Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-04
BEAR RAID RENEWED
sFECIALTIEs AT FIRST GIVE WAY,
THEN RISE RAPIDLY.
TOBACCO RECEIVERS TO 1873.
Bond Market Opens Easier, But
sharp Gains soon FOIlow-Wheat
steady and Slightly Higher-Pro-
visions Very Dull.

NEW YORK, October 3.-The stock
market furnished a striking exhibition OF
the professional character OF the trading.
Developments over Sunday did not invite
a change of tactics by the leaders, and on
the resumption the raid against the IN
dustrials was renewed. Tobacco, Con-
solidated Gas, New York Air-Brake, and
various other properties of this class gave
way rapidly, and although a reaction
halted them after the first half hour, de-
elines in the mean time had been erected
ranging UP TO points in New York Air
Brake. Consolidated Gas figured for 3
points and Tobacco points, the latter
touchine 1l3. The bulls then started in
to retrieve some of the ground lost last
week, and after jumping from one stock
TO another, finally singled out Tobacco
as a leader. The strength developed here
soon permeated the entire list, and prices
forged steadily upward on animated deal
ings. Interests which had been RESPONSE
HE for the late decentralization In the spe-
cialties also changed front ana operated
for the long account. This action was
taken in order to shake off an undesira-
s+e following the market showing signs
OF having been oVersold. Thls clrcuH-
stance rendered manipulatlve tacucs pro-
dtable. and vigorous efforts were made 10
soueeze the shorts The traders we're
ouick to take advantage of the changed
nrnpramme. and any effort TO cover
large line was followed by vigorous Did
ding. with sharp changes between trans
actions.
Arbitrage houses expected heavy pur-
chasing orders, and a decline In money
rates induced more general buying Tor the
long account.
The market in detail presented many
striking features. and while reaiizatons
were extensive as the rise assumed heau-
way. the undercurrent OF strength was
not affected, and final prices were wen
above Saturdays level
TOBACCO. 12S.
Extreme recoveries from the low point
were 10 points in Tobacco, to l23; III New
york Air-Brake, and in Consolidated
Gas.
The bond market opened with an easier
tendency. but an active demand for Atchl-
son adjustment, Wisconsin Central nrsts'
and Union Pacific. Denver and Gulf hrsts
soon changed the current Of prices, ana
sharn gains followed. The reorganization
plan OF the latter company was issued TO-
| dav and the drastic treatment accorded
tho common stock caused decline IN us
! nrice TO 4. Total sales Of bonds, SZ'VV'VOV'
Government bonds showed heaViness'
the new AS declining is per cent.
THE total sales Of stocks were 44o'fS
shares. including l252S Chicago. Burning
tom and Quincy; SO,S64 Manhattan; ls'lN
Northern Pacific; 1880 do. preferred; Ie-s
Poclx island; 1850 Union Pacific; 2lo
conthern Railway preferred; S.42O Union
Pacific preferred; 500 American Cotso no1
on. 10 2zO Peoples Gas; 5,1cO Sugar; 6,2@
Leather preferred; $3.50 United states
| Rubber
MONEY AND EXCHANGE.
Money on call easier at lg4 per cent.
last loan at 21-2 per cent; prime neioAn-
tile paper. 3l-2G41-4 per cent.
Sterling exchange iirmer, with ac.ua'
h,,siress in bankers bills at Visa l-o9
stsi1-. for demand and at Asl o-oe
slS9-a for sixty days; posted rates
NS21-2 and siS5; commercial pms, HsS n,.'
silver certificates. 6lQ62; bar SILVER
ca 7-S. Mexican dollars, Al S-S.
| Government bonds easier; state pohuS
srrn. railroad bonds steady.
NEW YORK STOCK QUOTATIONS.
| ..s,. .ronara and Santa Fe...-.-..".. l29s
at~hrscn preferred....... ....'....'' ''"''@ ~
AtSu'son, 80 onto cd asst. paid.......-~ 44lt