The times. [volume] (Richmond, Va.) 1890-1903, 1898-09-27
MARKET AT THE
DEALERS MERCY.
For a Time They Searched Diligently
For Weak Spots.
SUGAR MADE A DOWNWARD DIP.
But Later Recovered and Ruled Above
Saturday, Closc-Gratiiying Gain
IL Some of the Southern Lines.
Bad Slump in Tobacco.

NEW YORK. Sept. 26.-The action OF
t0-cays market no the opening was dis
appointing 90 the bulls and stocks pun
chased Saturday ON the favorable bank
statement were speedily let go and com
lnitments made for the short account.
The higher range Of London prices en-
couragcd the bulls and efforts were made
% advance prices 20 parity with the
london figures. StOp-l0ss orders were
uncovered I'm tho leaders. and the market
Tor "a time was at the mercy OF the deal
ors. who searched diligently for weak
spots. Gossip lhat disagreement existed
between some OF the speculative pools
was cOlorcd 90 some extent by the Sc
verify Of the break I'm spots. Prices Tor
Tobacco, People Gas and BROOKLYN
Transit melted rapidly away. but Sugar.
after dip downward OF a. point en-
couniercd supporting orders. and ruled
above Saturdays close for The remainder
Of the day. The railways meanwhile fen
fympathcticaiiy. but the losses were con-
Incd 90 transactions. and after the FIRST
Tusn 10 sen na1 aoa,eG. setued Gown TO
level slightly above the lowest. and re-
sisted subsequent efforts 0t depression.
The frmncss was accounted Tor by the
publication Of numerous traffic state
ments. covering "a wide area OF territory
and showing substantial increases. The
gains in some Of the southern lines was
especially gratifying. in Wow of the slow
movement of cotton and quarantine reg
ulaUOus in some secuOns. Incsc cOnul-
tiOns were Responsible Tor the marked de-
crease reported by the southwestern
group. ArDitrage houses had purchasing
orders. but the action OF the market dis
Couragcd any extensive ventures, ana
only a light sprlnkling OF various stocks
was taken The elimination OF an active
Speculative interest in the market, owing
10 the rigid Observance Of the Hom Kip
our the Hebrew holiday, reduced business
considerable and The raid on Tobacco
also chilled the outside demand. The de-
cline In Tobacco was attributed primer
pally 10 a denial by officials OF the Drum
mond Company that that concern ndd
been absorbed by the American Tobacco
Company. The bears attacked tho stock
with considerable confidence. and drove II
down 50. Considerable amounts of stock
We're liQuidated. and the apparent Will
ingncss OF the outsiders 90 sec the prices
lower invited extensive selling by the
shorts In the last hour the stock moved
upward In sympathy with the general
market. closing az l4lh. Sugar moved up,
and the railways, which had moved indie
pendent Of Tobacco throughout the day,
ruled the best. I'm the nnal dealings To-
baccO slumped badly. touching l3J. me
other industTials also suffered from real
cations. but no appreciate declines were
recorded I'm the standard stocks. Ihe
market left off unsettled. with slight
losses generally. Call money rates sur
Iened sharply late in the day. The great
bulk. however. Of the transactions were
made AT ga per cent and some accom-
tnOdatiOns were secured early IN the day
at s per cent.
The bond market lacked decisive tone,
hut dealings were light and variations
in either direction unimpOrtant. Iotal
Gales 81 800 coo Government bonds were
unchanged on bid prices. 1000.
The total sales of stocks were 336 GOO.
Including GIT AtchisOn preferred, 6.tL3
Chicago. Burlington and QuiQncy; 1915
Northern Pacific. 1885 Union Pacific,
500 St Paul. $500 Union Pacific pre-
ferred. : So Chicago Great Western. 10
aS5 Peoples Gas. 91O4 United states Rub
Der, and 1920 Sugar.
MONEY AND TXCHANGE.-Mo on
call steady Mt 3G5 per cent: last loan
at 3h per cent; prime mercantile paper
46S per cent. Sterling exchange firm,
with actual business I'm bankers bills at
81 s4Q4S4A for demand and at 4slAn
d S1L. for sixty days. posted rates, SiS2la
"a 50: commercial bills. A-SoA4+ 500.