Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-01
STOCKS ARE STRONG.
ACTIVITY LARGELY CONFINED TO
LEADING PROPERTIES.
WHEAT Is AGAIN BULLISH.
The Close ut Chicago shows Adj
vances of IL I'm May and 1 Us
Provisions Irregular.

NEW YORK, February 2s.-To-day's
stock market was strong, but the ac-
tvity was largely centered in the leading
stocks, such as Sugar, the Changers,
Union Pacific preferred, and few others.
The most notable strength was also
shown by these stocks. The total sales
showed considerable falling off from
the recent average, and the market
lacked breadth, besides being poorly dis
tributed. London was a seller of stocks
here to-day, for the first time in a con-
siderable period The local market was
also affected by this movement, as it was
by persistent buying during decline, If a
temporary heaviness at the opening be
excepted.
The fall in international stocks in the
early dealings was sharp but it was for
only brief time. Added to the days net
gains, the early weakness marks the
range of prices IN the stocks affected.
Apprehension over the Cuban question
seemed to be in allegiance, and the course
of the market was continually upward
after the opening, with the exception of q
ing from the highest near the close. on
profit-taking. The noon reaction was at
tributed to disappointment because the
Supreme Court RETAINED from handing
down its decision in the Nebraska maxi
mum freight-rate case.
The sentiments of London and New
York on the Cuban question seemed 10 be
completely reversed. for the recent dis
position in London to look confidently for
a peaceful solution gave way to depress-
ion to-day, the decline in Spanish As, both
in London and in Paris being particu-
larly significant. In London II was rs
and in Paris 1892. But it is none the less
highly significant that the simultaneous
decline in stock prices in London and the
rise in New York were accompanied by
stiffening of money rates in London and
an easier tone in New York. Call loans
were made as low as IL per cent. here
to-day. presumably in response TO the
gold shipments. 81, 100000 additional being
announced to-day. Sterling exchange
failed to be stiffened by the gold move
ment, and demand bills fell to $4.si. posted
rates for long and short being marked
down an additional half-cent.
The average debit balance of the Sub
Treasury at the clearing house shows a
constantly diminishing tendency, and to-
days statement shows a small credit
balance, due to the fact that the govern
ment's obligations for the last few days
are very small. The days net gains in
active stocks range up to 2 per cent, and
in a few cases over that. Sugar gained
four points.
The bond market was not active to-day,
and showed early depression, but re-
covered, in sympathy with the strength in
stocks Total sales, 81, 10000. United
States new As, registered, declined 81
do. coupon, SIS, and the old As and the
SIS. 1-2 per cent. bid.
The total sales Of stocks We're $50 200
shares, including Atchison preferred. T.
$50; Chicago. Burlington and Quincy, &c.
1877: Manhattan. % 230; New York Cen
trail. 1887; Northern Pacific, lO.i90; do,
preferred. 1880; Rock Island. $40; St.
Paul, 50. 592: Union Pacific 1915; Ameri-
can Tobacco. 6.5l5; Peoples Gas, 1i.72O;
Sugar. $3.50: Western Union. 5,50S.
MONEY AND EXCHANGE.
sP M.-Money on call steady at 1-2a
21-2 per cent; last loan at per cent;
nrime mercantile paper. l-2Qi per cent.
sterling exchange weak. with actual
business I'm bankers bill at $i.SiH$i.a is
for demand and S4Sl 1-iNSi.S1 IL FOR sixty
dovs. nosted rates, $i& l-2HA.s3 and
sa ga g1-2: commercial bills, A.a9
$4.Sl IL. ce-.oo ~ in
,,or 4, ~. Mexican dollars. 10 la.
Government bonds weak. state ponds
dur Railroad bonds firm