The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-03
A DECLINE ON
STOCK MARKET.
Cuban Rumors Cause a Diminished
Volume Of Business,
WHEAT GAINS NEW STRENGTH.
Up TO n Late Hour the Market Showed
Great Deal Of Strcngth--Corn and
Oats Suffer Somcwhat--Thc
Richmond Markets.
WHEAT GAINS NEW STRENGTH.

NEW YORK. March 2.-The net result
OF to-days trading IN stocks is the prac-
deal wiping out yesterdays gains in
prices. This was done on a diminished
volume Of business. The decline was not
accompanied boy any development Of gen
cral conditions. which could account for
10. and there was no reelection on any
news Of the days movements. unless the
slightly increased selling movement IN
the final hour. This was started on ru-
mOrs attaching Importance 10 the send
Ing OF two Warshlps TO Cuban waters
with provisions for the reconcentradoes.
But to-day decline for the most part
vas technical, and marked the culmina-
ton OF the recovery from last weeks
sharp fall This short rally invariably
follows heavy decline and the profess
s.onal traders were yigilantly alert FOR IT'S
ending this morning. Dealings In the first
hour were large. and the movement OF
prices very narrow. The commission
house buying invited hy yesterdays
strong market was sufficient toaDsorb
realizing offers for "A time but the mar
kCt became OVer-Woighted and COM
incnccd 10 sag. a period Of intense dull
ness interviewed. and then the bears
opened an attack on number or the
rpecialties. notably Sugar. Manhattan,
Peoples Gas and metropolitan street rail-
way The grangers were also under pres
sure. and New York Central was heavily
sold. Most Of the days business was dome
NNl NflNNf fIfHkrf ana All NNufifN h'h
net losses running from 10 over points.
The movement In Metropolitan was very
erratlc. the opening transactions carry
ing 10 10 1856. the high point OF the day.
London was both buyer ana seller mere,
hut the sales prcdOmiudtcd. although the
tone Of American securities on foreign
exchanges was rather better. and Spanish
bonds were also higher
The money market continued nrm TO-
day. without any very active pressure 10
borrow. There was good supply, how
over. OF commercial paper, and the rates
were fractionaNy higher There was a
payment OF 81 OODOO 90 the Government
to-day on account Of the Kansas Pacific
sales. so that the suh-TreIsury had
balance at the clearinghouse Of $SlS.f2I.
This had its effect on the money market.
and took the place of regular weekly
withdrawal of an instalment OF the Gov
crumeuts deposits on account OF Union
Pacific sale. which has been discontinued
for the present Sterling exchange har-
daucd am additional fraction in response
fo The nrmer tone Of the London market.
The tendency of the bond market was
towards weakness. In sympathy win
stocks Sales 81 GTI 600 United states
new as were x per cent. higher bid.
The total sales of stocks were COS COO
shares. INCLUDING Chesapeake ana ONO,
. 40. Chicago. Burlington and Quincy,
% 72o. Louisville and Nashville. > SO,
Manhattan Elevated 81 4&0. Metropolitan
street railway. % O2O. New York Central
and ST. Louis. 10 SO. Northern Pacihc,
~ 500: do. preferred . $40, Rock Island.
~ 900: 81. Paul. @3 9g5. Union Pacific.
o. $50. American Tobacco. go; People IS
Gas 9120. Sugar 1881; West Union.
r 100
MONEY AND EXCHANGE Money on
an hrm az 2T2H per cent. last Joan az
. per cent. prime mercantile paper 3Am
AZ per cent Sterling exchange hrmer.
feiiE04S4ss for demand and at 4Sl",H4S2
for sixty days, posted rates. 4S304S3ia
and 4NJhN4s6. commmercial bills ASlA0
4Sff5 Silver certificates. jJA djGN. bar
silver 5li2. Mexican dollars -. Govern
ont bonds stcIdv; state bonds dull, rail-
road bonds weak