Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-04-07
STOCKS IRREGULAR.
WHOLE MARKET TURNS on DIsPO-
sITIOy OF PRESIDENTS MESSAGE.
DELAY THOUGHT TO MEAN PEACE.
Prices, Therefore, After Various Ups
and Downs, StiGcn Before the
CIosc-Wheat and Provisions Ir-
reguIar-Cotton Stendy.
reguiar-Cotton stendy.


NEW YORK, April G.-Therc IS
strong conviction I'm wall Street that the
delay in the sending IN Of the Presidents
message is favorable to the avoidance OF
war; This was clearly manifest I'm the
response Of the market to the early
rumor from abroad that the Presidents
message would not so in to-day, and to
the later authorized announcement from
| Washington that IT would be withheld
| until Monday. The disposition of the
message was the central point about
which the whole market turned all day.
| The assertions Of the newspapers this
morning that it would, without question,
so in to-day, and that It would declare
for forcible Intervention, caused the de-
cline at the opening, prices in almost all
cases being the lowest Of the day. The
resistance to the decline and the quick
recovery were a surprise to outside OBJ
| servers, who were prepared for something
| like a war panic on the Exchange The
| recovery was due TO cabled reports Of
| rumor i'm London that the message would
| not come in until next Tuesday. This
rumor was quickly discredited by state
| ments from Washington and the market
| drifted to a lower plane again, but not
| to the lowest.
The stagnant character of the trading
| during this period Of waiting was almost
| absolute, and the sudden outbreak OF
activity on the later reports which came
! from the capital that the message would
| be delayed until Monday was i'm strong
| evident that the
! clusion was leaped to that the withhold
! ing of the message was due TO the re-
| ception of further proposals from Spain,
| or TO movements for mediation by Euro
| pean Powers. giving promise that the two
! countries might emerge peacefully from
| their ENHANCEMENT. The violent advance
| was checked and a reaction set in when
| # was stated that the delay was due 10
| advices from COnsu-General Lee that
he would not be able to secure the de-
parture i'm safety of Americans from
| Cuba before next Monday. Prices stiffen-
ed again. however, before the close on
| the strength of the general sentiment
that the delay favored peace.
The money market maintained a wait
| ing attitude. Time money was firm at
6 per cent. for all dates but the eX-
| change market showed n hardening ten
| dency. Gold continues, however, to come
| from abroad.
Bonds moved i'm sympathy with stocks,
| and were stagnant until the last hour,
when prices advanced. on a squirt Of ac-
| tiVity. Total sales, 81 $50 900. United States,
| new as, registered We're II lower bid.
| Prices otherwise were unchanged on the
day. The new As. coupon, sold for l2l II
in the last transactions.
The total sales of stocks were 329,7OO
shares. including Chicago, Burlington
| and Quincy. 30 100; Louisville and Nash
| Vile, $3.50; Manhattan l.. 1860; Metropoli-
tan Street Railway, $40; Reading. lst
| preferred. 6.72j; do, Northern Pacihc
GAS; do, preferred. 1870; Rock Island
1890 ST. Paul 34,SG5; Union Pacific pre-
ferred, 81 ,675; Union Pacific, Denver ana
| Gulf 542O; American Tobacco, lG,4J;
Peoples Gas. $40; Sugar, $3.50.
| MONEY AND EXCHANGE.
2P. M.-Money on cali firm at 21-2aS
| per cent: last loan at IL per cent;
prime mercantile paper, sac per cent.
Sterling exchange frmer, with actual
| business I'm bankers bills at 81 SO La
A.S1-2 for demand and $3.50 1-4g$iSO II
for sixty days; posted rates, AaaSiN IL
| and $iSiq$4.Si -; commercial DIS,
! $.79 81.
silver certificates, 56d57; bar silver, So;
| Mexican dollars, As IL.
government DOllNo HtaNsg ''N'NN ''+'N-'
| dull; railroad bonds firm.
STOCKS IN LONDON.
The Evening Posts London financial
| cablegram SAYS: The stock markets here
were waiting for President Mckinley 5
| message to-day. The tone was dull and
| feverish. Americans opened fairy STEADY
! and then gave way on sharp IAN III
| Spanish As. The latter subsequently rail-
| MED bV
ports that the Emperor Of Austria was
| endeavoring to induce Spain TO come To
! terms Americans recovered, with spa
nish As. but in the street all the mar
| kets became dull again. notably Consols'
ON rumors that $4,000 in gold had been
! ordered for New York from the Bank OF
| England tomorrow.
New York sent selling orders for Ameri-
cans to-day. but at the same time gave
q LOT Of option money for put ana call
later. New York also took stock on
balance.
drawn from the Bank of England to-day
for New York. Of which Gl00.0JO was IN
sovereigns. II is believed that this in
dicates an expectation of their probable
return here soon The banks selling
nrice of eagles is 7Gs. I'd. but the buying
nrice is probably Sd. less. Hence TO bring
Them back means considerable loss. NO
Withdrawals for Saturday have yet been
announced. 1t is believed that nothing
but a war declaration will stop II. Inc
CITY opinion still favors probable avoid
once of war at the present time. The
nrevalent rate for money here to-day is
us per cent. contracts being made sub
iect however to a possible rise in the
Renk of Englands rate tomorrow.
NEW YORK STOCK QUOTATIONS.:
Closing.
.-.o.,a and SAINT, Fe .......... 1855