Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-20
STOCK MARKET DULL.
NAcrroN DUE TO UNCERTAINTY OF
THE CUBAN QUESTION.
BOND MARKET ALSO DULL.
Bank Statement shows Expected In
crease I'm surplus Reserve, But Nc,
Increase In SDcciei Doesn't Renec,
Receipts Of Imported Gold.

uncertainty Of the Cuban question LIS,
saturday, the threatening aspoct Of -,
situation coupled with the recollection
Of the developments Of the precedi,e
Sunday, In the suggestion Of the recan
OF General Ice. led to reckless shor,
selling by the traders. driving the mar
kct 70 a point even lower than the Mon
day market succeeding the Lee ,nc,pe,,
The piDching administered to The reck-
less bears In the rebound Of last Mon.
day made them extremely cautious about
putting out short lines in to-day's mar
kgt The consequence was an almost
lfeless market, as no one is ready 70
take the long side OF the market at
this time. Prices drifted aimlessly IN
and down, over a narrow range. Only
a little over 10000 shares changed hands
during the days short session.
The bond market was equally dull
The bank statement showed an expect-
ed increase in the surplus reserve. but
tnc net increase in specie by no means
lHlN rejected the receipts Of imported
gold during the week, and the stock of
.egal tenders was materially reduced. The
''.''Nr va AA' lthal reserve level by
E,Nb.l-O through the reduction i'm de-
posts accounted for that much of the
increased surplus. The $0.5S5.lDO con-
traction in loans is clear enough evil
oeHce that the heavy receipts OF gold
from abroad are insufficient TO maintain
the balances of the money market. in
spite OF the distinctly easier movement
OF money in the last days Of the week.
The Cuban problem has remained the
dominant factor in the stock market dur
ius the week. Its uncertainties have
been such that the specnIative wor,S
feels incompetent 10 Judge of The out
come. The heavy liquidation Of specu-
latlNe holdings Of long stocks, induced
by the first stage OF the threatening de-
Velopments. has been about concluded.
and probably no further heavy offerings
Will be induced. except by some develop
menl threatening serious consequences
10 security values That there has been
an extensive restriction of credits has
been obvious from the developments I'm
the money market, but this restriction
has apparently affected nothing vet. be-
yond the speculative enterprises, and
particularly trading in securities.
WALL STREETS WAR VIEW.
The underlying sentiment in Wall
Street IS that a hostile attitude toward
Spain will ultimately be forced upon the
government by the deplorable conditions
in Cuba, whatever may be the outcome Of
the Maine inquiry. For this reason.
traders persist i'm selling the market
short. on the other hand, there is the
underlying strength Of the business stu
alton, the large increase in bank clear
all over the country rejecting
awakened commercial activity. The cur
Of gold flowing toward this country
Is fnfuf4~rnnf4H for fhfe TaYigE pf tho /
year, when exchanges are usually going
againN us, owing 20 the trade balance.
Imports are increasing, but the still
greater increase in exports keeps them
I'm excess of the imports. Prices
rebound with astonishing strength, on
any pr~Ovocation, and force the shorts 10
scramble to cover. 1t is largely the cover
ing of shorts that has raised the level of
prices substantially above, last Saturdays
depression.
The bone market has been dun during
he week. but prices are somewhat better.
United States new As advanced 1-2. The
IS, coupon. and the 2d declined IL,
md the old registered declined IA.
The total sales of stocks were 1890
shares. including Chicago, Burlington and
quincy. 5000; Manhattan, 100; Northern
preferred, C,g14; st. Paul, 1900;
Union Pacific, Clio; Sugar, 3A,l0.
MONEY AND EXCHANGE.
Money on call nominal at 2 per cent;
prime mercantile paper, 1920 II per
.cnt.
Sterling exchange steady, With actual
BUSINESS in bankers bills at A8 3-4 Tor
demand and $3.50 1-2a$4SOS- 81 for sixty
posted rates, $l.S 1-2Q$4S2l- IL and
asa l-2Q$L& l.; commercial bills, A6OV
48 Ga.
Silver certificates, sat Ia. Bar silver,
II. Mexican dollars, 40.
State bonds duh. Railway bonds firm.
Government bonds weak.
BANK STATEMENT.
The weekly bank statement shows the
Glowing changes: !
Surplus reserve, increase, $5,33S,6&. J
Loans, increase, SlO,55S,lOl. !
Specie, increase, &,2ll,5oO. :
Legal tenders, decrease, a,6sS,S0 J
Deposits, decrease, $7,SOi,5oO. }
Circulation, increase, $65,lOJ. :
The banks now hold IS, 0,0JO in excess \
I the requirements OF the p per e \
lle. G
The Financier says: Judging from 2
be statement Of the Associated y
of New York city for the &
eek ending March 18th, IT will require a Q
war-scare than has yet appeared 4
put money at higher rates than nave y
He'd for a few weeks past. Even with :
SIS than six millions OF the imported s
I'D showing in the totals, the banks )
ave gained S4,5l2,5OO in cash, the specie :
crease-S5 .2ll .3g0-haying been Offset by ),
loss Of $.16g,9OO I'm legal tenders, the lat -
r. representing in large part the ship y
10 the interior. The position OF i,
.e New York banks at present is very g
rOng. They hold an excess reserve OF "
sOGgOJO. as compared with $50, S3,5OO two "
aeks ago. The policy Of contraction, "
,wever. has brought about heavy reduc- VI
in several items. Thus the loans Of 81
q hanks are now S3g,Gl0OOO less than one n
opth ago. Deposits in the same time ~,
We fallen of more thar fifty millions.
le loss in cash. however, has been only
d millions. all of which has gone to IN
rior institutions. and the excess reserve
nearly 100000 larger than at the close r
business February 2gth. The interior Z
mand has been rather well satisfied. VI
SIS showing the calmness which pre-
Us. Il may be noted that interior banks NJ
e again IN this market as purchasers OF Nc
paper. Nj
The changes in the totals for the week
f. less than expected. The loan item I
creased yl0.50S. 800, du TO the continued n,
II is worth mentioning that Rt
e decreases Of one bank, which is the m
.gest lender Of call funds, and also the !
.gest importer Of specie, accounts for Al
millions Of the total reduction. De- AZ
have decreased S7.89f,5O, but The {
nix which reduced its loan item so IN
lvlv 6pures but dignity In this. ~