Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-29
STOCKS R-EB0U ND.
PUBLICATION OF MAINE REPORT
WIPES OUT RECENT LOSSES.
BONDS ALSO MUCH MORE ACTIVE.
Money on Call Easier-SterIing Ex-
change Weak-Wheat and Corn
Higher-0ats n Shade Lower-Pro-
visions Higher.

NEW YORK, March 2S.-The familiar
spectacle was presented on the Stock
Exchange Of a violent reaction upon the
elimination of an event which had been
long anticipated and discounted. The
facts WERE that the findings of the Main
Board Of Inquiry were presented to Con-
gress, and were proved to be exactly as
foreshadowed in the public news for
many days past. That is to say, the
Maine is found to have been blown up
by a submarine mine. Ever since the
morning after the explosion the stock
slant dread that this report would be
formulated by the constituted officers OF
the United States. The speculative pub
lie assumed that such an allegation would
necessitate rupture between the United
States and Spain. and a consequent dam
age to the values of all securities. which
1t was attempted to measure by the con-
slant decline in prices since the Gate of
the explosion almost up to the present
time. Yet the actual publication to-day
of the report resulted in a rebound in
prices, which, at the high point Of the
day. had wiped out a large proportion
Of the losses which have occurred since
the explosion in Habana harbor. This
was brought about by the movement Of
the bear traders TO take profits. Having
been industriously selling stocks for
weeks. in anticipation OF the harm to
values to be done by the Maine report,
they were warned by the imminence Of
ha lowest
prices to be looked for on that account
had been reached and they, therefore,
set about to buy stocks to fill their con-
tracts. The bulls resorted TO all the
usual devices to assist their campaign
for squeezing the shorts.
The apprehensions Of the bears were
fed by printed report from Washington
that Spain had completely acceded 10 ali
President McKinley's requests, including
an armistlce between the Cubans and the
Spaniards for six months. There was, in
deed, some foundation for the feeling that
the passing of the Spanish elections, with
their assurance of legislative results TO
Premier Sagasta, In connection with the
Maine report, and President McKinleys
well-knoWn desire for a peaceful ADJUST
ment, helped the outcome.
Prices all through the list were marked
Nv below the best, yet such striking gains
as 7l-2 I'm Pullman, 71-2 in Metropolitan,
and to in many other stocks took
place.
The transactions for the day foot up
over three-quarters of a million shares, a
total which had not been equall6d since
last fall.
The bond market also showed largely
increased activity especially in the specu-
lative issues. and gains of to per cent.
were registered in prominent issues
Total sales, s., 10000. Government bonds
were very strong. The new As advanced
21-2. the old As l, the seconds IL, and the
5s Ia bid, and there were sales of re
new AS. coupon. at 12l, which is per
cent. over Saturdays bid price.
The total sales of stocks to-day were
So. 200 shares. including Atchison prefer
red. 1l,520: Chesapeake and Ohio, 5,62O;
Chicago Burlington and Quincy, $3.50;
Louisville and Nashville, 25,S2O; Manhat-
tan. 1920; Metropolitan Street Railway,
%. $40: Reading, first preferred I4U; ms
souri, Pacific, 1850; New York Central, ls :
90; Northern Pacific, 1890; do. preferred.
2s go: Chicago Northwestern, S57 Read
ing. 1850: ST. Paul. 1O5, 400; Union Pacific,
Sc. 500: Union Pacific. Denver and Gulf,
ssTO: American Tobacco, 1890; Peoples
Gas. 1890; General Electric, 6.620; Sugar,
1862. 800: Western Union, $500.
MONEY AND EXCHANGE.
3P. M.-Money on call easier at 1Q1 1-2
per cent; last loan at IL per cent.
prime mercantile paper sac IL per cent.
Sterling exchange weak, with actual
business I'm bankers bills at $4SS LA
AS3 1-2 for demand and $3.50 l-4aA.SO IL
for sixty days; posted rates, SSl 1-2q$i.S1
and s4S4 1-2ds.S5; commercial bills,
Si.79 1-2QAsO "a.
Silver certificates. So 1-SG55 ga; bar sill
| yer. 55 Ia; Mexican dollars, HS-4.
Government bonds strong; State bonds
dull; railroad bonds strong.
STOCK MARKERS ABROAD.
The Evening Posts London financial
cablegram says: The stock markets here
| opened fiat to-day on settlement pros
| meets. Spanish AS and Americans were
! the weakest, the former touching 40 and
| closing at 50. ContangOes on Americans
were per cent. Later. on publication
of the Maine report. sharp rally fol-
| lowed in the street, the bears all scram-
| bling to get in and prices often closing
| 81 above the house quotations. 1t Is re-
| ported IN well-informed quarters that
| Rothschild bought largely to-day.
To-day's rise in Americans and In Other
stocks will greatly aid toward salts
| factory conclusion of the settlement.
| The Paris bourse was better, after
weakness. The Berlin market was quiet
| Instalments payable this month on the
| chinese loan tend to quiet the markets
there by depicting the supplies of cash.
NEW YORK STOCK QUOTATIONS.