Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-24
STOCKS DEPRESSED.
CUBAN CONTROVERSY AFFECTING
MARKETS THE WORLD OVER.
SHARP DECLINE IN SPANISH rs
This Has Influence by Sympathy on
All other Securities i'm Paris, Lon
don, and Berlin-Whent and Corn
Wenk-Proyisions Lower
Wenk-Proyisions Lower.

NEW YORK; March 23-The doubt
over the outcome of the Cuban cCntro-
versy between the United States and
Spain was a depressing influence in the
local stock market to-day, as it was in
every market for securities I'm the world
In Paris. the weakness of Spanish As
affected all other securities by sympathy,
and the same influence weakened the
markets in London and Berlin, the heavi-
ness of American railroad securities be-
ing an additional factor at the latter
two centres.
On the local exchange there was a well
defined bull party. whose operations were
attended with more or less success, thus
substracting very materially from the
sum of the depression. The motive pub
| licly avowed by this bull party for its
| attitude is that prices are lower than
| are warranted by intrinsic values and
| beyond the political outlook. 1t is doubt
| less influenced also by the technical con-
dition of the market, which is full Of
short contracts, waiting to be covered
on the expected slump on anticipated
| developments i'm the Cuban situation.
| There is a temptation for a bull clique
to mark up prices In such a market and
! force the bears TO cover.
| The success of the bulls to-day was
| only moderate, in inducing covering. but
| they did discourage further short selling,
| and twice rallied prices from declines
running up TO a point or over in many
| prominent stocks. The market closed
| with one Of these rallies in force, so
| that the net changes are for the most
part insignificant, and there is a fair
| sprinkling of gains.
| The Industrials continued to be the
| chief features Of the depression, Metro
politan Street Railway and Sugar being
| especially marked out for selling pres
! sure The railroad list was pretty well
| sustained. and the Northern Pacific stocks
| and Union Pacific preferred showed not
q little armness. The resistance 10 the
| threatening news developments OF the
| day can only be attributed to what is
regarded by the bull faction as its over
| sold condition.
The money market seems to be Walt
| ing on the Cuban question equally with
| stocks Bankers are loath TO put out
| money in time loans. although the avail
| able supply, with the replenishment OF
| the gold imports, is said TO be quite large.
| To-day's fall in exchange and the re-
| newed engagements of gold, may De put
| down to the apprehension over the future
rather than to present actual demands
J for money.
/ The bond market continued 10 lack
| animation, trading being confined to
| few speculative issues. The tone was
weak. Total sales, Sl,iSj.WO. United
| States new As, registered, declined L.
| do. coupon, ! IL, and the old As and the
| SIS 1-2, bid. There were sales OF the new
| As. coupon, at l2O, the bid price.
| The total sales Of stocks we're Z'SVJy
| shares including Chicago, burlington ana
Quincy. 1880; Manhattan, 2l,525; Metro
noIitan Street Railway, 1855; New York
| Central. $780, Northern Pacific preferred
| 10 OK. Rock Island, 500; St. Paul, 25,9sO;
Union Pacific preferred, 1920 American
| Tobacco. Il. 1855; Peoples Gas, 1873; sugar
5,295.
MONEY AND EXCHANGE.
p. M.-Money on call easy at l-2n2
nor cont. last loan at per cent; prime
mercantile paper, 1-2m5 l-2 per cent.
sterling exchange weak. with actual
| brsipess in bankers bills at a8 la
Sls22-4 for demand. and ASlQSiA ia for
sixty DAYS; posted rates. $l2dSioZ IL ana
! "a S5Gs4.S5 -; commercial bills, N'~ -
silver certificates, 56a56 5-S, Bar silver
Sc. Mexican dollars, 10.
Government bonds weak. state bonus
| dull. Railroad bonds weak.
STOCKS IN LONDON.
The Evening Posts London financial
oabIaeram saws: The stock markets here
orc stapnant and duh, being entirely dom
! mated by the Cuban question. The fea-
| ture to-day was sharp drop IN spanish
g. Tbev opened at So ID, touched 50. and
| closed at 531-4. 1t is still believed here
tbat New York traders are dealing in
the hen Americans gave way, in sympathy
with the New York lead. Stocks are MOI
rnaiIv messed for sale here. but there are
| t0"''y aIizotions from the Continent. The
c,ose was better, on New York support.
~ 70 believed that the Chinese loan has
been only about half applied applied, Tor n mere ,Sc
II is quoted at half discount IN 'he
D' st the allotment Of English Treasury .S,l'
NJ ,o-day. nearly G2,00JOJO were taken
~ D,' twolyemonth bills at 2S-l6 per cent.
ntw loRK STOCK QUOTATIONS.