The times. [volume] (Richmond, Va.) 1890-1903, 1898-04-01
MYSTERIOUS
UNDERGRADUATES.
ls~-- ----
Which Were Unexplained By Public
News.
A STRONG RALLY IN PRICES.
Strength OF the New York Market
Finds a Response on Foreign Tx.
changes in Prices ofBoth Amer
lean and Spanish Securities.

NEW YORK. March M.-There we're
rather mysterious Inducements all day
In the stock market. which no public news
served 10 explain, and for which the Cos
zip in Wal street found numerous ana
contradictory explanations The opening
prices here proved 20 be tho lowest Of the
time being and there was an eager de-
mand Immediately manifest for stVcl9 al
through the list. This demand continued.
with only short periods OF cessation
Throughout the morning session, ana raj
lied priCos almost or quite 10 last night
closing level. The strength IN the New
York market found q response In a rally
ON The foreign exchanges In the prices OF
American securities. and also OF SpanNh
securities, which were depressed early Ut
the day on pessimistic reports from
Madrid Tho latter portion OF tho day
saw "A persistent decline in prices IN New
York. with only occasional periods OF
steadincss. most stocks falling below the
opening prices and closing at OF near
tho lowest. The appropriation by the
New York Legislature Of one million dol
lars emergency fund for defence was the
nominal motive of the later decline. Al
though nearly the whole OF the day $
business was done at prices below last
nights level and although the net
changes are an on the side Of losses eX-
tending between 1 and points for most
stocks. and over that in special cases, II
was very obvious that a large ana rather
eager demand for stock was evident dur
Ing the day and the prevailing Impression
was that the decline was manipulated to
give effect 20 this demand.
The money market felt the effect of the
political outlook more than the stock
market. The general neglect Of the time
money market. and the resort of the Dor
rowers 20 call loans resulted In stiffening
cali rates to-day.
Tho exchange market was dull ana neg
lected, the further importation OF gold
being largely dependent on the outcome
Of the controversy between the United
States and Spain.
The bond market was less active than
stocks. and prices showed a tendency TO
sag throughout the day. Total sales,
81 7T5. coo. United States new as, regis
,ered. and the old As. registered were Y
higher and the IS "a higher bid.
The total sales Of stocks to-day were
4sf G3O shares including Atchison pre-
ferred 1O7l5: Chesapeake ana Ohio,
j.514; Chicago, Burlington and Quincy,
isOSl; Louisville and Nashville, il. 24o;
Manhattan 2JOS5. Metropolitan street
railway 1.12J: New York Central, 9420;
Northern Pacific. S.f65; do. preferred, ~. 70
270. Chicago Northwestern, 5,215; Rock
Island. cN-div.. 1850 st. Paul, btSlO;
Union Pacific preferred, a. 20S; Union Pa
cidc Denver and Gulf. 6.7S5; American
Tobacco. 1859; Peoples Gas, 1880; Su-
gar 1880.
cableCram says. The stock markets here
were unsettled to-day, prices see-sawing
within wide limits. A feature was the
sharp drop I'm Spanish As from "a 10 5lA,
due entirely to the large block OF stock
changing hands over the market for i'm
mediate liquidation. They improved later
and closed az 52l2. Americans were good,
and closed steady and strong but there
IS "a disposition 20 check all dealings pend
ing political developments. IL is believed
that unsettled politics will prohibit the
closing OF the Stock Exchange as usual
on Easter Saturday. More gold will pro-
badly leave the Bank of England tO-mor-
row for New York. The slight easing of
ira to-day's money market was due to the
fact that no change was made in to-day's
bank rate. The market probably owes the
bank now about f4OOOOO0 on short loans
and T.. 10000 on bills discounted.
MONEY AND EXCHANGE.-Mone on
call firm at 2d3H per cent; last loan at
. per cent: prime mercantile paper, 5n6h
per cent Sterling exchange firner with
actual business In bankers bills at 4S3fsQ
4sf for demand. and at 4sO&m4sl for sixty
davs: posted rates. 4S1iz04S2 and 4S4ia@
fs5. commercial bills 4SOh 04SOA. Silver
certificates. 55a,dJ6i2; bar silver, 55l3;
Mexican dollars. 40. Government bonds
strong. state bonds dull; railroad bonds
weak