The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-02
STATEMENT OF
SECRETARY LONG
Coming Late Causes a Rush on the
Stock Market.
WHEAT BOTH STRONG AND WEAK
by Turns But Closed on Top--Corn
oats and Provisions Firm--CottOn
DuIl-Spor i'm Fair Demand.
Richmond Markets.

NEW YORK. March The stock mar
ket took on no well-dehned character I'M
III after the publication OF the state
ment attributed 10 the Secretary OF the
Navy that the element Of Spanish official
responsibility Of the Maine explosion
might be considered 10 De eliminated from
the situation. This was in the last hour
OF the session, and the whole short inter
est apparently rushed 10 cover the short
lines That have been put out IN the last
Few days on tho developments following
me Maine disaster There had been COW
ering of shorts early I'm the day In con-
tlnuancc Of yesterdays movement but
httle later other short selling developed
on the theory that the market would GER
tainy sag again after the large short
interest had been covered. The market
had apparently swung 10 a standstill. and
was drifting rather aimlessly. without
yielding when a buying movement set I'm
on the Long statement. and the trading
TOOK on all the appearance Of o runaway
bull market. Some Of the advances were
violent Metropolitan Street railway being
pushed up 10 1881, net rise OF lS points.
This stock closed at 15i. Manhattan.
Sugar ana New York Central were also
conspicuous I'm tho movement the former
showing an extreme advance OF five
points and the latter two rising two
points each. There was large buying also
~ the grangers. and Rock Island rose
over two points above last nights level
The whole list felt the upward movement
10 very noticeable extcnt, and this late
bulge added 10 the very substantial add
vance already achieved. makes showing
very striking. net gains ranging from one
90 four points in the general list and
above that I'm exceptional cases. Buying
for London account helped the strength
80 the early dealings. There was some
recovery I'm Spanish securiues IN London
and this seemed 10 restore confidence TO
some extent over the relations between
Spain and the United States. The re-
sumption OF buying for London account
is in face Of a continued hardening of the
money market 900 London The inquiry
FOR gold for American account I'm London
and in Paris Is reported 20 he still very
keen. but no further engagements Of gold
for Import were announced tO-dayi and
tho rate for sterling exchange hardened
% fraction. but Is still at the gold import
point. Tho conditions I'm the local money
market have become more settled. the in
terror demands for currency being some
what less eager. The announcement by
The Treasury that no further Withdrawals
Vii be made for the present OF Gov
eminent deposits In New York banks Of
Mon Pacific payments also aided this
result.
The bond market was somewhat more
active to-day. and prices We're higher all
around. Total sales. S36O0Oc0. United
States new as. registered. showed a re-
covery of 1ik and Is. coupon. the old As.
registered. and the IS Of ] each. and
thc old As. coupon of igc. bid. and the
rs declined D. per cent
Total sales of stocks were 4j2 zoo shares.
including Atchison preferred. 629O. Chi
cago. Burlington and quincy, 9635;
Louisville and Nashville. 66S1. Manhat-
tam. - $50; Metropolitan Street railway.
To- so. Reading first preferred. j62, New
York Central. 1850. Northern Pacific.
~ 100. do. preferred, 1890: st. Paul. 49,.
nupffr TTUfpr Pacific
Denver and Gulf. boo, Peoples Gas. TO-
O2O. sugar. 1890: Western Union, I2O
MONEY AND ENCHANGE.-Mone ON
call active az 1AU2 per cent: last loan
100 per cent: primo mercantile paper,
r,u4 per cent. Sterling exchange ilrmer
with actual business i'm bankers bills at
iS4, for demand and at 4SliaN4s2 for
sixty DAYS: posted rates. 4S2kd4S3i2 and
fS5n4s6t commercial bills. 4NiN4Slia. Sill
vor certificates - nJ6A bar silver. -
Mexican dollars. AL, Government bonds
strong. State bonds dull, railroad bonds
strong.