Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-15
STOCKS ARE STRONG.
THE EXCESS OF BUOYANCY A SUR.
PRISE TO MANY.
BOND MARKET ALSO STRONG
Money on Call Easy.-Sterling Ex-
change Steady-Cotton Steady-All
Wheat Futures Weak, Except May.
Markets In General.
Markets I'm General.

NEW YORK, March H-The stock and
bond markets were strong throughout to-
day. Different opinions were offered as
to the cause Of this, and probably all had
some truth I'm them. That the excess of
buoyancy was surprise to many profess
sional traders, even to those who expect
ed some natural rebound from Saturday $
excessive depression. was evident. Prices
of Americans were advanced in London
before the opening here. This was the
more notable on account of the acute de-
preston of the Spanish Government
funds, which fell 1-2 in London, on Paris
selling, and showed an extreme decline of
rs in Paris. The course Of these bonds
has been looked to as true index of the
diplomatic relations between the United
States and Spain. This discrepancy might
mean that capital looks favorably upon
the excellent financial and industrial con-
ditions in the United States, in spite of
the danger of war, or it might mean that
the acute financial distress OF the Spanish
Government detracts from the value of its
bonds, in spite of the chance Of peace.
1t is not to be lost sight Of that United
States bonds in the local market declined
1-2 per cent. in the bid price, in the face
of the strength of all other securities. 1t
is possible, however, that the stiffening of
the money rate may have accounted for
his movement. There was certain infor-
nation that there was very large cover
ing of short contracts which had been left
open over Sunday, on the belief that
some new and dangerous development
was imminent in our relations with Spain.
The firmness of prices was sustained to
the close. This was demonstration that
the underlying strength of business condi-
lions would quickly bring about re-
covery of prices, upon any relaxation OF
the tension over the Cuban question. Gold
continues to be engaged abroad for I'M
port to-day's announcements aggregating
considerably over 100000. The fall In
the rate of exchange on Paris and Berlin
and the relative steadiness of the rate on
London indicates where the pressure for
gold is being felt, and there was a re-
Spouse in the stiffening Of the money rate
in Paris and Berlin. Money is still moving
to the interior from this point, and the
receipts of gold had no effect to-day in
will be withdrawn from the market to-
day, and covered into the Treasury for
payment on account OF the Kansas PACT
fic sale. Nearly all active stocks are from
2 to per cent. higher as a result of the
days trading.
Prices of railroad bonds lose in sympa-
thy with stocks, but the overwhelming
proportion of the dealings was in Atcnison
adjustments and Union Pacific new As.
Sales. 100000. United States bonds were
IL per cent. lower, bid, except the AS,
registered, and the 2's, which we're I'M
changed.
The total sales Of stocks were $4,000
shares. including Atchison preferred. TO-
120; Chicago, Burlington and Quincy, Al
$50; Louisville ID Nashville, 9.Sl5; Man
haitian, 26.5S1; Metropolitan Street Rail-
way. SSS7: New York Central. 12550;
Northern Pacific. 5,OS9; do. preferred, 3d.
$50: Northwestern. $500; Rock Island, H.
900; St. Paul. 603Si; Union Pacific. 6.29O;
American Tobacco, 9,110; Peoples Gas. TO-
800; Sugar. GIGS.
MONEY AND EXCHANGE.
3P. M.-Money on call easy at 2d2 IL
per cent: last loan at 21-2 per cent;
prime mercantile paper, Apps 1-2 per
cent.
Sterling exchange steady. with actual
business in bankers bills at A.4 S-4 for
demand and $4s43 -4 for sixty days; post
ed rates, S4S2d$4S3 and si.Sqa.S 80 IL;
commercial bills. $3.50.
Silver certificates, 5Sa5S SIS; bar silver,
5S1-2; Mexican dollars, Al "a.
Government bonds weak; State bonds
dull railroad bonds strong.
EUROPEAN STOCK MARKETS.
The Evening Posts financial London
cable says: Americans continued unset
tied and feverish the chief depressing in
fuence to-day being Paris, where the
Rourse was demoTaliZed by the fail In
Spanish securities and the coulisse agi- |
tation.
The severe slump in Americans In New
York on Saturday attracted the attention
of BUYERS here, and prices opened Sl.59
above the New York parity, New YORK |
TO this latter. Another I'M
nrovement took place. Influenced by buy !
ING for Germany, but the close was dull
on the street.
Kafirs which have been dull tho last !
few DAYS on Paris conditions, closed |
nanicky on the news of the murder OF |
Woolf Joel, the existing head OF the nrm
NJ Barnato Brothers. one small STOCK |
exchange failure was apnounced, but II
r,os moi connected with Americans.
Indjcations of q continuance of dear |
money stin exists A large amount of
aoJd was bought for New York to-day. |
The question of a rise in the Bank of
England's rate on Thursday is much dis
amesed The open market rate Is 3-l6
The Paris Bourse was trihe better
ofter a period of dulness. Spanish secu- |
titles which had been 50 l-2, closed at |
52T-s The Berlin market was steady.
Arw YORK STOCK oUoTATIoys.