The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-13
The Foreign Situation Responsible
For the Condition,
MANY COMPLICATIONS ABROAD
Break i'm July Wheat Ending in De
cline of 4 Is Ccnts--Another
Struggle Between Letter
and Armour Forces.

drive stocks. The market showed ITSELF
50 weak when these prices were reached
that the buying orders were quickly
Withdrawn. This covering movement ac-
counted for the sharp rally In tho hrst
hour. and there were some reCovcnes az
the close. Otherwise there was nothing
Co relieve the UNMARRIED depression which
prevailed through the whole list OF STOCKS
and bonds
The closely held standard stocks suf-
Tered with the purely speculative issues
and in some cases more severely. Lake
Shore IS an example. 10 sold al 100. a
decline OF three points and closed with
the bidding az only $50. PenusyNanla
dropped three fun points. St. Paul sur
fcred very acutely, probably ON the uh-
covering OF margins on recent speculative
buying. and was of at one time as per
cent Northwest dropped "a and Bur
lngton 3 points The total sales IN the
TWO hours OF trading ,aVu--Wia wen
up 90 the average OF "a tul day DUST
ness FOR the week exclusive OF MONDAY
and blocks OF several thousand snaTes
were frequently recovered. fart OF thcsc
offerings were speculative hpldihks' us
lodged hy exhausted margins, but there
can De mo- doubt that sales OF investment
holdings. such as are not usually influ-
cuccd at aN hy the speculative movement
OF prices are beginning TO absorb an IN
crcasiug proportion of the business on the
stock Exchange.
There was no specific item Of the days
news that can Doe pointed to 70 account
for the Generalization OF the market. II
was caused rather by the general conNic-
ton that the reports or the Name boaIu
Of Inquiry and statement OF lle
further policy Of the Government toward
Cuba are imminent. and the unwilling
ness of operators 90 carry open contracts
over sunday , 49,.
rae gold imports received for the week
have not been sufficient TO onset the
continued Withdrawals 10 the interior
$50 that the cash holdings show net dt-
crease of S7}G. 700. But as they nedNy
drawing down of deposits has reduced
tho 80 Der cent. requirement 10y S@O5fo-o,
the surplus reserve IS enlarged by
2l so go.
The stock market ended the week as il
.pean b. boo dcmoralized condition. me
Sew York Stock Exchange on MONDAY
shared the depression existing on every
exchange Tor securities IN the WoIiu oh
thn London and the European exchanges
tnc new demands or Russia upon thlhd
and The tension between france ana Hfr"l
Britain over the West African situation
were almost ass much causes OF alarm as
The relations between the United states
and Spain. SO acute was the resulting
depression that so important an lutiueht
a- the Supreme Court decision I'm the
Nebraska maximum freight-rate case IN
favor of the railroads was almost entirety
disregarded although 10 has peeh eagerly
looked for each Monday since last year
SPANS prompt dlsaNoWa OF an! iHtcll,
ton Go demand or even require General
I.rc'e recall. the satisfactory adjustment
off Tine difficulty over the sending OF pro-
fng by Congress Of the SjOOOOpO de-
fence fund were AN cited as evidence
of improved conditions in our rcia' ohs
with Spain. But that none of these had
amy deap--eatcd effect was shown by the
course of prices later in ,he week
ThD course OF the exchange market ana
fr. continued influx of gold must be ac-
rDpted also as additional evidence OF ope-
r.fIous for emergencies. There has been
ro Interruption 20 the engagements or
sold for import. which have now reached
total of considerably over SlopD'Vp',
SIS high as seven per mile We're asked
tx me Bank of France for gold. and
finally that institution went so iar on
Friday ass TO refuse TO pay gold aito-
rathcr Gold BIS. however, being taken
from the Bank of England FOR New hork.
1n view of the current ease In money
rates. this lnsistcnt demand Tor gold must
probably Doe attributed TO uneasluess over
Tho future and desire 10 increase lhe
reserves of the precious metal against an
possible contingencies.
Railroad bonds have shown fun sympa-
fhv with the weakness of stocks. Deal
inrs have been mostly in the speculative
issues. and the liquidation was hol At S,
United StutDs new As have declined 5l2
bid. the J.s and the Old as 1 bid. and the
old as. coupon. and the DDS u per cent
rhc total sales Of stocks were $4,000
shares including AtchisOn preferred,
G50O. Chicago Burlington and quincy,
gDo1S. Louisville and Nashville. 7l0;
COMPANY GO2O. Reading LIST preferred
1000. Missouri Pacific. 59l1. New Aork
Central 1uG2O. Northern Iacinc. 33-u'
DO. preferred. ~ 920; Rock Island 1870
81 Paul g342O. Union Pacific. j.42O.
American Tobacco 1850. Peoples Gas,
h. 1863. Sugar. 1920. Western Union,
1920
Tho Evening POSTS London financial
rabl-gfam. The stock markets nave been
duu and depressed to-day on finance ana
politics. more particularly the cuban
question. but the close was traction
above the worst ON "a feeble rally from
Paris. ahet recovery IN Brazils ON hoths-
chilI huyiuc Spanish securities were nat
Tho report that the next coupon OF the
exterior debt was Co bee paid in pestas Is
officially coutradictcd All the same,
Srarieh finance is i'm a desperate sltua-
zion Americans were fiat on the New
York lead. There was practically no re-
o0vcrV. The increased premium charged
hv the Bank of France on eagles mus
shifting the demand for gold here re-
suited in more Withdrawals from tho
Rank of ENGLAND to-day. More American
hills are offered to arrive than Tor some
time The brokers usually quote "la. Inc
bank i- now doing "a large business. me
discount rate 800 the open market being
gi. There was "a further fan i'm Spanish
bonds after business hours
MONEY AND EXCHANGING on
ran steady az per cent. last loan al ,
uar cent. prime mercantile paper. ii2q5i3
per cent. sterling exchange steady. with
actual business in bankers bills al iS3+sn
A. FOR demand. and az 1903 isl for six
~ DAYS Posted rates. 4S2uiS3 and 1854
AaEls. commercial bills. $50. silver Certifl-
Gates. 54i4n55. bar silver 5ill Mexican
dollars 4fa 44a, State bonds dull, rail
road bonds weak. Government bonds
weak.
WEEKLY BANK STATEMENT.-T'he
weekly bank statement shows the follow
ink changes: Surplus reserve Increase.
81. Sg7 90. loans. decrease, SO 392 900.
specie. increase. S393S 700. legal tender,
decrease 81. G7j. 400. deposits. decrease.
g1OJ8S. 500. circulation. increase. $1,000.
irhe banks now hold So. 12l.;i2j Ia excess
OF the requirements OF the - per cent.
rule
strength Is concerned. the New York
clearinghouse banks are I'm a stronger
position now than 40 the close OF busi-
ness one week ago. The pnuty OF re-
trenchment seems 90 have been rather
generally followed by the larger institu-
tons and the loss OF $1,000 400 IN loans.
u4 shown hN the statement OF March 18th,
corresponds closely with The reduction Of
SlO5as. so 900 deposits. Early an the week
the liquidation in loans was marked
Venture. las "a number Of the banks We're
below their reserve requirements and de-
sired. naturally. TO increase their cash
holdings The unsettled stock Exchange
conditions have also contributed toward
the falling OF shown I'm the averages.
The banks appear 90 nave lost \i4pO 100
in legal tenders but the receipts OF the
first gold imports sweilcd the specie items