The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-20
BEARS WERE IN
THE ASCENDENCY
Stock Market Yielded Sharply to
Their Attacks.
CLOSING WAS BARELY STEADY,
And Practically All the Early Gains
Were Wiped Out-Call Money Was
strongcr-Bonds Broadcncd and
the Market Was Strong.

NEW YORK. oct. 10.-The stock mar
kct showed signs of continued strength
during the early hours of rddIng. aud the
covering movement among Il large out
standing bear interest continued IN active
force. The professional opponents of the
bears did al they could 10 take the mar
kCt away from them by bidding up prices.
picking out Individual stocks for mat Dur-
pose 10 increase the appearance OF
strength ln the market. As the demand
from the bears fell of later I'm the day,
The fact began 20 emerge that there was
not a. very great demand for stock among
The public at large. and prices began to
slip downward. Seeing the hesitancy OF
the advance, the bears took renewed
courage. and put out new short lines The
fcll in prices was considerably accelerated
during the last hour and the demand 10
cover nj the decline was sufficient 90 cause
only feeble rally. The closing was bare
ly steady and tho earlier gains were
practically an wiped ont. The fan i'm
prices from the top level reached a point
or over in a large number of prominent
railroad stocks. and i'm some of the indus
trial spccalties ranged from 1 TO over 3
points. The railroads running through
The southern region came into some prom
incnce late IN the day on account of the
general activity and prosperity of busi-
ness in that locality and the relatively
larger increase ia earnings shown by IT'S
railroads. Illinois Central. Louisville and
Nashville. southern railway preferred,
Norfolk and Western preferred and Ches-
ancake and Ohio all showed benefit from
this cause. and the gains established were
better maintained than at other points
Individual strength was shown also by
Colorado and Southern flrsts. the Inter-
national PAPER stocks. Northern Pacific.
tho Hooking Valley stocks. New YORK,
Chicago and St Louis first preferred.
American Car. American Linseed oil and
Chicago Terminal. Pullman reacted
aha aF
ceding an extreme points and losing
Az net. Consolidated Gas fell 40, but
partly recovered. The local Traction
stocks and Sugar were sharp sufferers
in the late weakness. The reaction was
as much without explanation as yester-
days advance. and could only be attrib-
uted to the closing up of professional
operations.
can money ruled al , per cent. for most
OF the day. but sfiffened 90 6 per cent.
before the close. The coming bank state
ment is the subject OF surmise, and Oh
servers are unable 70 hgure on any I'M
provement. The movement of money 10
the interior shows some falling of, nut
stnl continues I'm that direction on hal-
anCe. and the course of New YORK tA-
change at several important points con-
tTucs downward. The Sub-1Teasury has
taken money from the banks. and the
applications for anticipated interest on
Government bonds have proved entirely
Insignificant With no gain I'M casn from
can only have been strengthened by n
further contraction OF loans The actual
rate for demand sterling bounded up l2c.
today Cotton bills continue exceedingly
scarce. and the demand for exchange
quite large The demand is attributed in
part 20 the requirements for remittance
on account Of the conversion of Central
Pacific securities The possibilities of
gold exports depend upon how much
further this demand shall extend. The
rate for demand sterling is now only lic
under that which gold went out last year.
There was notab broadening I'm the
bond market. The tone was generally
strong Total sales par value, SAl900sl
1-~'ted states 3's advanced = in the bid
price. ,o- o,o
shares. including Atchison preferred. D.
49,: Chicago. Burlington and Quincy
= 30. Delaware. Lackawanna and West
ern 1906: Louisville and Nashville. T.
115. Manhattan l.TD Metropoitan
street railway. = 500. Northern Pacific
1fC25. Reading first preferred 65o0; St
paul. 1215O. Southern Pacific - 40
Sois bern railway preferred, eloO; Union
Pacific 1870. american steel ana WIRE
8 900. American Tobacco 1890. Brook
1vn rand Transit 63GtO, Federal Steel.
= eseO. sugar 4G coo: Pullman. l4.3N': Ieo-
nle'Fs Gas, 1920; United states Leather
? 500.
MONEY. AND EXCHANGE Money on
cali steady NJ 4l506 per cent? lis1 loan
ot AZ pcr cent. prime mercantile paper,
5iLfG per cent Sterling exchange strong.
with actual busineFs in bankers bills az
81 S7n04S7M for demand and az NNI.0
I e9is for sixty DAYS: posted rates. 81 sf0
4 IS. commercial bills. S4.S2i404N3 Silver