Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-10
STOCKS LISTLESS.
THERE WAS, HOWEVER, AN EARLY
BURST OF ACTIVITY.
MONEY ON CALL STEADY.
Sterling Exchange Weak-BOnds
Dul1-COtton DuII-Whent Irregular.
Shade Better.

NEW YORK. March 9.--Trading on the
Stock Exchange was listless all day,
with the exception of an early burst of
activity. There were buying orders at
the opening, and there was an additional
incentive on a sharp recovery in London
exchange. so that professional traders
who were seeking the vulnerable points
in the armor of the bear contingent sue
ceeded in bidding up prices to uncover
margins of some of the shorts. The re-
suit was scramble to cover that helped
the rise, which was most marked In the
Specialties, but which extended up 10 a
point also in the railroad list. one unim-
portant failure resulted from the squeeze
of the shorts. After the reduction Of the
short interest prices sagged, with only
occasional slight Interruptions, during the
remainder Of the day. In the late deal
ings the level of the market had fallen
practically to last nights level but a
hardening at the close resulted in u small
gain throughout the list.
The progress of a periodical scare on
the London Exchange caused some buy
and uncertain tone of the foreign markets
was. however, more or less reflected here.
The weakness of foreign exchanges on
reports Of international trouble I'm Brazil
also had its influence I'm unsettling the
local stock market. Realizing In New
York Central after the declaration OF the
regular quarterly dividend, had de-
pressing influence on the list.
The continued engagement of gold for
import had no influence. in view OF the
hardness of money rates, the stihening
of time money, and the increased eXac-
lions of lenders on mercantile paper, both
here and at other domestic centres. For
eign exchange continued weak, the ac-
tual rate for demand sterling falling to
siS37-S. and the posted rates being re-
duced -, both for long and for short
sterling. This was i'm spite of stfffening
of the discount rate in London, which
was, however, reflected in a rise in ster-
ling exchange, both at Paris and at
Berlin.
The bond market was dull to-day, and
there were some recessions from early
prices, but the tone was firm. Total sales,
81 49O eco.
United States new as, registered, adj
vanced IA; do, coupon, and the old As.
registered, l; old As, coupon, -, and the
5's. IA bid.
The total sales Of stocks were 900
shares, including Chicago Burlington
and Quincy. 1896; Manhattan. 1890;
New York Central, 1904; Northern Pacific
7720: do. preferred. II $50; Rock Island,
1888: st. Paul, % ,492; American Tobacco,
IL $3.50; Peoples Gas 5,15O; Sugar. $500
MONEY AND EXCHANGE.
3 p. M.-Money on call steady at pa
2l-2 per cent: last loan, per cent;
prime mercantile paper, 4ql IL per cent.
Sterling exchange weak, with actual
business in bankers bills st AS3 7-Sa A.A
for demand. and $4S1G$4a IA for sixty
DAYS: posted rates. S4.S20$.S3 and 1850
Si.S5 -; commercial bills, $3.50 1-2.
Silver certificates 81 $685.; bar silver,
54l-4: Mexican dollars, Al 3-i.
Government bonds strong. State bonds
dull. Railroad bonds firm.
STOCKS IN LONDON.
The Evening Posts London financial
cable SAYS: To-day's settlement in the
stock market has revealed a compare
lively small account. on account OF
recent foundations, and considering the
dearness of money. Stocks were lightly
dealt in. This was noticeable in Ameri-
cans. The settlement in that market
shows that as a result OF the recent
heavy foundations the account is smaller
than for months past or else the stock
has done into stronger HANDS. AT the
same time the recent shake-out was so
severe that undoubtedly the next initia-
tive will have TO come from New York
A weak bull account was disclosed in
Grand Trunk, where the contangoes were
as high as 20 per cent.
The general tone in all the markets was
better and calmer to-day. but the close
was under the best. The shrewdest finan-
ciers here look for no immediate recovery
in the best investment stocks, because
Of the dearness of money. but it is be-
lieved that speculation may revive after
the floating of the Chinese and other
loans.
Gold is still being bought for export to
New York.
There was a sharp fall in Brazilian
stocks at the close. Exchange is down
G3-Sd.
Private cables report suspension of
business in Bombay, in consequence Of
riots.