Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-22
STOCKS UP SLIGHTLY.
DEALINGS uxIMroRTAxr ON LACK
OF NAVAL NEWS.
WEEKS MOVEMENT MARROW.
Prices quite Generally Higher, and
Have Held steady--wheat Up
Cora Lowsr-Pork, Lard, and Ribs
Gain.


NEW YORK. May n.--Deaiings wer'
not large nor important on the STOCK Eek
change to-day. Operators. almost with
out exception, maintained their attitude
Of waiting for the situation In West In
dian waters to clear itself. The report
that the Spanish feet had come into
Santiago and had succeeded In getting
away again was not generally credited
coming as II did from Spanish sources
But Il exercised some depressing effect
nevertheless II was probably the cause
for the decline in prices after the opening
rise. The rise in Spanish As in London
and Paris showed that 1t was not without
its effect, also, In foreign markets. There
was selling for London, which kept up
depressed tone in some OF the interna-
tionals. Prices rose a fraction above last
nights close, and in some cases a point
or more. A feature Of the trading, again.
was the isolated movement of obscure
and dormant stocks. The close was
strong at the top prices.
The stock market has not moved widely
during the week. and it has become evil
dent that operators regard the present
level of prices as fixing fair equilibrium
between the conflicting factors In the out
look. On one side is the chance OF
naval reverse. fhis is considered re-
mote. But 1t must be conceded that
in Wall street more weight attaches 10
this possibility than was the case a week
ago. AS IL is, prices are substantially
owing 20 the extraordinary movement OF
grain.
FINE BUSINESS OUTLOOK.
There were numerous indications of
strong industrial and financial. outlook,
which is coming TO have more and more
influence, in spite of the incubus of the
war. Railroad earnings show striking
increases, not only over last year, but
over previous years, and In some cases
all records are broken for this season of
the year. There is an increase also In
the bank cleaTings Of the country, which
showed a notable contraction after the
sinking of the Maine in Habana harbor.
but which have again risen well over the
average of 1892. the previously high level.
With q favorable trade balance of S5l4.-
100000 for ten months OF the fiscal year.
against the best previous record of less
than S300.O00.000 for full year, there is
no room left for timid apprehension about
the country's future money resources. The
weekly bank statement does not indicate
that money is being very largely diverted
into active channels Of usefulness. De-
posits have been piled UP $l4.2L00O, In
spite Of large Withdrawals from the
market for government account, while
loans have only been expended a little
more than half as much. A large allow
oil ~ loans
on sterling exchange as collateral, which
represents in effect. loans made in for
eign markets. This operation has been
carried on 10 a large extent during the
week. Notwithstanding an increase in re-
serve requirements Of over SS,5O0OO0, the
surplus is, therefore, increased by
$3,7ls.025. The demand was, however,
largely confined to the more speculative
issues.
PRICES GENERALLY HIGHER.
Prices are quite generally higher and
have held steady. even through the re-
actions which occurred in the stock
market. United States new As declined
q, the old As. registered, ", and the 5's
IA in the bid price.
The total sales Of stocks to-day were
10000 shares, including Rock Island, |
1o,720; st. Paul, $3.50; Wheeling and Lake
Erie. $50; American Spirits. $685. United
States Leather, preferred 1910.
MONEY AND EXCHANGE.
Money on call nominally S-4 per cent.
prime mercantile paper, 41-2Q5 IL per |
cent.
Sterling exchange steady with actual |
business IN bankers bills at $i.S6 LA |
81 sc IL for demand, and $4.SS 1-4Q$4.S IL |
for sixty days. posted rates, S4.SiQ$i.S7; |
bills, $iS2qs4.S2 1-2.
Silver certificates 81 2-S05S. Bar silver, |
81 IL. Mexican dollars, IS IA.
State bonds dull. Railroad bonds steady. |
Government bonds steady
STOCKS IN LONDON.
The Evening Posts cablegram says: |
The stock markets here were idle to-day, |
but firm. Spanish AS have risen / point. |
Argentines were good. and Kaffirs were |
better Americans were lifeless. Grand |
Trunk was strong. Brazil stocks have |
risen sharply here. / learn from an I'M
doubted source that the Brazilian Presi-
dent-elect, who Is in this country, is
with the Rothschilds a !
scheme for the reconstruction Of the |
Brazilian finances. / have reason to be-
lieve that this scheme provides for a
funding loan, based on customs receipts. |
the coupons on the existing debt to be /
paid In bonds for three years, as in the
rsse Of the method employed by Argen-
tina.
BANK STATEMENT.
The weekly bank statement shows the
changes:
Surplus reserve, increase. $S,71s025.
Loans, increase, $7.S57ScO.
Specie, increase. $5,s6S50O.
Legal tenders, increase, 81, 800.
Deposits increase, S14,267,9O0.
Circulation, increase, $4,000.
The banks now hold $50, 1880 in excess
81 the requirements Of the Is per cent
rule.
COMMENTS OF "FINANCIER."
The Financer says this week. In the
face OF the showing made by the New
York banks for the week ending May list
It Is difficult TO see how the money mar
ket Is TO be sustained, even on the pres
mt lower level. for any length Of time.
rhe banks now hold an excess reserve OF
so. ri, go, the highest reported in four
teen months. and the total cash IN bank
has rarely exceeded the present volume.
rhe circumstances which have brought
about the remarkable changes in the
statement are not difficult to understand.
The steady demand for interior remit
Lances has given way TO a decided move
ment to this centre. The shipments TO
The interior have not equalled gold i'm
ports for some time. Added 10 this, the
Treasury is disbursing large sums Of
money. and until two weeks ago high
rates forced constant liquidation OF
oans and sales of accumulated sterling
bills. The result has been 10 throw a
mass OF idle money into the banks. For
the situation has so much inn
proved that the banks are finding use for
part OF this money, and the expansion OF