Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-10-23
STOCKS ARE ACTIVE.
MARKET SHOWS A DECIDED TEN
DENCY To BROADEN OUT.
MARKET Up TO 1928.
Evidence of violent Manipulation
Therein-shOrts Driven to Cover Mt
Every Stage of the Advance-wheat
Advances sharply.

NEW YORK, October 22.-The stock
market again showed itself independent
of the depressing influence of London
and Europe, except at the opening, when
few of the International stocks were
allowed TO fall below the London parity.
The selling or stocks on foreign account
made up considerable proportion Of the
days business, and was well absorbed
at advancing prices. The buoyancy of
the wheat market made the grain-car-
rying roads prominent in the movement
tho buying OF Atchison securities, par
tlcularly the preferred, again occupying
a conspicuous place, but the stocks of
all the western roads were we'll bought,
and advanced in price.
Sugar ended it's downward course very
early, and closed near the top, with
net gain of l IA, the underlying strength
manifest I'm the market making the bears
timid about leaving short contracts UNI
covered over Sunday. Tobacco also was
marked up to 122 3-S, with evidence OF
violent manipulation, and shorts were
driven TO cover heavily at every stage OF
the advance Even the COalers showed
the effects Of the uncertain temper de-
welcomed by the bears, and recovered on
short offerings.
BANK STATEMENT DISCOUNTED.
The bank statement was just about as
expected. and had little effect one way
or the other The gain in cash has been
from imported gold, and the outgo from
the Sub-Treasury, and the heavy increase
in loans of over 100000 represents for
The most part loans on sterling exchange,
which is an element In the Lending OF
money abroad. The increase OF deposits
| from this source expanded the reserve
| requirements so far that the increase In
| cash only served TO raise the surplus
'Rusiness in both stocks and bonds was
well distributed and active, and the mar
| ket showed a decided tendency 10 broad
| on ont The amount of business done was
| larger than for any halliday for some
time.
BOND MARKET IMPROVES.
The bond market has improved in sym
pathy with stocks as the week progress
ed and prices have recovered IRON nld t n.
| CreeistereD advanced -; the new As (cou'
| nom and the IS registered) 3-S, and the
rs Ccoupon) and SIS (coupoD Is In th'
bid price. - ,-o oo
| shares, including Atchison (preterredl
| n 5q8. Chicago, Burlington ana quincy
s30. ST Paul. $40: Union Pacific, Den
YER and Gulf. 6.995; American Tobacco
IS, ass: Sugar, 1885.
MONEY AND EXCHANGE.
Money on call steady at l!-Za5 pc
cent: last loan. at per cent, prih'
mercantile paper, LAT per cent 49,.
sterling exchange steady, with actu Gu
business in bankers bills at A.S@qA.S2 j.
for demand, and AS2astS2l-i Tor slNt
days: posted rates, ASaSioo; cofiiiiie'
cial bills. $50 81. 49,, ~ .,r,,.,
Silver certificates. 6Oq61. Bar silver
6O5-S Mexican dollars, AZ.
Government bonds steady. Rallroa
bonds strong. State bonds inactive.
BANK STATEMENT.
,rho Weakly hank statement shows tn
following changes: .--o
Surplus reserve increase, S'i0O"o'
Loans. increase, $lO60.@ 900
Specie, increase, SlOo7W. ,oo
| Legal tenders, increase. 500 5o'
Deposits Increase $lS,6isSO.
circulation. increase $1,000. oo- =,
, The banks now hold S23, 1925 IN e'
cess of the requirements or the % Pr
cent. rule.
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