Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-02
STOCKS ADV ANCE.
ALMOST A RUNAWAY BULL
MARKET ON MAINE NEWS.
WHEAT CLOSES ON A BULGE.
Corn strong-Oats Also show
Strength-PrOyisiOn Score Small
Advances-Cotton DuII-Other Gem
ernI Market Reports.

NEW YORK. March 1.-The stock mar
ket took on no well-defned character
until after the publication OF the state
ment attributed to the Secretary of the
Navy. that the element of Spanish Of
ficials responsible for the Maine explo-
sion might be considered to be eliminated
from the situation. This was In the last
hour of the session, and the whole shore
interest apparently rushed to cover the
short lines that have been put out in
the last few days, on the developments
following. the Maine disaster. There
had been covering Of shorts early i'm the
day, in continuance OF yesterdays move
ment. but n little later, other short sell
ing developed. on the theory that the
market would certainly sag again. after
the large short interest had been covered.
The market had apparently swung to
a standstill. and was drifting rather
aimlessly, without yielding. when a buy
ing movement set in on the long state
ment, and the trading took on all the
appearance of a runaway bull market.
Some OF the advances were violent, Me-
tropolltan Street Railway being pushed
up to 1j3 1-2. n net rise OF - points. This
stock closed at ISL. Manhattan, Sugar,
and New York Central were also con-
spicuous in the movement. the former
showing an extreme advance of points.
and the latter g rising points each.
There was large buying. also, of the
Changers, and Rock Island rose over
9 points above last nights level. The
whole list felt the upward movement
10 very noticeable extent, and this
late bulge, added 10 the very substan-
tial advance already achieved. makes
showing of very striking net gains, rang
ing from l 10 points in the general
list. and above that I'm exceptional cases.
Buying for London account helped the
strength i'm the early dealings. There
was some recovery in Spanish securities
in London, and this seemed TO restore
confidence to some extent over the re-
lations between Spain and the United
States.
The resumption of buying for London
account is in face of a continued hard
ening of the money market In London.
The inquiry for gold for American ac-
count in London and in Paris Is reported
10 be still very Keen but no further en-
gagements of gold for import were an
nounced to-day. and the rate for sterling
exchange hardened a fraction, but Is
still at the gold-import point.
The conditions in the local money mar
ket have become more settled, the in
terror demands for currency being some |
what less eager. The announcement by |
the Treasury that no further withdraw
ais will be made for the present of gov
eminent deposits in New York banks OF |
&c oil
result.
The bond market was somewhat more |
active to-day, and prices were higher all
around. Total sales. $4,000. United |
States new As, registered, showed a re-
covery OF Is, and As, coupon. the old |
As, registered. and the IS, one of each,
and the old As, coupon, one of 1-2 per |
cent, bid, while the 2s declined l-2 per
cent.
The total sales of stocks were 452, 700
shares including Atchison preferred,
6 go; Chicago, Burlington and Quincy,
% 635. Louisville and Nashville,
s ssl; Manhattan, $3.50; Metropoli-
tan Street Railway. 1920; Read
ing first preferred, $50; New York Cen
trail. 16 ESQ; Northern Pacific, H.12O; do.
preferred 1890; st. Paul. 1880; Union
Pacific. 5000: Union Pacific d. and G.'
) 1905 Peoples Gas, lO,OD; sugar, '9,o-o'
western Union. I2D.
MONEY AND EXCHANGE.
Money on call active at S-i92 per
rent last loan at 2 per cent; prime
mercantile paper. 1920 per cent.
Stepling exchange firmer, with actual
business in bankers bills at $iSi Ia for
demand and sis1 1-2as4.S2 for sixty days;
posted rates, si.s2 1-2as4SS IL and A.S59
a So: commercial bills. sisl@AS2 IL.
silver certificates. so 3-suo6 S-s; bar Sill
YER SSH: Mexican dollars. 40 IL.
Government bonds strong. state ponds
,ull. Railroad bonds strong.