The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-13
BEARS SEIZED
THE OPPORTUNITY
Lethargy of Trading Invited Their
Aggressive Action
ONE INSTANCE OF S1RtNGlH.
An gioh- Priced Spccialtics Suffered
Tyccpt Pullman, Which Advanced
Eight and a Half Points-Call
Money Rates Much Easier
ONE INSTANCE OF STRENGTH

Nl,W YORK. oct 1.-THE stock mar
t,t made a couple Of feeble efforts to ad-
vance this morning. The lethargy Of the
trading was an invitation to bear agrees
sion. and when a determined leadership
developed Tor that faction. the profess
sional element among the traders was
quick TO follow the lead. single block
of St Paul OF $50 shares was quickly
followed by another of 1900 shares, offer
ed by brokers who are usually employed
bv the acknowledged bear leader. SELL
ing generally around the room was lhe
sequence The two large blocks OF st.
Paul were al 12i1l, and the price had
foiicn 10 1921. in a few minutes. The
eraugcrs New York Central, c., G, 6.
ana ST. Louis. and the leading high-priced
speCialtics were the principal sufferers.
brooklyn Rapid Transit was under con-
spicuous pressure. and dropped TO SOS
Pullman made a brilliant advance OF
81, points on the coming absorption OK
the leading competitor, which were de-
MED later This was an isolated instance
OF positive strength.
abortive advance. and was rather hrin
after having the advance wiped out
Otherwise the heaViness was quite rlll-
form The news of developments IN SCUM
Africa had very little enect on lho
market.
can money worked a shade easier, and
never touched higher than per cent.
The money outlook is considered aiiythlhs
but favorable. The violent upWdio Ih9hV-
rnent - per cent in the pound ste ing
exchange both for actual rates ana POST
cd rates. is regarded as an admonlloh
that an easing of the money rate helS
IL likely 10 lead TO a demand from Lon
The weekly statement Of the Bank Of
England discloses a very slight increase
81 the proportion Of reserve 90 haDlity.
and the statement for the same pelluv
Of the Bank Of France shows n loss OF
81 ZOO O00 in gold. while demand COR cred
ifs has increased fin its loans about $40
10000 The sterling exchange rate az
Paris dropped off an additional y Genuine.
Ii r. exceedingly significant that me
Bank of England parted with some 10
oOO IN gold for shipment 10 Paris. Whlch
citv has been looked TO from all points as
the available source FOR relief Tor the
Tbe financial upset I'm Italy had dis
turbng effect in an the Europe.,n ilOily
markets The sharp upward moNemeh
here not only in sterling exchange nu1
also in French exchange. suggests a CONF
ing pressure on this centre.
The bond market was moderately aC,
tive and shows general decline. Iotal
esles var value 81 .GeOlO00 United states
gs advanced n and the new as registered
:. I'm the bid price. 90 400
The total sales Of stocks were 14o tVV
shares. Including Atchison preferred ~
200. Chicago. Burlington and Quincy ~
o.. Rock island. 5000: Louisville and
Nashville. 17.15O Manhattan. $40: Mis- Mis-
souri Pacific 5000; ST. Paul BIO
Southern Pacific 1850: American Iopadc--
~ m oo0. RroOllvn Rapid Transit, 5S.S3oi
17eder9I steel 9O75: Peoples Gas, $50;
sugar. 1997J: United states Leather
3D. 30
MONEY AND EXCHANGING on
III eteadv at 2d7 per cent: last loan at
o rer cent. prime mercantile paper, 5l4nb
nor cent. Sterling exchange strong. with
actual business IN bankers bills at - sly
G4S7 for demand and at 81 go - {
Tor sixtv davs: posted rates. S4N3i ~
e-fL. commercial bills. S4Sl04 Slla. Sill
Yer certificates. 5s059 bar silver o.;
Mexican dollars. AZ. Government bonds
IRREGULAR: state bonds strong railroad
bonds weak.