Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-23
STOCKS DEPRESSED.
ALL CIRCLES FEEL CERTAIN OF AN
INTERNATIONAL CRISIS.
MORE GOLD ENGAGED FOR IMPORT,
4 Concurrent Easing on In Ex-
change Rates-MOney Easy-COtton
DulI-Whent Strong, on Weather,
and War Probabilities.

NEW YORK, March 22.-Offers to sell
were not heavy in to-day's stock market.
except in n few stocks, and intermittent
ly. But the buying demand was at so low
an ebb that even the desultory offerings
that were dribbled upon the market drove
prices downward almost constantly. The
result is seen i'm net losses of between
two and three points in a great many Of
the standard railroad stocks and lead
ing industrials. and Of over three points
in the local traction specialties. During
the morning session there were evidences
Of an attempt to support prices in a few
stocks, owing 10 the efforts Of large
operator recently returned to the street.
There was also extensive covering by
another of the largest operators in the
street, who has recently been a persistent
seller. The slightest indication of a rise
in prices brought out such heavy offer
ings all through the list that the half
formed purpose apparent to bid up prices
was abandoned for the rest Of the day.
Apparently, the burst of animation in
the final hour was due To considerable
short selling, as there was a tendency To
rally on covering just before the close,
but this rally was 50 feeble that the
covering movement was given over. and
prices fell away TO about the lowest, at
the close.
The great bulk of the dealings was in
the Changers, Union Pacific preferred,
Sugar, and the local traction stocks. The
railroad stocks were affected by the re-
ri
continued depressed, on the belief that
the company was on the verge of a war
for supremacy in the trade. The local
traction stocks were affected by threaten
ed complications growing out of the
proposed rapid-transit project. But
while these special causes had an appre-
ciable influence, the shadow on the
market was the development of the gov
ernment's Cuban policy, in which all
circles feel certain a crisis is now immi-
nent. Evidently no one wants TO buy
stocks until this question is settled.
Another feature Of the day was
further announcement of gold engaged
for import and concurrent easing on
in exchange rates. 1t was felt yester-
day that the gold movement had probably
come 10 an end for the present, and as
this was believed to be due to a prospect
with favor by the speculative community.
According to this reasoning the resump
ton to-day of the gold movement might
be regarded as an unfavorable factor,
though the further influx of gold must
make for easier money, even though 1t
is not an index that easy conditions have
already arrived.
The dulness in the bond market was
even more pronounced than that for
stocks. but the losses were comparatively
small. The total sales were $l,39O,OJl.
United States As were l-2 higher; the old
As, coupon, Ia higher, and the rs IL
lower, bid, to-day.
The total sales OF stocks were 26J,9O
shares, including Chicago, Burlington and
Quincy, Q, 225; Louisville and Nashville,
7l9O; Manhattan, 1852 Metropolitan
Traction. $40; Northern Pacific preferred
IiSsO: Rock Island, $50; st. Paul.
81 i6i: Union Pacific preferred, 1925;
American Tobacco, 1885, Sugar 6O,9jO.
MONEY AND EXCHANGE.
Money on call easy at 1-242 per cent;
last loan at per cent; prime mercantile
paper 1-2a5 l-2 per cent
Sterling exchange easier, with actual
business in bankers bills at $LNaA.S4 is
for demand and $id l-4ltSi.Sl 3-S for sixty
days, posted rates St.ozu7f.o- - anu Ri'c1"
Sis5 IL; commercial bills, $3.50 l-iuSiSO "a.
Silver certificates, sass IL. Bar silver,
10 "a. Mexican dollars, IS.
Government bonds irregular. State bonus
dull. Railroad bonds weak.
STOCKS IN LONDON.
The Evening Posts London financial
cablegram says: The stock markets here
continue quiet and dull to-day, the only
feature being the better tone on improved
conditions on the Paris Bourse and the
revival Of French specialties, such as Rio
Tinto copper and DeBeers mine. Ameri-
cans are simply waiting on New York.
They closed weak. Brazils were better.
The demand for gold for New York is
less keen. in consequence Of the rise in
exchange. The China loan is going fairly
well here, and was apparently well re-
ceiyed in Berlin, where the subscription
list was closed at noon. The new Union
pacific shares carried over to-day for
the special settlement on Thursday
showed a shortness OF the stock, much
Of II having been taken up. The diffe-
rances to be met on Thursday are, how
ever enormous. and assist in the present
sta gnation Of Americans.