Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-04-02
STOCKS CRUMBLE.
VAIN ATTEMPT OF BELIEVERS IN
PEACE TO MAINTAIN PRICES.
INTEREST ON SPANISH rs PAID.
Money Is Supposed to Have Been
Advanced by Rothschilds on Pro-
mise of Peacc-whent Advances
Provisions Wealen.

NEW YORK, April 1-The process
which went on in the stock market to-day
was a crumbling and disintegraton OF
prices. There was a large and influential
party I'm the Exchange who manifested
their confidence In aGeaceful settlement
between the United States and Spain, and
who increased the values of securities
by determined support Of prices all
through the early dealings The buying
by this element during the morning hours
was very large, but prices kept slipping
downward. The weight of the growing
depression proved too heavy to be car
ried. and the attempt was abandoned IN
the afternoon, when general and heavy
liquidation was in full force. Net losses
on the day run from 2 TO over points
in the principal active stocks.
The ground Of the early confidence by
some operators that war would be avert
ed seems to have been founded on the IN
ference that the interest on the Spanish
fours which was paid to-day, In spite OF
recent doubts whether the money Woulu
be forthcoming. was advanced by UT
Rothschilds and that the advance was
based on knowledge that the Spanish GOV
eminent would make a peaceaDIe set.'V
ment of the demands of the Ohlteu
States; but, as the day ADVANCED tle luC az
took more and more DEFINITE snap. u
the news Washington that the Spdillsh
Government had, on the contrary re-
fused the demands of the United states.
The consequence seems necessarily 70 ~
that the whole question VIII De supihl ~ y.
to Congress for settlement. rms Was -
10 invOiVe the abandonment OF ulPioHia'S
and an early resort TO force. =,
American securities. after opening on
in london, improved before the opening
here. and advanced quite violently allg'
trading had commenced In New YORK
SnoniSh fours which were traded in OK
coupon. fell full points in LONDON DsIoi
the rallv set in, and then recovered 81,
apparently on the early strength sho"h
by the New York market r.,s
a significant feature OF the uay W.
the marking up of call loans to per
The growth of the selling for Washing
ton account. as the day progressed, WI
an essential factor III the l"te D' N"N "
the stock market. ,. hut
tho volume of liquidation Increased as
the day progressed, and some shaIp lV 49,.
are shown. Total sales, N.6JOOOO. 20.
eminent bonds were weak thLous 49, III.
The new as, coupon. fell "a; 40 regis
tered. 2 the old As registered !, ana me
Is. q, i'm the bid price. There We're sales
of the new As. coupon. at Pa. decline
of 81 from last nights bid price. -, ,oo
The total sales OF stocks WEI e Sr,,-l'
shares. including Atchison, preisftreu'
| $3.50: Chicago. Burlington and quincy
| 20 2S6. louisville and Nashville, lo'1St
Manhattan. 2g,S0l; Metropolitan street
| Railway. Is 800 New York Central, y,91u
Northern Pacific, preferred, T,'So' C ~ con-
go Northwestern, $50; Rock Island l6't VIZ
| 81. Paul. 6S 720; Union Pacihc' ~, 10
| American Tobacco. 2745s; Peoples Gas
10 800: Sugar. III. 300; Western Union, 5'5oS
MONEY AND EXCHANGE.
3P. M.-Money on call firm, at 2qC pei
| cent: last loan at per cent; fiihl'
mercantile paper, 1aol2 per C I'm aetna
| husiness in bankers bills at A.S5l2nA.S5f
| for demand. and SiS4nA-8l Tor siA ~!
| DAYS: posted rates. A.@l2uA2. and A'H1
GSiS5; commercial bills A.S. -,
| Silver certificates, 50Auo64c Bar oil
YER &c. Mexican dollars, 4jc.
Government bonds, weak. state bonus
dull Railroad bonds weak.
| STOCKS IN LONDON.
The Evening Posts London fnancia
| cablegram says: The stock narkSts HeI
were Eeverish to-day, pending deNeaoi
| ment of the American-Spanlsh cohtroNei
~ Having interviews with the America
ana other financial houses here, L nm
that the consensus Of opinion faVors a
amicable settlement. The belief mere
that President Mckinley so framed IN
dispatch 10 Spain that, while thorousni
preserying American dignity, SPANS
pride was duly considered. weak DuI,
in Americans, however, were uildple
stand the tension on their nerves, "A, an
flung away stocks indiscrimnatey, II
movement was assisted by a sharp f.. "a
in Spanish fo1rs to ~, altn9ugh ,ney , Su.
seauently closed at - IL. rms drop llu'
not he connected solely with the straine
relations with the United States. pnt
a result of the forced sales from Parl
alluded to in these dispatches yesterua.
and which have now proDaDly Cast
| Northern Pacific was eAceptloildl
bought by Germany.
BANK CLEARINGS.
r,. .o,o, hank clearings in the Unite
ne 'V this week were 81, 006,05 1i2; u
o ooat' Increase. 293; exclusive Of Ne
York Vnrk s4i7. SO, 1892; per cent. increase, liS'