The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-06
SOME DECLINES
VERY STRIKING.
No News TO Account for the Rapid
Selling.
A FEELING OF APPREHENSION
Was General, However, and There
We're Occasional Sensational Ru-
mors--May Wheat Advances
Ic.-Bank Statement

NLM AOiNhs Nhlln tt-ltliINluatiNh
VAS renewed with energy on the Stock
Exchange to-day. and the Saturday
short session was long enough 10 effect
some very striking declines. Large SELL
ue orders were executed for Washington
account as was the case yesterday.
TnDrc was no news to account for this
..iUuc beyond "a general feeling Of ap-
IrtHtusion over the spanish SITUATION.
There were occasional rumors OF new de-
t. Iopmcuts set afioat, but TO "a large eN-
r.ut they represented the guesscs Of room
traders as 20 the motive for tho Wash
nrfon selling. A rally In the late deal
nrs was in part The result OF covering
I. tho shorts who had sold early in The
U.y s. coincide OF the rally with the
appearance Of the bank statement seemed
u variance with the statement. which
WAS iu some respects disagreeablc sur
prise. a. contraction I'm loans. the falling
.n Iu deposits. and the decrease in cash
were much larger than had been expect
.I The fact that the financial world
Dad been going through such trying
period with so little alarm apparent was
accepted as bull card, I'm view OF the
uuI ryiug strength Of conditions which
d.. fhus demonstrated. Nevertheless. tine
general list shows marked net declines
.Nttudluc To- over point IN some cases.
Union Pacific preferred Northwest ana
Manhattan were the special points OF
weakness The grangers were relatively
nrm. and The cOalers also showed resist
.nre fo the decline. Dealings IN sugar
wore large. and there seemed TO be good
support for the stock As measure OF
... nnDlsincss felt hV the financial COM
muuitr over The status OF the country
relations with Spain. the statement or the
N.w York clearinghouse banks makes
striking exhibit There Us evidence or a
great drawing In of credits ana hAiuB
.f reserves The statement was a sur
nrief III had been known ihdt the de-
m.uis of the country for money Tor ac-
-r. use have fallen OF considerably but
tIe statement, nevertheless shows "a 1e-
crease In cash reserve of nearly NsW"'r
unu THAT This reflects the Withdrawal OF
Ionosts in New York banks by interior
r.tffut0ns as "a precautionary measure
ta strengthen their reserves Us beyond
I.uIf. The enormous contraction in loans
.r EI. f2s 900 rtUrcScuts tho precautionary
measure of the New York banks, ana
explains why money for purely spec una
.... uuruosCe has become scarce. Wnlle
liquidation on the stock EXCHANGE mas
...r forced and why prices were atut'll
depressed. 10 ls possible that some part
.. ODD. loan contraction is duo 10 iqu'da-
t.nu ou sterling exchange condleIdl'
nII.h has been Withdrawn from u5o J."
.munrfiug gold. but it lS the eehtiai pc
H.f tnnf gold imports have been maue
... fn. sale of new bills ON London pui-
.Ia-.rs Of American securities Wnl,n
ua- heavy and against craln sui 'iilef-ie9
frnm here The net result % lht cleoI me
Iur.. banks is "a decrease ln deposits on
y,s fg3 500. Gold in transit for New YORK
I'D received to-day amounts ln the atsie-
4.fn TO si.,NhfNN, WultN WI. 'Ni tN '' -
offset jon part 90 TIE bank losses Ot
.t.h THE situation I'm the stock market
.- closely analogous TO that on lne .ul-
minatiou of the rise ln prices li1t go
fcmber. The movement or lnoNel , 1meI
fo the interior 20 move the crops caus,u
. eHnoninc of money RACES ana hqulud-
fi0u of speculative stock holders.
Huu1e have not been as a.liNc aa
stocks. but have moved lh syIhp"'"4 -"t'ced
trom within 90 narrower range. nltgu
Sfafle old As and the DDS are = ioWeI'
and the new As "a lower pid. ,. ...,,
Mn. total sales of stocks to-day were
fnrton and quincy. II 90: Mg nIi.5 ,. ,'l,,
sf ~. Vow York Central. $50. Northern
1,..i9c preferred N 407. Rock Island; 10
tNl. ST. Paul 1885. People 11so ''0'V'
sugar. $500. Western Ohloh' ''Oo'
MONEY AND EXCHANGED on
..tU steady at . per cent last loan 1t =
u.r cent. prime mercantile paper, 81" n
n.r cent. Sterling eNchalEg u tari, e,'e
steady. with actual business 10 panheI1
bins at 4s4is for demand ana az 4od,Sn
ASIA, for sixty days. posted rates 50"
1851. commercial bills. 4SOti SlNe. Ger
uncates "a 055l-, bar siver. "t.s' Me M,Ai
yaaks state bonds dul railroad bonds
weak.
