The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-26
TONE OF MARKET
MUCH STRONGER.
The Nervous Feeling Caused BY the
War Scare Subsided Quickly.
T0BACCOWASF URIOUSLYACTWE
Large Transactions Were Made at Top
Prices sugar Held Firm i'm Sym
pathy-London Exchange Soon
He'll 10 Normal Rates.

NEW YORK. oct 25.-The periodical
settlement ON the London Stock Exchange
to-day developed a very nervous state OF
feeling ia the financial market. due both
TO the strained conditions of the money
market and 90 the Threatening political
outlook The very high i0aning rates Tor
carryine over stocks prcclpitated quite
au active liquidation and a squeeze ia
money rates. The uueasiness IN London
was reflected upon other markets I'm
Europe and there was a general rise in
tho rates OF exchange Oh London and Ia
tho discount rates nt an continental cen
tres British cons0is dropped a fun point
and Government securities and all other
classes Of securities. including American
railways. showed violent declines. The
announcement OF the pOstponcment Of the
British Cabinet meeting brought some re-
lief. and the bears were actively covering
in London about the time the stock mar
ket iu New YORK opened. There was very
large and aggressive supporting orders in
the market here at the opening. so that
the decline in prices az that time on ac-
co4nt % selling for London account were
frining. and were soon overcome. Selling
Tor LOndn account was. I'm fact. a small
factor. and before The arbitragc trading
was concluded for the day. London turned
buyer and took fair amount of stocks
In This market Cons0ls there scored all
most e. fun recovery. and the upward
movement IN other departments was al
most as violent. Relieved from that de-
upward quite easily. the short contracts
pat out iu yesterdays market being gem
orally covered. and the light bull OFFERS
which led last weeks buying resumins
the movement with great apparent conh-
dence. The trading was dull in the latter
part Of the day. but prices were quite
firmly held. and closed at about the best.
Net gains in many Instances reached
point or over. and prices. on the average.
entirely retrieved yesterdays sharp de-
cline Tobacco was furiOusly active all
day. and covered an extreme range or
over points. The price was lowered IN
the morning on the announcement of the
Incorporation Of a new tobacco with a
large capacity. But traders distrusted the
first interpretatin Of this new company
and the price was run up on very large
transactions which were largest al top
prices. Sugar was held firmly in sYmpa-
thy with Tobacco. Pullman sold off six
points on the Illinois judicial decision
holding that the COmpany's large real
estate ownership involved a violation of
the charter. The stock recovered nearly
four points The sterling exchange mar
kct was an accurate barometer Of the
course Of affairs In London. Demand
sterling made an upward bound or nc.
during the early excitement I'm London
and while stocks We're sull being sold
here for London account but with the
later relief Of the nervous tension In Lon
don and with some buying here for Lon
don account. demand sterling suddenly
IN
withstsnding this violation, 1uctuation in
The price OF credits on London, there was
not n ripple in The local money market
which continued quiet and easy.
There was a yielding in the early price
for bonds, but an upward movement later
on active demand. Total sales were
81 $500 United States s. coupon. adj
rarced g and the old Is. coupon. Is in
tine bid price
The total sales Of stocks were 3iO4S5
shares. including 3407G AtchisOn pre-
ferred S17j Manhattan. ZIG Rock
Island 500 Union Pacific. 2O.JG3 St Paul.
NO1S American Cotton oil, 14i,1iO To-
hacco and 1868 Sugar.
MONEY AND r,NCHANGE.-Mo on
can steady az 1&02 per cent; last loan
ar per cent. prime mercantile paper,
1i.0f per cent. Sterling exchange weak.
with actual business I'm bankers bills no
50 81 SO for demand and 4.S2hN4S2ai
Tor sixty days. posted rates $3.50 1887,
commercial bills 81 sofr4 81. Silver GER
Cd 81 N... lffa