Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-04-06
STOCKS IRREGULAR.
WHOLE MARKET TURNS on DIsPO-
sITIOy OF PRESIDENTS MESSAGE.
DELAY THOUGHT TO MEAN PEACE.
Prices, Therefore, After Various Ups
and Downs, Stiffcn Before the
reguIar-Cotton Stendy.
reguiar-Cotton steady.

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 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 a
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
drfted 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 in strong
contrast 1t was evident that the con-
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 ret in when
| II was stated that the delay was due TO
| advces from Consul-General Lee that
| he would not be able TO secure the de-
parture i'm safety of Americans from
| Cuba before next Monday Prices stffen-
| 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 squirt Of ac-
| tivity Total sales. 81 $50 900. United States,
new As, registered, were II lower, bid.
| Prices otherwise were unchanged on the
! day. The new As. coupon, sold for III II
in the last transactions.
| The total sales of stocks were 3297O
shares. including Chicago Burlington
| and Quincy, 3120 Louisville and Nash
| ville $50; Manhattan l.. 1860; Metropoli-
q Isl
| preferred, G.72j; do, Northern Pacific,
| CAS- do, preferred, 1890; Rock Island,
| 1890; st. Paul. 34SG5; Union Pacific pre-
| ferred, 81 SIS; Union Pacific, Denver ana
| Gulf. 5.420; American Tobacco, lG,14J;
| Peoples Gas. $40; Sugar. $500.
MONEY AND EXCHANGE.
2P. M.-Money on cali firm at 21-2qS
| per cent; last loan at 2l-2 per cent;
prime mercantile paper sac per cent.
| Sterling exchange frmer, with actual
| business I'm bankers bills at A8 LA
I 81 S31-2 for demand and $3.50 l-4gA.D II
for sixty days; posted rates, A.aaA.a IL
and $i.SigA.S1-2; commercial bills'
$4.793-i.
silver certificates, 56d57; bar silver, Sc;
| Mexican dollars. As H.
Government bonds heavy; state bonds
| dull; railroad bonds firm.
| STOCKS IN LONDON.
The Evening Posts London financial
cablegram SAYS: The stock markets here
were waiting for President Mckinley
| message to-day. The tone was duh ana
| feverish. Americans opened fairly steady
! and then gave way on sharp IAN IN
| Spanish As. The latter subsequently raj
| lied on Paris buying, accompanied by re-
| ports that the Emperor of Austria was
| endeavoring to induce Spain to come 10
| terms. Americans recovered, with spa
nish As. but in the street all the mar
kets became dull again, notably Consos,
ON rumors that $4,000 in gold had been
ordered for New York from the BANK Oh
| 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 and call
Later. New York also took stock on
balance. .o-..., tn.
Gold TO the amount Of clSj,O0O was with
| drawn from the Bank of England to-day
for New York. of which ElOOOW was IN
| sovereions. II is believed that this in
| dicates an expectation of their probable
rot,,rn here soon. The banks selling
price of eagles is 76s. I'd, but the buying
price is probably Sd. less. Hence TO brlnS
| 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
| citv opinion still favors a probable avoid
once of war at the present time. The
| orevaIent rate for money here to-day is
US ner cent. contracts being made sub
| iaot bowever. to a possible rise i'm the
| Ronk of Englands rate tomorrow.
NEW YORK STOCK Quotations.