BANK sTATEMENT.-Th weekly
bank statement shows the following
snrnin. reserve. decrease -....S 2. 10 SO SO
InHn- decrease .......ss.'sss.' 4" '.- ~,
Specie. Increase '.''.. 5000 G ~ -0n
LEGAL tenders. decrease .s..s.s ~, 30. ~,
Deposits. decrease ..... .....'o 25lg ~ s33
emulation. 5 mS5g 6eid $50 S2s 500 in excess
of fhe requirements OF tic 40 Po' 0''
rs. rinancisr says: The statement OF
ODE. Associated Banks of New A"Ih ~
Gail H. disturbing tNNrtr MAll'I
Inv. b.su making Tor nearly thiee Meth9
...t The heavy decreases, hoW'NSl,
..tlr "a period longer imam ,t' -.
Iays which the totals are SUI 800 a,,,i,,-
r.uroecut As was outlined IN ,I'S 1X"iig
ID. l..f week the averages ulu NOT lt
....,f, fho LOSSES which the banks WeIt
tf.u sustaining through lhe HulP.n' ,-1"
10 the interior. The latest s, c ,i,i' drain
Mails very clearly hc extent on YIN" u i',''
,...r d.rroase in deposits can pc tIa1'u
.tr,,irh Ia lst OF twelve OF the l 4tt77,
n.nk- ranging from one to loui a., go
l.Ilrs fu each instance Ah' ".'f a. d.
.r.. b. chat this money mas son' ,,otb"r
tnetifufiOns. and this ls iutth,t
,.... ouf m the fact that New 1oiN -
Change at all important centres "r
t.I.r-d from heavy ulNt" u,i..il me-
sud I'm some cases IT." binped has been
MUM The amount snpP' Ultimate
..,..r. fban sufficient 60 meet RESUME,
t,.I. demands. AT times the n.y. a.
seemed Co have ceased u' I" 49, must
.
f ,,hefhfr IN Dr. 90 De- resumed |l
..r.tbar the tide will turn ana 'n- nt". az
t. dow. 90 New York I'm view VL N,0
.,,t .f.fament the heavy gold Nupv'
., d,.s not appear al al st1il-C'
rt fh. wonder l. That the 'hI"7.
l' ,,er. NOT larger. As might nav
~ ..u.rted there has been a. V"i
.9f,,oi reduction in loans, ana lnt ~
-.s.. .f Sf8 go 90 As accounted l"i III
a.. ugublatiou boo speculative cnCl,s, IN
a.. cans made iu order TO s'it" '.,,,,,'
,..,-,.- THE heavy sales on "' C",,.,.
i.tod sterling exchange az ,ul' ,,,.,-
.~c also Go be considered lll 1.'' tcef last
XIX. tuf for aU that the banks ioe' To-
,..sri,- s. 600 go cash. reserve re-
Auction ls only s. 49, 80 ana tii' ,',n,ine,
Ian over SepOO00No. The gold cuini,ie
. r,fron, will more than MAKE zap MI
3D., -crar,.e for two weeks ir
-...,,.,. ala rot call the usual llHl
rs..fao transfers from deppsltVl 49,.
-..r xe.k and while kansas iaCln. ,pirt,,
,....t. Will require within we nrN. 49,
~ forfv davs nearly Stvor" 10Y s1o,t
.t. f cannot be- said that tne op Ittr'tl
f.rore ANYTHING more IMAM 'tt,,e-
lrmuess in rates. the Cyl l,,,,,cee
ZION ig 30 sensitive that 8uu1t. ~ ND
,. n,.,,1 to bring additional INJURY ~"
..,rr the equilibrium. IL the 90
Comments of tho neNi Ten 90. q" .iic,
r.rrDleion Of our foreign comp IN
I.-. 49,. assured the money r1"Ihv' w..
,rof.hlv weaken. As Sc is' i@Is ,,,i,,t
tcfuallv declined from the h'sh P''''
cached carly last week
STOCK QUOTATIONS
At.tt.ov .............s li-S