The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-29
HOLIDAYS HELD
MARKET DOWN.
Speculation CurtaiIed Both in New
York and London.
CONFLICTING RUMORS CURRENT
Regarding the Hostile Fleets Acted
as a Check Upon the Market
Great Expansion In Loans.
Stocks Closed Near the Top.

NEW YORK, May 2S-The fact that
to-day was a holiday In London, and
that Monday would be a holiday both IN
New York and London, had the effect or
curtaillng speculative operations IN
stocks. There were two conflicting re-
ports IN circulation, both coming from
different routes from the West indies,
one alleging that the United states fleet
had been sunk and the admiral Killed, and
tho other that Admiral Cervera had va
GATED the harDOr OF Santiago and escaped
with his fleet The market was not large
nor the movement wide to-day, ana
changes were small. There was reac-
ton coincident with the publication OF
the bank statement which was, on us
face favorable. But the expansion or
over $4,000 I'm loans. while suggesting
activity in business, goes with the knoWl-
edge that supplies Of commercial paper
have not been large IN the market, nor
has tho demand for time loans been eager.
The close for stocks was, however, near
the top prices under the manipulation.
end generally fraction above last night
closing price Prices Of stocks show some
substantial gains over those OF week
ago. though the latter part OF the Week
has seen a falling on in activity. Inc
later resistance 90 the decline mas been
encouraging TO the bun element, ana the
belief is general I'm wall street that the
p0werlessncss Of CerVeras neet 70 40
mischief has been demonstrated, ana us
ultimate defeat by the United States
forces f. confidently expected The imam
cial world looks forward 10 this deieal
Go bring into play many FACTORS OF
strength in the speculative outlook. Most
potent Of these IS the condition OF the
money market. which may now fairy ne
Designated as plethOric. The country s
net gold imports for the fiscal year VIII
evceed 500 10000. which has never be-
fore been approached. except In lSNl-
when 10 was over S91.O0OOOO. There mas
beeD al the same time a largely increased
output Of gold by the home mines, the
product for the present year being esu-
mated at SGoWoopo
The bond market has brOadened dur
ING the week and has given evidence or
investment buying at home points Prices
are considerably higher all around. bnlttd
States old As have advanced y ana the
SIS u In the bid price. others are I'M
changed
MONEY AND EXCHANGE.-Mone on
cau easier az 1L01is per cent; last loan
at ~ per cent, prime mercantile paper
39,14il per cent; sterling exchange
steady and nominal. with actual business
mand. and az 4S4h n 4Sil3 for sixty DAYS
posted rates 4Sj04S7is. commercial bills
4sg14Sg1a silver certificates. 1Nn19. bar
silver 577S Mexican dollars. 4'it. state
bonds dull railroad bonds strong Gov
eminent bonds strong
RANK sTATEMENT.-Thew weekly bank
statement shows the following changes:
Surplus reserve. increase .-...S NSs3.O
Loans increase .....- .s.-.s... 0.-,'-' 80
Suacic increase ...... ........ 4,45i,-pN
Legal tenders. increase ......... Z.Zs4 SNt'
Deposits. increase ..... ..-.... loolS'V"V
CiTculation decreas,e, ga -ci coo IN ey 0s9
OF the requirements OF the - per cent.
rule.