The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-14
STOCK MARKET
MORE CONFIDENT
The Bears Were Unable to Accom-
pish Many Reductions.
TOBACCO WAS THEIR TARGET,
But They Made Little Hcadway-The
Demand for Gilf-Edsc Investment
Stocks Was Strons--Ratcs FOR
Money Were Easier.

NEW YORK. oct. 13.-The advance in
prices iu to-day stock market was even
moro s'r0ihcant OF the improved tone Of
the speculative sentiment .han that of
yesterday For ono reason this was true
because quite large short interest was
eliminated from the market by vestcr-
days advance and the urgent demand
fr0m THAI interest satisfied Another
factor tnst might have been utilized by
thc hcars was Che depression I'm foreign
markets. 20 marked as 20 suggest some
CONDITION OF pending political c0mpica-
lions ln iAc deeper financial conditions.
Not only was this indicated by the heavi-
ness of securities. "a fan Of J-lG I'm British
corsOIs and of r. ceutlmcs i'm French
Ientcs, but the excited condition of the
Foreign wheat market az the opening In
wall street brought orders 10 sell 1900
shares or upwards Of stock for London
account The bears did. i'm fact avail
themselves Ot this opening to make "a
drive against Tobacco. SUGAR and North
era facnc. but the confident manner I'M
wAlch all offerings, both FOR London and
tho short account We're absorbed took all
me aae Nrauce out OF them. and their only
Other aggressive move during the re-
malndof 81 the day was a. drive against
Tobacco. Tho bears have counted much
on tle damaging effects of the war in the
susar-reuning industry. the conflict over
Che Plus tobacco trade. and the reported
divergence of ideas among the people IN
me Northern Pacific. 20 check any adj
vance 900 thc market on account of favor
able returns and generally prosperous
business outlook. The price gave warning
oi compromise and adjustment and took
away me main stay of the bear move
iutut The process OF covering or short
contracts. therefore, proceeded ON large
scale and large financial interests uuercd
aggressive support 90 the prices OF prop
critics iu which they were Interested. y
significant feature OF the trading was the
Investment demand for small lo,s of gilt
edge stocks. Manitoba closed with n bid
Z per cent higher than last night Inls
buying Us o. natural c0ncomitdnt or the
growing ease lu the money market Call
loans were made go = per cent to-day
and there lS "a constant increase M the
supply of money offering. both for time
loans and mercantile paper. Short sterl-
ing was slightly hrmer in tone I'm response
90 tho advance lu the bank Of England
rate. a small engagement of gold for
import was without influence on senti-
mcut The days net gains reached a
point for many stocks.
The demand for high-grade bonds was a
reflection or the growing abundance OF
surplus capital Total sales. S2ooj,O00
United States 3's. the old As, registered,
and the new as advanced Is I'm the bid
price. The 5s. coupon, sold at lOJ3a' the
highest yet.
Tho total sales Of stocks were 3O6.ioO
shares. including 60JG Chicago. Burling-
ton and quincy: 1926 Manhattan, $3.50
Northern Pacific. 1850 do. preferred, 800
Union Pacific. 1890 81. Paul. 1860 Union
Pacific preferred $500 Tobacco, and 0l,-
$50 Sugar.
MONEY AND FXCHANGE.-Mo on
call easier at 2N2ia yer cent; last loan
90 Do per cent. prime mercantile paper,
i14 per cent. Sterling exchange irregu-
lar with actual business in bankers bills
8t SfSf04Sf, for demand and at sfS1h
Ssh for sixty days. posted rates SlS25
WAS 50. commercial bills $fSlN4S2. sill
ver certificates. J.~tm6Oi2; bar silver. jgas.
Mexican dollars 4Gis. Government bonds
strong, State bonds steady. railroad bonds
strong.