The times. [volume] (Richmond, Va.) 1890-1903, 1898-04-03
THE MARKET WAS
VERY ERRATIC.
y-I -
Houses With Washington Connections
Do Much Buying
r. -
AND PRICES SHOW NET GAINS.
Some of the Buying Probably Done by
Investors Who Buy Stocks at Low
Prices for the Yearly Incomes.
Spanish Paper Weaker.
AND PRICES SHOW NET GAINS.

r. -
NEW YORK. April 2-War news was
scarce to-day. owing TO the adjournment
Of Congress. yet prices show net gains
to-day. extending 10 over a point in many
eases. and tho extreme ~recovories from
the lowest show variations which compare
favorably with the violent changes Of last
Monday and Wednesday. The market
was exceedingly fevcrish and erratic dur
ing on Of tho two hours session. in spite
OF tho paucity Of news. Carrying senti-
nents being fed by surmiscs rather than
news. Important cOmmissiOn-houses with
Washington connections were the instru-
mcuts used for much Of the buying. THIS
gave the appearance. whether wei founo-
ed or only unsigned 90 seem so, or ORDERS
20 buy Stocks. possibly on Information
btalned in Washington Of favorable turn
in the prospects OF affairs.
This development or manOuVre was not
lost upon the bears. 10 Is not improba-
bic. also, nat some Of the buying was
Cue 90 that class OF investors VINO come
into the market 90 buy stocks a. a lo"
range of prices for the actual return lh
yearly income. London. furthermore, was
d buyer 90 some extent here, ID SPIKE
Of tho significant weakness or spanish
Is on foreign exchanges. Broadly stated,
Il seems remarkable that there should De
q ~laI1 urL ADVANCE M the prices or Sc
c|uritics on The Stock Exchange IN the
week which witnessed the publication OF
the report Of the Maine Board OF IN
CulIy a.u tnt apparent |uudhuoilmeht on
diplomatic neroua ions looking TO the
conservation OF peace WIN SPAN Ine
iacl ls lAd, prices are from / 10 ! points
hlEher in ADJ OF the principal stocks or the
buIk of business in the Stock Exchange.
This is due On part 20 technical condi-
lions en- the marke. Not ior years mas
there been so violent an advance IN
prices az in Mondays bear panic. Inc
bulge in prices seemed TO have been de-
signed originally by some OF the large
bear operators themselves win the pur-
nose OF shaking OF some or their unde-
elrable following by forcing them 10 cover
their contracts. and thus leave the way
open for "a further decline. Inc Dig btaiS
were supposed 40 have been caught IN
their own trap. and IL was generally be-
iieved Monday night that the short inter
est had been practically eliminated from
the market. Later developments, espe-
emily on Wednesday, showed that there
was g il a large outstanding snort inter-
est. and the belief prevailed at the emo
OF the week that this short interest was
stiu large. The persistent sensitlVeness
OF the market TO the tdln est susBts@
tion OF a peaceful adjustment OF the Gu
Aside from TINS question:, the business
conditions are felt 20 be stronger IMAM
Tor many years. The demands on New
York from o her domestic centres tor
money show a marked increase ana lhe
losses in currency in the Inter part or
the week are probably not Adequately re-
neCJtu iu tue udnk S returns. estimates
and opinions vary widely as 10 now Tar
the imports of gold. which now amount 70
over sac rrfNU from Europe. nave btea
drawn against current grain and cotton
hItS. aIu now much OF the accumulated
exchange against Europe sun reInalns
IN New York as collateral for loans. IhaL
there Is sun "a LIBERAL supply OF exchange
10 he Inundated BIS generally believed.
Large banking % financial interests III
Wal street are believed 60 be IN SUD-
stantill accord regarding me course %
be pursued 90 insure the greatest safety
end stability in the event or the snocN
Ponds have moved I'm sympathy with
stocks. bul have not been actlVc. frlceo
an. . O 3 per cent. higher, in eXcep-
1ional cases 3 20 g per cclt. Government
bonds have weakened I'm the latter part
of the week. but they show net advances
over last saturday amounting 20 rs IN
the new as. coupon. . iu the new rs,
registered. I in the old as. coupon ana u
The total sales o fstock were 277 600
shares. including Chicago, burlington ana
Quincy. 32.1aO. Louisville ana NashNule'
624U. Manhattan. l5.toi
street railway. 1865. New York Cent? al,
Northern Pacific preferred, S.I63'
ST.. Paul. 2577J. Union Pacific preferred.
9J.O4j. Union laCiIc. Denver ana Gun,
CLIO. American Tobacco, 1OlJ; Peoples
Gas. $3.50; Sugar, sO.SlO
The Evening Posts london financial
says: The stock marke-s mere
opened fiat to-day. but there was no
manic. Tie coudiIOn was ~apathetic, with
a certain amount of nervousness IN places.
account ls generally really TOO smal
TO warrant anything ike n panic Inc
chief apprehension Us In the money mar
ket on fears OF a further gold drain 10
New York in the event or war. Inc
OF England reserve last week was
the lowest since 1873. War rates AT
are nomiually quoted az zoe, but
sucn transactions are merely OF q betting
nature. not genuine business. COnsOls
were III and Spanish As 4f4, the close
relnE al the lowest. Americans were nat
bur above the New YORK parity all gay
Particulars are now published OF a glgan-
uc trade combination In cotton spinning
consisting OF seventeen prominent firms.
chlofv In Manchester and Bolton, ana OF
fifteen other nrms of %doublers. The snare
capital is ffOOo.OOO. and there is also
f2OO0.O0O In debenture stock.
MONEY AND EXCHANGE.-Money on
call 1rm at 203 per cent. last loan az
per cent; prime mercantile paper 0Qb
per cent. S.orling exchange steady, with
actual business in bankers bills at $3.50
4s84 for demand. and az 4eDh0lSl Tor
sixty days. posted rates. 4ol2dto- ana
4SptG4Sj. commercial bills, $50. Silver
certificates. 5j-sa56li. bar silver. 55920t2;
Mexican dollars. -. state bonds dull;
valway bonds weak; Government bonds
weak.
RANK STATEMENT-The weekly
bank statement shows the following
Slrp1us reserve. Increase .......S1 S69. 525
Loans. decrease ..+.. .ssssss.s.- toli-vo
sTs~ie ircrease .... ........... 5,268 GOO
tender. decrease ......... : 200
l-c1iofion Increase ..... 400
Tbe Tanks now hold S35 72O.s00 IN excess
Of the requirement Of the p per cent.
rule.
STOCK QUOTATIONS.
Closing Stocks
.....s ..s.ssss ssssss'''' AAa
AHMHULnn ... $40 aN"N