western
ferred. and Kansas and Texas preferred.
are the heaviest losers among the rail-
way stocks. Aside from this, there was
a general disposition to stand by and
watch the fireworks amongst the Indus
trial specialties, allowing the market to
lapse into it's provefbial dulness. Pro-
fessional traders naturally turned to the
short side in such a market, but the bear
tactics were not aggressive.
TOBACCO DROPS.
In Sugar, Tobacco, and Federal Steel
the recent order Of events was reversed,
the first-named showing strength all day
on a mysterious intimation of coming IA
vOrable developments, which induced
many bears TO cover. Tobacco dropped
Ala points in the first five minutes OF
trading, and fiuctuated feverishly for the
rest of the day between that and last
nights price, 10 the bewiderment of all
but those who regulated the movement.
The industrious lifting of Federal Steel,
which has been going on for some time
past. was relaxed to-day. and prices went
off / 1-2dl ga from the best for the COM
mon and preferred, respectively. Min
nesota Iron lost 3 l-2, Illinois Steel was
bid down points, and Tennessee Coal
AID Iron and Colorado Fuel fell 1-2.
Dealings IN the newly-launched Standard
Distilling stocks were allowed to lapse.
in view Of the prevailing depression in
the market. The only other feature was
the wide movement Of some stocks that
are set down as dominant, including
Lackawanna and Western a decline OF
points.
The bond market was only moderately
active. but values were better sustained
than in stocks. Total sales, $2,0S5, 900.
United States old AS, coupon, advanced
Is In the bid price.
The total sales Of stocks to-day were
2iO,7Q0 shares, including 9,12O Chicago,
Burlington and Quincy; $3.50 Louisville
and Nashville; $50 Manhattan; 5.665
Rock Island; 1920 ST. Paul; 1887 To-
bacco; 1919 steel; 2O,772 do. preferred;
$3.50 Sugar; $3.50 Chicago Great Western.
MONEY AND EXCHANGE.
Money on call steady at 1-2d1 per
cent; last loan at 2; prime mercantile
paper, Lat Ia per cent.
Sterling exchange firm, with actual
business in bankers bills at $4S6G 81. IS IA
Tor demand. and SiS2 3-4GS4S3 for sixty
days. posted rates, S4.3 1-2d$i. IS 1-2d A.6;
commercial bills. s4.Sl 1-2G$LS2.
Silver certificates. 81 l-i462; bar silver,
81 3-S; Mexican dollars. AZ S-S.
Government bonds firmer; State bonds
inactive; railway bonds steady.