Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-06
STOCKS STILL WEAK.
.our STRIKING DECLINES ON SALES
FOR WASHINGTON ACCOUNT.
g!SE STATEMENT 4 SURPRISE.
c,ntraction I'm Loans, Falling on I'm
ocposits. and Decrease In Cash
vpch Larger Than Expcctcd--Mcr-
.bnndise Markets.


Nl.W YORK. March 5,--Idduidation was
,.rewed with energy on the Stock Elk
..r.rEc to-day. and the Saturday short
.r.s.on was long enough TO effect some
,s-y striking declines. Large selling or
doris we're executed for Washington ac-
.,,.rt as was the case yesterday. There
,..s no news TO account for this selling.
,.goad a general feeling of apprehension
over Che spanish situation. There were
c.-ssIoual rumors OF new developments
90. aGoat but TO large extent they
r.orescn,ed the guesses OF room-traders
.s 20 the motive for the Washington
selling. A rally in the late dealings was
t, part the result OF covering by shorts,
ps5 mad sold early in the day.
me coincidence OF the rally with the
,-rearance OF the bank statement seemed
o.. variance with the statement. which
VAS. in some respects, a disagreeable sur
mise. gne contraction in loans, the fall
r- OF IN deposits. ana the decrease in
cash were much larger than had been
expected. The fact that the financial
world mad been going through such a
irving period with so little alarm appa-
-.r. was accepted as bull card, in view
a.. tle underlying strength OF conditions,
which is thus demonstrated Neverthe-
lass the general list shows marked net
r.eurts. eXtenmng 10 over a point in some
cases.
Union Pacific preferred, Northwest, and
manhattan were the special points OF
rg.akuess. me Changers were relatively
MN and the Coalers also showed re-
..,ralce TO the decline. Dealings in Su-
e.r were large. and there seemed to be
r5la support Tor the stock. As a measure
of the uncasness felt by the financial
community over the status OF the coun-
tryrs relations with Spain. the statement
Of the New York clearinghouse banks
makes q striking exhibit. There is evil
osnaa Of a great drawing in Of credits
and nXIng OF reserves.
The statement was a surprise. ii had
been known that the demands Of the
country for money for active use have
fallen of considerably, but the statement,
nevertheless, shows a decrease in cash
reserve Of nearly SC00o0. That this
reflects the withdrawal OF deposits from
"
as a precautionary measure 10 strength
en- their reserves, is beyond doubt. The
enormous contraction IN loans of 1882 900
rarresents the precautionary measure of
the New York banks. and explains why
money for purely speculative purposes
has become scarce. why liquidation on
the stock Exchange has been forced, and
why prices were acutely depressed. It is
possible that some part OF the loan con-
traction is due to liquidation on sterling
exchange collateral, which has been with
drawn for use In importing gold But II
Is Tie general belief that gold imports
nave been made on the sale of new bills
ON London purchases of American Securl-
ties. which were heavy. and against grain
comments from here. The net result to
mo clearinghouse banks is decrease
i1 deposits of Sz3ly3 800. The gold IN
transit Tor New York or received to-
cay amounts IN the aggregate TO @.5OOOyO'
which Will serve as an OFFSET IN part 10
me hanks losses in cash.
me situation In the stock market is
closely analogous to that on the culnlha-
non OF tae rise IN prices last september
me movement or money then TO the IN
rarior. to move the crops, caused a stiff
fening of money rates, and liquidation OF
speculative stock holdings.
Bonds have not been as active as
Stocks but nave moved in sympathy with
tlam within a narrower range. United
states old as and the 2's are Il lower
and the new As a lower bid.
mo total sales OF stocks to-day were
$500 shares. including Chicago, Burling-
ton and quincy, n025; Manhattan, H'o62;
New York Central $3.50; Northern Pacihc
Preferred, II, 47; Rock Island. lO44; St
paul 1883: Peoples Gas, 66OO; sugar.
gtep. Western Union. 1858.
MONEY AND EXCHANGE.
Money on call steady at 2 per cent;
last loan at = per cent; prime mercantile
paper, 4qF1z per cent
sterling exchange dull but steady. with
actual business IN bankers bllls' at
v4l-y FOR demand and Sia]@qASlA Tor
sixty DAYS: posted rates, SL8 ana $i'eo12;
commercial bills, A.SO3I.
silver certincates, 81 l-SQoo l-Sc' par
silver 5t5-Sc.: Mexican dollars, 44Ac.
Government bonds weak; state bonds
orI. railroad bonds weak.
NV YORK STOCK QUOTATIONS.
CIoaing stocks