Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-11
STOCKS CLOSE FIRM.
THE MARKET LARGELY INFLU-
ENCED AGAIN FROM WITHOUT.
WHEAT WILDLY FLUCTUATlNG.
A Tremendous slide I'm July mt Chi
cngo-spnnish FOurs Better I'm Lon
don-Markcd Improvement In Spa
nIsh Exchange There.

NEW YORK. May l0.-The stock mar
ket was largely Influenced again to-day
by the wheat market, the movements IN
which unsettled the tone in all specula-
tive markets. To-day the wiping out OF
paper profits and the tumbling Of prices
In wheat, resulting in the uncovering OF
margins. induced liquidation in the stock
market. The stock market during the
early part of the day absorbed very
large line OF offerings to liquidate proiits
and the selling for London account was
also heavy again, the total sales Tor
that account being estimated at over 20
90 shares. The general demand for
stocks through commisison-houses was
sufficient to take up these offerings at
q well-sustained level of prices. There
was evidence. also. of the operation OF
hull pools here, and there in the list,
notably. i'm some of the loW-priced
stocks. which are usually almost inactive
ana immoyable. There were fractional
recoveries before the close, which was
firm. at net losses of over a point in some
cases.
Time loans were offered to-day at
per cent. up to four months. and prime
mercantile paper was also quoted lower
AT TO per cent.
STERLING EXCHANGE.
There was. nevertheless. a decline In
the rates for sterling exchange amount
inc to about half of yesterdays gain.
The market for railroad bonds showed
a reactionary tendency i'm sympathy with
stocks. but the business was not large.
Total sales. 81 10000.
United States new fours, coupon. sold at
a decline of ii from the last sale. BID
prices were unchanged The total sales
of stocks were $500 shares. including
ST. Paul, 37037: Union Pacific. preferred,
2i.sSO: American Tobacco. 1850: Chicago
Great Western, $3.50; Peoples Gas, 1880;
Sugar. 30. 10: Tennessee Coal and Iron,
63S7: Atchison, preferred. B.SlO: Burllng-
ton. 16. $50; Louisville and Nashville, b.
$50: Manhattan, 1900; Missouri Pacific
$50; Northern Pacific, $40: Northern
Pacific, preferred, $3.50.
MONEY AND EXCHANGE.
Money on call firm, at 2a5 per cent;
last loan at 3; prime mercantile paper
sac per cent.
Sterling exchange easier. with actual
business in bankers bills at S4Si LA
s4s43-i for demand and Sia l-ia$4.I IL
for sixty days; posted rates, AN ana
siS5l-2; commercial bills, $3.50 l-2pSisl.
Silver certificates, 56m56 "a. Bar silver,
Sc s-s. Mexican dollars, -.
Government bonds steady. state oonds
duh. Railroad bonds heavy.
STOCKS IN LONDON.
The Evening Posts London financial
cablegram says The stock markets here
were quiet but good to-day. The settle
ment showed a small account, but money
rates were maintained.
Contangoes on Americans were TO
: per cent. except on Milwaukee and st.
paul. which was scarce for deliTerey,
large block( Of IL having been recently
stunned TO New York. The tone or the
markets was generally good, notably Tor
Americans. although there was some
hesitation in dealing in the latter, because
il is believed that a big battle Is I'M
pending. Ill.
The inquiry for gold has momentanly
ceased. the Bank of England being the
only buyer. Spain is said to be buying
silver.
SPANISH FCURS BETTER.
Snanish As were better here to-day, the
carving rate charged TO Stock Exchange
holders being only one-half OF one FER
cent There is a marked improvement
in spanish exchange, making the sold
premium under 100. ,-.
The reason given is that the spanish
Government has completed arrangements
for war mortgages, but eXchahse u 80
snoculoted in that explanations must be
distrusted. The report that the July cou-
non has been provided for is probably
correct. | am told on good authority
49, the Rank of Paris advanced the
money on bank bills at per cent anu
a commission.