The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-16
THE MARKET
WAS PULLING.
Responded Only in Part to the Fall in
London.
WHEAT BECAME WEAK AT CLOSE
This Prccipitatcd Flood of Sell.
ing Orders i'm July.-Corn and
Oats Follow.

NEW NORk. March 15.-Thc movement
OF Stock prices to-day was confined ana
The market very puzzhng. Decidedly
lower quotations FOR Americans iu lOn-
don caused am unsettled tone al the OPEN
lng. Prices partly responded 10 the Lon
ZION Initiative. but did not fan fully 10
thc London parity. 4 furious buying
movement quickly developed which lifted
he level Of the whole market strongly
above the last nights closing. The Duy-
ing was most conspicuous in the local and
industrial spcciuucs. but there was mo-
lack or strength I'm the railway list, either,
the demand Tor the grangcrs being espe-
Cially heavy. Heavy realizing met the
advance and wiped out large part OF 10
before the first hour had expired. TINS
was the most active period OF tho day
trading. There then cnsucd slow ana
labOriOus recovery. which developed
higher prices than the first squirt. ana yet
this second advance also was wiped out
no practically all cases except some Of the
rpcciultiDs and the day shows net losses
in mot of the standard stock extending
Ip "a point or over in some cases. wall
street opinion of Che outlook was on the
aNrfuDD less. auUTeneuFlFt. Inc movement
of Spanish as in London ana Paris, which
partly recovered after an carly decline,
reflected growth Of similar opinion
there. hut this was probably derived In
part from the strength Of the New YORK
market yesterday and this morning Lon
don sold freely here on the morning adj
vance. and there was heavy reHizing be-
side attributed 20 very powerful local
market interests. The character or TINS
realizing suggested that the advance
might have been manipulated. The ed-fy
advance was materially hclpeu by the
aggressive strength OF the local traction
stocks ON account OF the belief IN antdgO-
nism 10 rapid transit plans I'm influential
quarters. Metropolitan street railway
was at one time zap six points and Man
haitian Hs. a number of the Industrial
stocks also rose over two points, and
..r.r 3D.. a. To-
time showed net advances Of over point.
Prices for foreign exchange moved 20
lower level to-day In spite OF additional
engagements Of gold for import. Actual
rates for demand sterling declined y. and
tho actual rate for siXty-day bills as well
ns the posted rates for both long and
short sterling. fen y per cent. Reside
the engagements of gold for import from
So 100000 was announced from Australia
fo san Francisco. There was no easing
of the money rate i'm response to these
movements.
The bond market was strong up 20 the
closing when prices eased of I'm sympa-
fnv with stocks Total sales. sz.l9OOOO.
United states new as advanced ~ and
fhe 5s p. and the old As, registered, 4
The total sales Of stocks were 42s 100
shares including Atchison preferred,
Dos. Chicago. Burlington and Quincy.
4s7l3. Louisville and Nashville lO1lO.
tam Traction g.jl3. Missouri. Kansas and
Texas preferred $500. New York Central,
eN-dividend 70i0. Northern Pacific, 900,
do preferred 1870. Rock Island 1880;
So Paul. g. 10. Union Pacific. 600;
American Tobacco. 1O9O5; Peoples Gas.
1880: General Electric, $40; Sugar ex-
dividend 1850.
The Evenings Posts London financial
cahlorram SAYS: In spite of Lord Sails
a. here
opened better to-day. I'm the absence Of
further disturbing news. but on heavy
selling of Spanish and other stocks from
Paris. au the markets slumped. Ameri-
cams at one time were very nat. There
was no support from arbitrage houses
and prices here were below the New
York level Then two big New York
houses turned round and bought, prices
rallied. and simultaneously Paris stopped
selling. with the result that the bears
FASTENED 90 scramble i'm. causing prices
300 all the markets 10 lower. Spanish
bonds were J20534i. closing at -. Grand
Trunk was better I'm sympathy with
Americans and South Americans were
better. I'm spite OF the heavy premium
on gold hy the Bank OF France ! under
stand that shipments from Paris TO New
York still pay. There is an impression
u good quarters that the Bank Of Eng
land may raise the price Of eagles on any
further considerable Withdrawals. The
london market is ga, and consequently
Che Bank of England monopollzes the dis
count business.
MONEY AND IcNCHANGE.-Mo Money on
call steady at 2u2is per cent; last loan
100 - per cent, prime mercantile paper
a. ,li4f1 per cent. Sterling exchange weak
with actual business I'm bankers bills at
tS;N4S3as for demand and at 4S0h01SOh
for sixty days: posted rates. 4S1lI64S3
ana 1910 4N5is; commercial bills, 4e0h0
fNuit Silver certificates. Jj0Jjat bar
silver 5Jis: Mexican dollars. ~. Govern
mcnt bonds strong State bonds dun: rail-
road bonds strong.