The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-25
"A REACTI0NARY
STOCK MARKET
Profit Taking on a Large Scale in
Spite of Some Strength.
PRICES UNSTEADY AT The CLOSE
Was Downward -- Hardening
Money Was a Discouraging
Factor to the Bulls,

NBW YORK. Oct 24-The stock mar
lct Nas distinctly reaclonary to-day, 300
spike vf strong spots. Pront-taking was
on d very large scale sales on TINS acc
Nouut were quite well absorbed. and there
was 40 sign OF Generalization OF prices.
IN fact, no prOut-taMug became ObNi-
Nus and some of the room traders turned
bears and sold the market moderately.
The bear faction vas not aggressive,
however and made no great inroads on
values. Neither We're the bulls inclined
10 resume their campaign for the adj
vance after taking their profits, and the
market was inclined 10 drag during the
Batter part OF the day Some attempt
vas made to infuse strength into the mar
kct tn the last hour by the bidding up
OF Union Pacific and Baltimore and Ohio
preferred. This induced some slight COW
ering by shorts. but 90 far as general
resumption OF the advance was concern
cd. the attempt was ab0rtlye. Prices
were very unsteady at the close, and I'm
snany cases were pursuing a downward
course.
1no active realizing I'm the first hour
was much helped by notable accession
OF outside demand. which was attracted
Ay yesterdays sharp rise following
wee6 or stubborn resistance TO all at
tempts az driving prices downward. rms
demand and continued manipulation by
section of the buh party served TO wipe
out pretty generally the opening decline
and bring the market back to about last
nights level. Having reached that point,
the downward course began. and. with
tho exception Of some irregular fuctua-
lions the market continued heavy below
last night level for the rest Of the day.
Several points OF weakness In the early
dealings were sugar, American Tobacco,
Mating preferred, Anaconda. Pullman
end Brooklyn Transit. Aggressive
strength was shown an day by United
States leather. which was taken In enor-
nous lots. and rose at one time 10 2@ai.
The closing was a point below that. New
York Central. after a small fractional adj
vance. met with heavy offerings on the
announcement Of an additional stock issue
OF Si5.oooOC0 The stock moved some-
what irregularly during the day within
81 narrow range Of prices below last
might level The London market reflect
ed some depression upon this market,
and the undertone there was distinctly
weak. owing 10 uneasiness regarding the
position Of the British troops In Natal.
The suggestion Of the Chancellor OF tho
FXchcQuer. that a tax on South African
gold mines may be lOkcd for TO dcfray
tho expenses Of the war was apparently
not rclished by the Spectators In the
mine market. LOndOns sales in this mar
ket We're upwards Of 5000 shares. The
general weakness Of copper mine shares
had "a depressing influence ON specula-
ton. The weakness OF Anaconda on the
exchange was supplemented by a break
market and by weakness I'm Boston.
The hardening tendency OF money was
60 discourarinC factor for the bulls. Most
OF the days call loans were made above
per cent and the rate rose 10 per
cent. late I'm the day. BANKERS generally
asked e per cent for time loans, and We're
d'vincliued 70 put out their funds for the
longer periods Rather less money was
shipped fo tho interior to-day. but The
outgo. while diminished, still continues
The Sub-Trcasury is also absorbing
funds
Realizing was IN evidence in some por-
lions OF tho bond market. making the
price changes mixed. Total sales, par
value $3.50 O00. United States Oh as
advanced = and new As and SIS \ in the
Did price
The total sales or stocks were GO7.900
shares Including Atchson preferred o.
80. Darlington and Quincy. 1890: Rock
Island tHf0. Bic Four 1000. Louisville
and Nashville 100. Manhattan. 2l.1Cj;
Sew York Central. 1880. St Paul IL
90. Southern Pacific. 1910: Union Pa
cifc 3j.7lo. Union Pacific preferred
conda 1G 80. BROOKLYN Transit 43,2So;
federal steel, 2O1S3 Glucose Sugar.
Ts31. Peoples Gas, 9.345 Sugar. aO.750;
leather 1869; Leather preferred
o. 30
MONEY AND EXCHA NGE.-MOney on
cal firm at Gas per cent. Lost loan at q
per cent: prime mercantile paper, JQJR
per cent Sterling exchange steady. with
actual business i'm bankers bills az 81 SGh
GfST for demand and nj 81 S24 SO for
siYtv dnvs. posted rates. 81 $50 fS4i2 and
81 ss04 $50. commercial bills SIS Sill
vor certificates SSNujH. bar silver. 51t-;
Mexican dollars. Az. Government bonds
efronci. stale bonds inactive; railroad
bonds Irregular