Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-04-05
A BULGE In STOCKS.
1T DOES NOT LAST, nut NET GAINS
ARE HELD.
RUMOR OF PApAL MEDIATION
This IN the Sustaining Force In the
""n"ct, though Other Influences
Are Regarded ms About nm oo.c,-
Grain ana Provisions Advance.

NEW YORK, April f.-The interest and
the principal activity I'm the stock market
to-day came in the first hour The bulge
at the opening was caused bv a scramble
to execute all at once buying orders for
several thousand shares in each of the
leading stocks. These orders were placed
by frightened bears, who saw a warning
I'm the very buoyant tone assumed by
American securities on foreign exchanges
and who had in mind the sad experiences
Of the shorts last Monday. Upon the
execution of this mass Of orders at the
opening, prices promptly sold off again.
The decline was arrested when rather
more than one-half OF the advance had
been wiped out. Transactions for the
remainder Of the day were small, and
the fluctuations were narrow, outside a
few special cases. and there was little
interest or importance i'm the stock mar
kct. Notwithstanding the later weak
ness, net gains from ! TO over 2 points
were saved for nearly all the active
stocks.
The opening jump IN prices was in
sympathy with the buoyancy of Ameri-
cans I'm foreign exchanges, where the re-
ported mediation of the Pope between the
United States and Spain was viewed as
Of the utmost Importance This import
ance was enhanced by the fact that re-
ports given out by Spanish sources had
II that the POpe's mediation was offered
at the request of the United States. The
sentiment for peaceful adjustment, which
found expression i'm many pulpits IN this
country at Sundays religious services,
tended TO give color 10 the peaceful out
look. Professional traders, who were af-
ter the bears sCalps, were also very
busy disseminating an allegation that
President Mckinley had determined TO
embody a recommendation against war
| or fOrCible Intervention in Cuba i'm his
forthcoming message.
The early view, it was soon believed,
! had exaggerated the possibility of peace.
| The official denial from Washington that
/ the Pope had been accepted as a media
| tor between the United States and Spain
| was potent in dispelling this view. EX-
! pressions by men in Washington who
| are strenuous for firm action on the
! Cuban question, and who expressed their
| contentment with assurances given them
| after having seen the President Indicated
! the purpose Of the administration TO in
| sist upon Cuban independence. Notwith-
! standing these expressions Of opinion, the
! active measures taken by the Pope were
! taken as an Offset. This constituted the
! sustaining force which saved the mar
| ket from a full reaction from its opening
gains.
The bond market was dull, and after
opening strong prices eased off a httle
! but stiffcned again before the close. Bal
timore and Ohio G's. Parkersburg branch
sold at 1Ol. a decline of IL points from
the last sale Total sales, H72j'V0.
United States new As, registered, ad
| vanced 10 do. coupon, ] 3-S; the Ole
| IS. registered. /; do, copon and the IS
II. and the second declined Il per cent
bid. $500,
The total sales Of stocks were 322.9c
shares. including Chicago, Burlington
and Quincy. 80 .230 Louisville and Nash
! vine. 1OOSj: Manhattan J., 1920; Metro
politau Street Railway, 1876; Northern
| pacific lO15; do. preferred. 7nO; Mis-
souri, Pacific. $685. Rock Island, 1l0'O; 81
| paul. 42125: Union Pacific, &,O2S; Ameri-
! can Spirits, II. 76O; Sugar. Sl7SO
! MONEY AND EXCHANGE.
Money on call easier at l-2p 4 per
cent. last loan at IL pep cent; prime
mercantile paper 5a6 per cent.
! sterling exchange weak WIN aclu"
business i'm bankers bills at A.S5 ia
SiS28-i for demand and $3.50 IL for sixty
! davs. posted rates. SiSl l-2QA.S2 ano
! SlS41-2d$4ST commercial DIS Sf'oFa
/ $AS91-i. -,,,-.e. ,oo
silver certificates, So 5-Sd56 l-4c.; sales
! 1000 ounces al 50 lie; bar silver % l--o''
| Mexican dollars, Ajc.
! Government bonds irregular. STATE
| honds dull. Railroad bonds strong.
! STOCKS IN LONDON.
! The Evening Posts London hnanclai
cablegram says: The stock markets mere
| orened strong to-day. on the report tha'
! the Pope was mediating in the CUBAN al
! lair an on the securing of Chinese ports
! h, England. Spanish fOurs rose 10 81 =
| 4 general reacti followed, on uiS'
! belief that the POpe's mediation had Deei
| sought bv the United States, ana the
| MARKETS closed dull pending definite news
ae IN the acceptance Of mediation by Inc
| United States The buying OF Americans
80, rather extensive to-day, but IL WIS
, w., influential nor discriminate
! 4 stock Exchange holiday on Sa'uru'S
| navt is professionally announced 80.
In connection with the weakness OF th'
, r,,dnr discount market, 1t IS TO De oD-
! ,l,,.ed that more American DIS are Oh
IN, cane gold to the amount OF tSVo'-
dco Us bought to-day for shipment to
New York.
NEW YORK STOCK QUoT>TIoNs.
~" Closing