Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-18
STOCKS CLOSE FIRM.
THIS IN SPITE OF A NUMBER OF
UysETTLING EPISODES.
TOBACCO SUFFERS A BREAK.
Then Comes support, and Before the
Close shorts Are Driven to Cover
by Rise OF 3-4-Wheat Rallies
Sharply.
Sharply.

NEW YORK, October ia scrutiny OF
the list Of changes in prices to-day shows
that nearly all OF the railroad stocks
dealt in have net gains Of small fractions.
Considering the number Of unsettling cpl
sodes in the days market, these gains,
though small, indicate a strong resisting
power in stocks.
Although the opening was slightly high
er. in sympathy with the rise in London,
the tendency Of prices turned downward
early in the day. under the influence Of a
break in Tobacco and apprehension that
the Supreme Court would deliver to-day
a decision unfavorable to the railroads in
the case to test the legality u the joint
traffic associations.
The Coalers were subjected to attacks
by the bears. New Jersey Central fell
at one time 5l-2, and the decline in the
rest Of the group ranged from l IL to g..
The price of Lackawanna was bid down
over y points from the last sale. but no
stock was offered. About the same time
Metropolitan street Railway broke IL
points. and the whole list touched the
lowest prices of the day. None OF the ac-
tive railroad stocks fell over l-2 point net.
TOBACCO AND SUGAR.
Tobacco was dealt in, ex-dlvidend Of 2
per cent. and IS in addition was knock
ed of the price. Then came support, and
before the close Of the day the shorts
were driven TO cover by rise of 53-i.
Sugar was also well supported all day.
London was a buyer in this market,
chiefly OF the Paciics.
The covering by the bears in the Coal
ers worked recoveries ranging up to ? Ia
on New Jersey Central, and the news
that there was no decision in the joint
traffic association case induced covering
bv room traders in the general list.
The closing was firm at the top. There
was a notable iirmness in the exchange
market, Notwithstanding very heavy Of
ferings of bills against grain and cotton.
The demand came from bankers and
others for investment, for the purpose OF
placing loans at the higher interest rates
eYisting in London and Berlin. There IS
an abundance Of money Offering here, and
tho tendency continues toward greater
ease.
BOND MARKET.
Railroad bonds weakened in sympathy
with stocks. but showed a partial re-
covery toward the close. Total sales
$4,000.
United States 3's, registered. the cid
coupon. and the new As advanced il. and
the 3's. coupon, the old AS, registered
and the 5s is per cent, in the bid price
The coupon SIS sold at Jos rs which Is
the highest price. ..,
The total sales of stocks were AI9Ol
shares. including 6.55S Chicago, Burlington
and Quincy; 12Ols Manhattan; $500 Metro
politan: 1850 Reading. first preferred; %
Ti5 Northern Pacific; 1855 Reading; So
| ST paul; 40 do preferred; 1872 Ameri
can Tobacco. ex-dividend; S,s8 Sugar
MONEY AND EXCHANGE.
Money on call steady at 2a2 IL; las
loan at 21-2; prime mercantile paper
S1-lG4 per cent. ~. .,,o
sterling exchange frmer. with aetna
business in bankers bills at $tA i-d1
y4&3-8 for demand and at *tSi - ~
sia9-4 for sixty days; posted rates W. ~
siSgI-2 and $iS5; commercial Bills N'S't
sLS01-2. .z,o, y. ,,r ell
| silver certificates. - 8-'aoo LIZ DAT s'i
,,e, eo. Mexican dollars, 46 II.
| Government bonds strong; state Ooil"
,ctive: railroad bonds weak.