The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-25
SLUMP IN THE
STOCK MARKET.
The Foreign War Scare Works Right
Into the Hands ofthe Bears.
STERLING EXCHANGE GOES UP.
On Account Of Heavy Sales of Stock for
Foreign Accouut-Thc Midday Re-
action OF the Wheat Market
Was a Hcdccming Feature.

NEW york. oct 2l-The burden Of
selling the stocks for foreign account
growlng out ol tAc stringency for money
abroad and inc threatening outlook OF
the European political sitIation, coupled
With the decreasing effect Of The Supreme
Court decision against The legality OF the
Joint Traffic Association, proved 100
much for the stock market 90 carry, and
prices Of most OF the active stocks are
between 81 and s. q share lower Tonight
than they were Saturday. There was
quite an active market in the nrst hour
Of trading. aud lair volume OF commits
sion-house orders were expected. which
had come ln response 10 the encouraging
three days advance OF last week. The
eelliug for London account was feature
from tbs start. but prices were well sus-
tanned in the early dealings. The pro-
frosSiOual traders soon detected evidences
OF realizing on the part OF interests which
were the large buyers last week and
they promptly hid prices down in order
20 take the market away from these.
London liquidation was on a very
large scale. sales for the account being
estimated 40 10000 shares. and gave the
bears the needed backing for their sue
cess. Operations for the long account
were almost wholly relinduished. and
when the joint traffic decision was an
u0unced. the prices crumbled away be-
fore the attack OF the bears without
much resistance. There was sufficient
covering al the close. however, 20 cause
cipal weakness of the joint traffic de-
risi0n showed itself rather inconsistentiy
among the Rrangers. The trunk lines on
the other hand were not markedly ar
fected. The selling OF stock for foreign
account was reflected IN violent upward
movement Z sterling exchange. the ac-
fual rates rising fully g, OF "A cent TOT
the hound The continental exchanges on
London were az the same time rising quite
sharply. and the open market discount
rate TO Loudon SD wed hardening ten
dency An Of this was ~ Inc WIN tne
active war preparations reported from
London. and showed the effort or the
British financial centre TO call n me It's
outstanding money resources. NOT nav
ing any outstanding Greats on nalahce
against the United states, London s0ld
our securities freely with the same re-
suit The midday reaction I'm the for
cign wheat markets was the only feature
of tho day that did not point 10 threat
ening developments, and the later rocOv-
cry and the continued large demand Isl
American markets for export cOunteract-
ed this. The manipuative rise IN To-
hacco continued and helped 10 sustain the
price Of Sugar.
The bond market was active to a de-
gree. and weakened In sympathy with
stocks. although the New York money
market continued easy I'm spite OF strin-
rencv abroad. Total sales. S2.3lOOoO.
Government bonds were unchanged.
The total sales Of stocks were 800 900 |
shares. including 4OOJO Atchison pre-
ferred. 26.49O Chicago. Burlington and
quincy. 9.512 Louisville and Nashville,
13 Sf7 Manhattan. 7jGS Northern Pacific, |
p 30 Rock Island 30 sol ST. Paul 11SH !
Union Pacific preferred. 7151 Union Pa !
rinc. Denver aud Gulf. % $50 American !
Tobacco. 30.O2o Sugar. and 4.17J Chicago !
Great Western.
MONEY AND ENCHANGE-N Money or !
-all easy 40 1h02 per cent: last loan al . /
per cent; prime mercantile paper. 3In4 |
per cent Sterling exchange strong with |
actual business in bankers bills at 81. SjM |
"a SO for demand and 81 S22.04S3 for /
sixty days. posted rates SfS3U4. SGia. /
commercial bills S4S1. Silver certificates.
00Gf: bar silver. GO7l; Mexican dollars.