Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-05
STOCK MARKET WEAK
losses OF FROM TO : PER CENT.
on VERY SMALL BUSINESS.
SELLING FOR WASHINGTON ACCOUNT
,~bts Gives Rise 90 Numerous War
like Rumors Rearing ON Spanish
CompiIcation-When Declines
corn Wcal-ProVisions Down.

NEW YORK, March f.--The course OF
stocks shows losses OF from l to 9 per
cont. to-day, on very small business.
The market was quite inanimate az times
and what business there was was con-
ta.ned In a few leading stocks. An OF
fgfse showed weakness. but the down
ward course was pursued I'm a very desul-
Tory manner untI the final hour.
.bsn The bears made quite a determined
drive. They broke the price OF Reading
SIS, preferred tour points, and carried the
general list TO the lowest OF the day.
l.t covering in special stocks induced
some rallies. notably in Reading LIST pre-
uucd New York Central, and Metropolis
Gan street Railway.
Higher quotations from London lifted
.he level of prices at the opening. but
la. ial was practically UNINTERRUPTED
aterward. Efforts TO rally the market
we're feeble and unsuccessful. Sugar was
under considerable pressure, but showed
s51d resistance. Union Pacific preferred
was depressed all day. and closed over
40 points lower. New York Central fell
"a. one time over two points. but rallied
one and a half in the final dealings. The
local traction stocks were sufferers after
The opening, The extreme decline i'm
Metropolitan Railroad reaching nearly
SIX points. The Changers also figured
largely in the selling.
A large part OF this selling was known
t1 De FOR Washington account. and in
curry was very keen for news TO account
Tor &c. Significant news was scarce. and
ODD .ts absence numerous rumors were set
4tlat, one 10 the effect that purchases
o. W1rships abroad had been made by
The United States Government. The re-
u,Wcd depression OF Spanish securities
abroad, and the news of the purchase of
JNO warships by the Spanish Government
had some effect.
London operations In this market were
Insignificant. the tightness Of money in
London having apparently put a stop
t1 speculative activity here. Notwith-
standing the hardness of the London
money rate, and the tendency to relaxa-
t.Ou in local requirements, foreign ex-
change went lower again to-day, demand
sterling falling to A.S41-S.
Nearly all the $2SOO,OOO in gold which
starts for New York tomorrow comes
from Paris. and no small part of it is
said to represent the French payment
for American securities bought in Lon
don during the recent disturbances in
Paris.
The weakness in exchange is due to the
continued pressure of grain bills. sold
against the shipments of the Chicago
wheat pool.
The bond market was listless and heavy
to-day, i'm sympathy with stocks. Total
sales. $2.625.O 600 United States new As
and the old as. coupon, were IL lower,
Did, to-day.
The total sales of stocks were 3Ol,50O
shares. including Chicago, Burlington and
quincy. 17475; Manhattan. 22,SO0 Read
ing LIST preferred 5.135; New York Cen
ral. 1884; Northern Pacific preferred,
la go: Rock Island. 11.77O; st. Paul, 3.56j;
Union Pacific, trust receipts, 1866; Ameri-
can Tobacco, $50; Peoples Gas, 1910;
sugar 1871.
MONEY AND EXCHANGE.
z. M.-Money on call firm, at 2a2 -;
last loan at .; prime mercantile paper.
3qf1-2 per cent.
Sterling exchange weak. with actual
business in bankers bills at A.S Is for
demand. and S4.S1 1-2d$4a "a for sixty
DAYS; posted rates $LS34H.S5 II; CONNER
eaI bills. $iS03-4
Silver certificates, q l-S0d 5-S. Bar sill
yer 41-4 Mexican dollars, 40.
Government bonds weak. state bonds
dull Railroad bonds weak.