Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-31
STOCKS VERY ACTIVE
THE Market, INDEED, A run
AWAY BULL ONE.
RAMPANT SPECULATIVE BUYING.
All Operators Apparently Believe
n Peaceful Settlement With Spain
II PrObabIe-wheat Nervaus-Other
Products Follow IL.

NEW YORK, March 30.-To-day's trans
actions in stocks might fairly be termed
| a runaway bull market. The over
whelming conviction Of ali operators on
Wall street seemed TO be that a peaceful
adjustment OF the controversy with
Spain is probable. Early rumors in oppo-
sition TO this were persstently and con-
fdently ignored. There were reactions
at times during the day. but these were
evidently due merely to realizing sales
by those who were content to take a
large profit already assured The day
closed with the buying movement in full
force. and with prices near the highest
level.
The days ne. gains In the railroad list
ranged from l to points. and in the spe-
cialties gains OF over points in Sugar
and nearly 7 points in Metropolitan
Street-Railway were scored. Some of the
shorts put on in Mondays bulge were
covered to-day. and helped the advance
materially, but the leading influence In
the market was a rampant speculative
buying movement. Tendon was credited
with being large buyer here. but foreign
exchange failed to reflect the fact the
| tone of exchange being firm Spanish
Government bonds showed strength in
| Paris and London; but this was called
a reflection Of the strength Of American
| securities. rather than the cause of 1t.
| Early reports from Washington that
| Spain had agreed TO free Cuba for a 500.
10000 indemnity gave the first powerful
| upward impetus to the market. The abb
stentiOn of the Senate Foreign Relations
| Committee from reporting any Of the
| the 'warlike resolutions I'm its custody, 12d
! the refusal of the House to interrupt
| the Presidents negotiations with Spain,
were interpreted as favorable factors.
| No account was apparently taken Of the
| implied suggestion accompanying these
| actions that the Presidents demands
upon Spain were sufficiently firm and
faY-reachinH to meet the objections of
! those who had threatened to oppose him
| I'm Congress. The underlying conviction
| In financial circles was that whatever
| these demands may be. Spain would ac-
| cede 10 them, and thus avert hostilties.
The bond market was by no means ac
active as were stocks. but the tone was
strong, and some notable gains i'm prices
were scored. Total sales. 81, $4,000 United
States new As. coupon. advanced l 1-2,
and ditto registered, / bid. There were
sales of the new AS, coupon, at per cent.
over yesterdays bid price, and of old 4S
coupon. at l 1-2 over yesterdays bid
price.
The total sales OF stocks were G5l 900
shares. including Atchison. preferred,
8. G5; Chesapeake and Ohio. $500; Chicago.
Burlington and Quincy, $3.50; Louisville
and Nashville. 1880; Manhattan l., 1865;
Metropolitan Street-Railway, 2l.S3l; Read
ing first preferred $50; Missouri Pacific,
= 4
Pacific 1880; do, preferred. 5000; Chi
cago Northwestern. $500; Rock Island,
32,575; St. Paul, n116; Union Pacific. pre-
ferred, $780, American Tobacco. 15.420;
Peoples Gas, 1880; General Electric,
5,345; Sugar, 1859; Western Union, $3.50.
MONEY AND EXCHANGE
SP. M.-Money on call steady at 1-202
per cent. last loan at ga per cent.
prime mercantile paper, sac 1-2 per cent.
Sterling exchange firm, with actual
business In bankers bills at AS3 Ia
s4S3 ga for demand and $3.50 3-4a$i.a for
sixty days: posted rates, ASl l-2qA.Sz
and s4S4 1-2Q$lS5; commercial bills. $3.50.
Silver certificates, 80 l-2Q56 l-2. Bar Sill
yer, So 3-S. Mexican dollars, A ga.
Government bonds firm. State bonds
dull. Railroad bonds steady.
STOCKS IN LONDON.
The Evening Posts London financial
cablegram says: More eagles were with
drawn from the Bank of England to-day
for the shipment to New York, and tho
bank has since raised the selling price
by a half-penny TO 76s. Sd. There Is a
possibility also of rise in the bank
rate soon.
After dull opening. the stock markets
here were practically booming to-day,
being led BY Spanish IL. Americans, and
Grand Trunks There is a tendency here
again to buy Americans, and prices were
above the New York parity all day. The
close in the street was a trifie under the
best. of which there was sharp rise IN
Kafflrs. first on rumors of the death o.
President Kruger. and then on reports
that the Deutsch Bank had declined the
terms of a loan to the Transvaal Gov
eminent Neither Of the reports We're
confirmed. but the latter was credited in
good quarters. The satisfactory termi-
nation of the settlement has given more
heart tc the markets, but much liqulda-
ton must perforce occur.
~-ru vnpE STOCk QUOTATIONS