Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-03-03
STOCK MARKET WEAK
NET RESULT \ WIPING OFT OF
TUESDAYS GAINS.
N ONEY CONTINUES FIRM.
bond Market Tends Toward Weak
ness, I'm sympathy with stocks
Wheat sfroDG-Corn and Oats
LOwcr-Proyisfons Dull.

NEW YORK. March 1.-The net result
| OF to-days trading in stocks is the prac-
| teal wiping out Of yesterdays gains in
prices. This was done on a diminished
| volume of business. The decline was not
| accompanied by any development Of gem
| eral conditions which could account for IT,
| and there was no reflection in any news
Of the days movements. unless II be the
| slightly increased selling movement in
the final hour. This was started on ru-
mors attaching importance TO the send
! ing Of two warships to Cuban waters with
provisions for the reconcentradoes. But
to-day's decline for the most part was
technical, and marked the elimination Of
| the recovery from last weeks sharp fall.
This short rally invariably follows a
heavy decline, and the professional
traders were vigilantly alert for its end
ing this morning.
Dealings in the first hour were large,
and the movement of prices very narrow.
The cOmmission-house buying invited by
Yesterdays strong market was sufficient
TO absorb realizing offers for a time, but
the market became Overweighed and com
menced TO sag. A period Of intense dull
ness interviewed. and then the bears open
ed an attack on q number OF the Special
ties, notably Sugar Manhattan, Peoples
Gas. and Metropolitan Street Railway.
The Changers were also under pressure.
and New York Central was heavily sold
Most of the days business was done I'm
these stocks, and all suffered marked net
losses, running from l to over points
The movement in Metropolitan was very
erratic. the opening transactions carrying
il TO 156, the high point of the day
London was both buyer and seller here
but the sales predOminated, although the
tone Of American securities on foreign
exchanges was rather better ana spanish
bonds were also higher.
MONEY FIRM.
The money market continued firm to-
day. without any very active pressure 10
borrow There was a good supply, how
ever, of commercial paper, and the rates
were fractionally higher. There was
payment of 81 10000 to the government
to-day, on account Of the Kansas PACING
sales, so that the Sub-Treasury had
balance at the clearinghouse OF $SlS12o.
This had its effect on the money market,
and took the place OF the regular weekly
withdrawal of an inStalment OF govern
ment deposits on account of the Union
Pacific sale, which has been discontinued
for the present.
Sterling exchange hardened an addi-
tional fraction i'm response 10 the nrmer
tone of the London market.
The tendency of the bond market was
towards weakness, in sympathy with
stocks. Sales, 100000 United States new
4s were 3-S per cent. higher bid
The total sales of stocks were @sSeN
shares. including Chesapeake and ono
/ 47O; Chicago, Burlington and Quincy
of 72S. Louisville and Nashville, $50; Man
haitian l.. 81 .43O; Metropolitan street
Railway. 22.O20; New York Central and
ST Louis. 1850; Northern Pacihc, n'4OJ
do. preferred. 800; Rock Island, l,92o; 81.
paul. 1895; Union Pacific, G5SO; American
Tobacco. $40; Peoples Gas. 9l2O; Sugar,
"a 937: Western Union, 6,l2J.
MONEY AND EXCHANGE.
Money on call firm at 2d2 ID per cent
last loan. 2 per cent; prime mercantile
naner. 3 3-4d4 1-2 per cent.
Sterling exchange firmer, with actual
,,,,siness in bankers bills at A.A l-2D |
a. e. 5-S for demand, and A.a 3-4dS.2 for |
sixtv davs; posted rates. AS@S48 - ana |
"a 81 Sc: commercial bills, ASl lao !
silver certificates, IS S-Sa56 S-S; bar Sill
,,er 541-2. Mexican dollars, 40.
Government bonds steady. state Dords |
arIl Railroad bonds weak.